About eBay Selling Formats
Tips For eBay Selling Formats Guide | A typical auction-style listing works this way The seller offers one or more items and sets a starting price. The buyer visits the project during the online auction and bids on the project. When the auction listing ends, the high bidder or bidder purchases the item from the seller to obtain a high bid. The format of the auction-style is very flexible.
When you use it, you will be given many options, including allowing buyers to buy at a fixed price (Buy It Now), selling multiple identical items, and setting a hidden minimum selling price (reserve price.).
1. Starting price
- The starting price is the lowest price you are willing to sell your item for (unless you also specify a reserve price). Bidding will start at this price.
- Let us assume that you have a digital camera. The price you want is 100 dollars. You can put a starting price for your auction of 49.99 for example.
- When buyers see your listing and find that they are buying a 100 dollar value for 49.99, they will start placing bids. The price will rise for each bid placed by buyers.
- The risk comes when your item is not popular and will not receive any bids. In this case, I recommend using a reserve price. [ will be discussed in the next few pages.
- However, if you are selling a popular item, mostly you will get the price you want..
- Some professional sellers, who are selling very common and high selling products, put a starting price of 1 dollar or even 99 cents although the price they want for this product can be hundreds of dollars.
- They depend on the fact that their products are hot sellers and that they sure will get a lot of bids.
- The seller found that the starting price was also set High may prevent bidding. Some sellers often Use retention pricing to make sure they sell items The amount they want.
2. Buy it now price for an auction format listing
- Let us take the same 100 dollars camera as an example. You put the starting price of 49.99.
- Some buyers might find that bidding may let them wait for the whole duration of the auction [ can be from 1 – 10 days] and they want to buy the camera immediately.
- When you put the Buy It Now price, always put it slightly higher than the actual price you want from the camera.
- In this example, I will put it 104 dollars (Why?? When bidders see your buy it now price, they will get a rough estimate that your camera falls within this range. They will start placing their bids with their mindset that the actual price of this camera is 104. They will be thinking that even If they placed their bids and take it for 102 dollars, they have got a good deal.
- Also if someone buys it for buy it now price [104 dollars], you already made more profit.
3.Reserve price for an auction format listing
The holding cost is the most minimal value you are eager to sell. If you don’t want to sell your item at a price below a certain price, you can set the reserve price.
Your reserve price amount will not be shown to your bidders, but they will see that your auction has an unreserved reserve price. If a bidder doesn’t meet that price, you aren’t obliged to sell your item. Why have a reserve price? Many sellers find that the starting price is too high and hinders their interest in the product.
Although the starting price is extremely low, it is easy to sell at a low price. A reserve price helps with this. Let us take the same 100 dollars camera as an example. You put the starting price of 9.99. If you received 1 bid only through the whole auction duration, you are obliged to sell with this unsatisfactory price.
However, if you put a reserve price of 100, your listing will show to the bidders that the reserve price is not met. And they will keep bidding until your reserve price is met. All reserved price auctions are subject to a reserve price auction fee. You can lower your reserve price after receiving a product bid.
Quantity means how many items of the same product you are going to sell. As a beginner, I recommend that you sell a quantity of one for the product(why??? Let me explain: you have 2 sony digital cameras. If you are going to sell the 2 cameras in 2 different auctions, you will put a quantity of one and you set the starting price as 49.99. if 2 buyers are interested in the cameras, the first one will place a bid for 49.99, the second buyer will have to place a higher bid 50.99 to win the camera and so on with more buyers.
If you decide to put the 2 cameras in one auction, you will put a quantity of two in your listing and you set the starting price as 49.99. If 2 buyers saw your listing and decide to bid, the first buyer will put a bid of 49.99 and the second buyer will put the same bid 49.99 for the second camera. The risk here for multiple quantity auctions is that you will need more buyers to sell your items and to get the bidding price higher.
This might not happen during the duration of the auction. The bottom line: if you have a high selling product, and you are expecting a lot of interested buyers, you can sell multiple quantities of it in the same auction listing. If not, I would prefer one auction for one quantity.
