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How to pick the perfect bestsellers
publication date: Jun 13, 2007
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- Editorial: How to pick the perfect bestsellers
- 8 Methods For Cranking In Ebay Profits
- How To Quickly Build Your Feedback On Ebay
***
Hi,
Here's a great way to add lots of new products to your
eBay business, and find out what really sells!
The idea is that you test items to find your best seller, and
then sell loads of them using 'Second Chance Offers'
Second Chance Offers are where unsuccessful bidders
are invited to buy an identical item at their highest bidding
price. Some amazing profits are possible using this, and
you can easily find ten or more people accepting your
Second Chance Offers.
You only ever have to buy one item (or beg, or borrow it)
and use that item as a test sample to see how much
people bid for your item on eBay. You can also test how
many people bid above the price you are willing expect, in
this case generating lots of Second Chance Offers for
your products.
So, how does it work?
Start by looking for people running small businesses
making their own products such as craftworkers, artists,
home-based or factory unit manufacturing companies.
You'll find most of them advertised in 'Yellow Pages' or
taking stalls at local art and craft fairs. Tourist Information
Offices also usually keep lists of smaller artisan firms.
Also look for wholesalers and dropshippers, especially
local companies, that might give you products 'sale or
return', meaning if you buy products and they don't sell,
you can take them back and exchange them for
something else to test the market on eBay.
Buy a test item from a few source, and check thay can
supply more, if required.
Now list as many different 'test' items as possible, which
you are confident you can purchase in quantity when your
auctions end in seven or ten days time. It's best to use
auction format to test items that you have no experience
of selling. This way you can determine how many people
want your product and how much they are willing to pay.
Add a 'counter' to your auction which reveals how many
people have clicked to open your listing to learn more
about your product. This is a great indicator of likely
interest in your product and your most frequently viewed
items will usually attract early bids and generous profit
margins.
About a day before your auctions end you'll spot signs of
multiple bidders and consequently 'Second Chance'
buyers for some of your products.
But the best is yet to come!
You'll find a good number of your items attracting bids
way beyond their high street value, alongside other items
that fetch just five or ten pounds profit apiece, along with
usually a tiny minority of items that attract no bidders and
remain unsold.
That's the great thing about testing - you get to find out
what really sells!
Once you have multiple bidders for an auction just about
to end, go obtain stock right away, ask for 30 days trade
terms before having to pay, and this way you'll have stock
enough for several bidders and you'll have money in the
bank before you have to pay your supplier.
But be warned! You should not make Second Chance
Offers unless you are certain your supplier has products in
hand or can provide stock within two days maximum.
Making Second Chance Offers, taking payment, then
having to refund buyers because stocks have run dry, is a
great way to get negative feedback!
Before you start counting the profits, bear in mind it's not a
question of win or lose when you are 'testing' products, all
you want is an indication of products that will sell and
continue to sell, and these will form the core of your
product range.
Once you have tested products, and determine which are
your bestsellers, you must decide how many products to
stock and what mark up is needed. If you want to make,
say, £31000 profit each week, you might opt for one
hundred listings with £310 profit margin with a few more
thrown in to cover listing fees and incidental expenses.
Or maybe you'll go for ten items individually offering £3100
pure profit!
The choice is yours and this represents the main way the
world's top PowerSellers generate incredible profits.
Happy eBaying!
Until next time,
Avril
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***
Eight Methods For Cranking In eBay
Profits by Mike Enos
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The world's leading auction site has an enormous
potential for earning a long term income. Whether you
want to start your own eBay business or just get a
momentary influx of cash, you will surely find useful to
know the top eight methods for making money on eBay.
Method #1: Dropshipping
First thing everybody wants to do is dropship. For those
who don't know what dropshipping is, it's a form of selling
where you make money on eBay without actually touching
the product. You have a supplier who warehouses and
ships product directly to your customer. Dropshipping is
the utopia of making money on eBay, because it requires
no investment in inventory, no warehouse space and
almost no labour.
Method #2: Wholesale
The number two popular method of getting eBay profits is
wholesale suppliers. Much of the same rules for
dropshippers also go for wholesalers. You don't want to
sell what everyone else is selling. You also want to make
sure your supplier is not also directly selling to eBay
buyers. If you're competing with your supplier, you're
cooked. Hang it up.
Method #3: Importing
One of the best options of making money on eBay is
importing. The pros of importing is having unlimited things
you can bring in. You can find a lot of unique products so
you can kill the whole competition thing. The negative
thing is that it's expensive. To bring in products from
China, just to ship a 40-foot container is between $4,000
and $5,000. And you have to fill the container with
something that you're bringing in - products. It can be
pretty hefty to do that. There are organizations that will
help reduce the shipping, but it can be difficult to make
considerable money on eBay with the high shipping costs.
