A Great Place to Find Stuff to Sell on eBay - eBay Itself
By Steve Myers Online Marketing Consultant
If you're going to sell on eBay, you have to have something
to sell. In past newsletters, we have explored wholesalers
and drop-shippers as possible product sources. Here's one
source you might not have thought of, though it was in front
of you the whole time.
You can find great products to sell on eBay auctions. It
might sound counter-intuitive to think you'd buy an item
at auction, just to sell it again. After all, isn't the winning
auction bid what the item is worth? Hardly.
Research almost any item for sale on eBay. What you'll find
is that the selling price of one item may be twice, three
times, or as much as five times what it sold for with other
listings on the exact same product. How can that be?
Several factors effect when one auction sells and another
doesn't get a single bid. One listing may close for much
more than another.
When you know some of the reasons an auction
fails or sells for far below what it should sell for, you
are in a perfect position to find bargain prices. Using an
auction research tool like HammerTap, you can find what's
going wrong with an auction. That knowledge helps you quickly
find those auctions likely to sell for a lot less than you
can turn around and resell those items for yourself.
So why will your auction be successful and profitable when
a previous auction was not? Several factors influence how
much you'll get for an item on eBay. All of these HammerTap
will help with. Here's a few reasons eBay listings fail once,
but can be successful the next time with a little knowledge:
- Poor headlines lacking keywords buyers are searching
- A poorly selected starting or reserve price
- Product descriptions that don't illustrate benefits buyers
care about or are described in terms they don't understand
- Ending an auction on the wrong day of the week
- Not using listing fees (bold, pictures, etc.) that would
get buyers' attention
- Too many competing listings for the same or similar products
(listing later may reduce the competition, resulting in
a higher closing price)
Research tools like HammerTap show you how to put together
a great eBay listing. Maybe just as importantly, they help
you identify poor listings. You'll quickly identify listings
you'll likely win for a fraction of the price they would
have sold for had the buyer done their homework.
Let's look at a quick example, for Seiko watches. Using
HammerTap, we'll look at some key success metrics. The first
is the Listing Success Rate (LSR). If we want to buy a
Seiko watch to resell on eBay, this tells us how likely it
is to end in a successful auction (one that sells).
Listing Success Rate (LSR)
We see that for the average listing
of Seiko watches, they sell 56.52% of the time. This means
that almost half of the time, you could have bought the watch
for the minimum bid.
Unless the minimum bid was higher than you could resell
the watch for, you would have made money buying the watch
and turning it over for a profit.
Find auctions with no reserve price/starting bid (or a low
starting price). Almost half the time, a Seiko watch listing
on eBay will end with no buyer. Placing a minimum bid in
these instances likely would have made you good money. OK,
let's see how much a Seiko watch will likely sell for so
we know how much we can afford to bid.
Selling Price (ASP)
The second thing to look at is the Average Selling
Price of the watches that sold.
We see that on average, Seiko watches sell for $79.65 with
a BIN ("buy it now"). Also, at a glance, HammerTap illustrates
that you'll get a fair amount more for buy it now auctions
or fixed price auctions.
If you find an eBay listing for a Seiko watch for much below
the average price of $79.65, you'll almost certainly make
a profit on it. This gives you a baseline of auctions to
look for to find bargains you can later resell at a healthy
factor which for many products can make a big difference
is which day of the week the listing ends on.
The graph at the right shows how for Seiko watches,
it makes almost no difference what day of the week the auction
closes on for the Auction Success Rate.
I also found that the day of
the week made almost no difference in the Average Selling
Price (graph not shown).
the auction duration can effect the price you'll get for
your eBay products.
Here we see a huge difference in how much you'll get for
a Seiko watch based on the length of the duration.
In this case, a 10-day auction closes for $106.25, $26.60
more than the best average price we found earlier. 7-day
auctions dropped down to just over $50.
So if we're looking for products
to buy to turn around and sell, we'd be better off to find
7-day auctions. On the other hand, when we sell the item,
we'd do much better using a 10-day auction.
This is just one example of a product you can buy and then
resell at a great profit if you know which listing attributes
will cause an auction to fail (those you want to bid on)
and those that produce the highest closing price (how you
want to sell them).
Auction research makes it possible. Without it, you're more
or less shooting in the dark. Yes, you can make money selling
on eBay without doing the research. I'm just not comfortable
rolling the dice. Maybe I'm not a gambler at heart. I just
want the predictable success auction research makes possible.
Maybe you do too.
Make the most of your auctions with research!
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Determining what works and what doesn't when it comes to your listings requires research.
Anything less puts you at risk of not making the sale or not making as much as you could be on each sale. A research tool like
HammerTap helps you bypass the costly trial and error process by quickly giving you the key information you need for profitable online auctions.
Why not take HammerTap for a FREE test drive? We'll give you 10 days to put HammerTap to work for you. Use its power to determine:
- Successful Keywords
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- Best Day of the Week to Start and End Your Auctions
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As a bonus, you'll receive 10-lesson Power to Profit course to help you immediately see the effects research can have on your auctions.
We'll also throw in selling tips from Industry Experts in our members-only Auctionography newsletter.
You owe it to yourself to take the guesswork and risk out of your auctions. Try HammerTap free for 10 days. If you are
not absolutely sure you'll increase your eBay profits by the $19.95 subscription price, you're free to cancel. It costs you
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