The duration of your auction can be 1, 3, 5, 7, 0r 10 days [You pay extra fees for 10 days auction]. The most commonly used duration is 7 days. You can use less duration if you want to sell your item faster. The problem with a small duration is that you might get less number of buyers. However, with a small duration’s you will get a higher ranking in the search.
Now let us go for some tips For Auction format.
- Whenever you decide to start an auction for an item, the first thing you should do is to look up its value on eBay.
- Be sure to close your auction at a time when people get home from work. Auctions closing on Friday, Saturday and Sunday do better, and those closing in the evening do Much better.
- Start with a low starting price [0.99]. Most buyers when searching eBay sort the search results by the number of bids. This usually brings the auctions with more bids to the top and lets most of the others sink to the bottom of the list. A low starting bid gets the bidding war started and can have a dramatic effect on the bid count column. However, It’s also not true that a 0.99 starting price is always the best policy. This happens only if you have a lot of items demand.
- You can run a ten-day auction, starting on Thursday evening. That means your item is up for two weekends rather than just one, it finishes on a Sunday night.
- A lot of bids come in during the last 2 or 3 hours you list an item. Thus, the logical close time is the one that happens when your target buyer is at his or her computer. For example, If your listing targets college students, make sure it ends around 9 PM.
- Always write accurate descriptions of your listings. Everyone you want Buyers can accurately get their expectations when they complete their bids.
- Avoid auctions around big holidays where people mostly travel, like Christmas and memorial day.
Fixed Price Format
A typically fixed price listing works this way.
- Buyers can purchase your item immediately at the price you set, but they cannot bid on your item.
- Make sure you meet the requirements for selling at a fixed price: To sell an item at a fixed price, you must meet certain feedback requirements and be selling the item for at least $1.00.
- Create the listing: When you reach the Choose how you’d like to sell your item section, select the Fixed Price tab and enter the Buy It Now price.
- If you don’t see the Fixed Price tab, this means that you don’t meet the requirements for selling at a fixed price.
Here is a screenshot of the Fixed Price Format. The items are numbered and we will discuss each.
Select the Fixed Price tab [see .up]. If you don’t see the Fixed Price tab, this means that you don’t meet the requirements for selling at a fixed price. Here are the requirements:
1. Buy it now price: put the price you want to sell your item for. There will be no bidding on your item.
2. Best Offer: you can allow buyers to place an offer on your item. This attracts more buyers to your listing. When you receive the offer, you can accept it or decline it. The offer price will be lower than the buy it now prices.
3. Quantity: put the available quantity of your item.
4. Duration: put the duration of your listing. I prefer good til canceled which will renew your listing automatically every 30 days. This is very practical when you have a big quantity of the same item.
How to increase visitors to your fixed price listings
• If you are selling an item with a fixed price, as part of the listing process you can choose the Best Offer option. With Best Offer, you can allow buyers to negotiate prices with you. This will dramatically increase the number of buyers visiting your listing.
• How to add the best deals to your listing. Look at this snapshot. In the next step, the buyer will put the price of his offer and the quantity he wants. You will then receive a notification email of the best offer.
• Accept the offer if you are still making a profit with the offer price. In this example, my buy it now was 142.99 and my profit with this price is 15 dollars. The buyer offered 137 which is 6 dollars less but I am still making a 9 dollars profit, so I am going to accept this offer.
• Decline the offer if the offer price is way below the buy it now prices. For example, the buyer made an offer of 75 dollars and you buy it now is 142.99. Usually, those buyers are not willing to buy.
• Make a counteroffer if the buyer’s offer price is too close to your profit price. For example, if the buyer made an offer of 120 dollars. You can then make a counteroffer of 135. If the buyer accepts your counteroffer, you have made a 7 dollars profit. The buyer, in this case, feels that he got a price better than the buy it now prices [142.99] and at the same time you did not lose a potential buyer.
Hopefully, We trust eBay Selling Formats guide post has helped you discover some for your very own work.