It can also take weeks for stuff to arrive. There's a
language barrier. Sometimes your money is tied up for a
while. Importing is not for the faint-hearted, but can be
lucrative using the right products.
Method #4: Refurbished Goods
Method number four is refurbished goods. I love
refurbished goods. I've had most of eBay profits coming
from selling refurbished goods. Why? Low competition
and limited availability. Here's the trick: if you want to find
a refurbished good, go to a manufacturer's Web site; type
in 'refurbished' in it. Quite often, you can find calculators
or laptops or other items that are refurbished at fantastic
deals. That's one way of finding it, or you can use Google
to find them, too.
Method #5: Liquidations & Closeout Goods
Refurbished goods are not near as good as liquidated
goods when it comes to making money on eBay. This is
by far, by far, by far the best way. I've made so much
money off liquidated goods. One company that I've had
great success with is Liquidation.com. Liquidated goods
are either surplus or leftovers, items that normally are
auctioned off.
Method #6: Local Area Auctions
Method number six is local auctions. In my area, in our
Sunday paper, we have lists of local auctions in the area
where you can go to. A company's going out of business.
You can quite often find a good deal. There are pros and
cons about it. If you like doing that kind of thing, that's
wonderful. The thing is you never know. You can make
big money on eBay or come away with nothing.
Method #7: Selling Knowledge Products
Method number seven is making money on eBay through
knowledge products. Of all the products, this is even
better than liquidated goods. This is the ultimate product
to sell. A knowledge product can be an eBook; it can be
an audio file; it can be a video file; it could even be a CD
or a DVD, even a list of links for a Web site. If you develop
the product yourself, the cool thing is you limit the amount
of competition you'll have on eBay, and thus increase your
profits.
Method #8: Consignment Selling
Another way of making money on eBay is consignment
selling. That's when you sell other people's products. If
you go this route, focus on higher-priced items. Make sure
it's worth your while. If you go to AuctionBytes.com -
which is a great Web site for eBay information - on the left
hand side there's a link for consignment sellers. You can
look and see how much money they charge for selling
other people's items. You can also take a look at their
contracts and see what kind of paper work you'll need to
get started. Any of these methods will allow you to make
money on eBay. The next step is to pick one or several of
them and get started!
Mike Enos is the founder of PlatinumPowerSeller.com.
Mike has been teaching real people how to make real
money on eBay since 2001. Sign up for his free make
money on eBay newsletter at
***
How To Quickly Build Your Feedback On
eBay by Gary Ruplinger
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If you're just starting out selling on eBay, you may find it
tough to sell your products are decent prices, especially if
you're selling high priced items like electronics.
The problem is that when you're a new seller is that you
lack feedback, and a low or non-existent feedback score
is a red flag to any buyer that you might be a crook trying
to scam them.
To make the problem even worse, there are some
features that you can't use on eBay until you get enough
feedback.
So what's a person to do? Well, if you're serious about
selling on eBay, then you'll embark on what I like to call a
Fast Feedback Campaign.
You're going to want to budget about $50-$100 to start
buying small items, like $.99 reports, CDs, or other low
priced items. Try to buy at least 20 different items, and try
to find items that you can either resell (even if you lose
money on it - that's okay), or buy cheap reports that teach
you how to make more money on eBay.
Make sure that you pay promptly for everything. Within
just a few days, you'll have built your feedback score up
from nearly nothing to just a small but less suspicious
looking number.
However, you're still not out of the woods yet. After all,
some savvy buyers will notice that all your feedback is
from buying items, not selling, so they might still be
suspicious of you and will be reluctant to trust you. Your
next step is to start selling items, but don't start out with
high priced items. If you can get your hands on cheap
items that you can sell on eBay (try to at least break even,
but a small loss is okay - this is still feedback building),
such as CDs or books, do it and start selling cheap items
on eBay. Sell these items as quickly as possible so that
you can get your feedback built up. Once you have your
feedback score up above fifty (you'll need to sell more
than fifty items to get to this number as not all buyers
leave feedback), and when people look at your feedback,
they see that you already have satisfied customers, they
won't be reluctant to purchase from you anymore.
If you've done a really good job of pleasing your
customers, you may make it more likely that your
customers will purchase from you than someone who has
a higher feedback score but also has some negative
remarks in their score.
Remember that good feedback becomes especially
important the higher the cost of your items. People are far
more likely to take a chance buying a DVD for $10 from a
low feedback seller than they are to buy a $1300 video
camera.
Keep these tips in mind and you'll have not trouble
building up trust with your potential customers right from
the start.
Gary Ruplinger is a former eBay Powerseller who shares
his tips and advice from his days of selling on eBay at
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