Selling over the internet can be a great secondary market experience, but there are several tips and tricks to help you get the best price whether you are buying or selling on the information superhighway.
• Keep in mind that online auctions are not for everyone. If you prefer to talk to buyers and sellers in person, then you probably will feel more comfortable utilizing consignment shops and newspaper ads for your transactions.
• Remember to factor in shipping when you are buying and selling products. For years we have been coached not to include shipping in the asking price, as this is simply one cost of doing business. This is certainly not the case on eBay, as well as many other online auctions! Often times the shipping costs added on is almost as much as the baskets themselves. Shipping and handling is a profit center on eBay and other auction sites and the bidders are aware of this when they are bidding. It is not unusual for an item’s final price to double once shipping is added.
• Be sure to thoroughly read the instructions, terms and conditions provided by the service being used and the seller. Many times the description doesn't match the title of the auction ... if there are any discrepancies, be sure to ask BEFORE bidding. You will want to a have a good understanding of what your expectations are as a buyer and seller. If you do not follow through on the conditions explained, patrons could leave negative feedback on you, which could have a negative impact on your future transactions. On the other hand, when you have a positive experience, it is just as important to report positive feedback for each other to develop your own trustworthy feedback.
• Note that like all products, sellers will get higher prices when demand is high and buyers will get better prices when the market is saturated. Keep watching auctions to determine what pieces are in demand and which ones seem to have taken over the auction pages. Then, wait or bid to get the best price as a buyer or seller. For sellers, keep in mind that if you have an item that is readily available, it is up to you to promote your basket in a way that makes it stand out from the rest. Be sure to mention its condition, accessories and paperwork included, or any signatures you’ve gathered. In this market, every little detail will make a difference.
• Make your listing interesting! There is nothing more frustrating than seeing a product listed with no photo and no description! Take a few photos from different angles to truly represent your item and most importantly, give an accurate and colorful description. Especially take the time to photo close-ups of any damage or wear. Misrepresenting an item is grounds for negative feedback, which could end your online experience in a hurry. Remember, you are marketing your product to thousands of potential buyers and the better the description the better chance you have at making more money!
• For auction sites, the use of reserves in an auction is quickly becoming an avoided practice. Research has shown that activity on an auction is greatly reduced when a reserve is in place. Understanding that this increases the sellers risk, this risk can be mitigated by increasing the starting bid for an item. Keep in mind, though, that you are competing with other listings that look identical, so a starting bid that is too high could also discourage bidders who think they might get a better deal on an item with a lower starting bid. The whole process can be a trial and error process, as eBay is an ever-changing environment.
• Consider your investment and motive for selling. If you are ready to let go of some of your items, determine at the very beginning of the process what your goal is. Is it to get the most out of your collectible, or to free up some cash? If you want the most out of your collectible, eBay is not the market for you. Understand that straight up front. If you are wanting to free up some cash, eBay is a quick way to do that with most auctions lasting only 7 days. But unless you have a highly demanded item, baskets go for pennies on the dollar on eBay.
• Have a blast! Buying and selling online is an awesome way to obtain great products or make some extra money and can be a very fun experience if you manage your expectations. No matter what you are looking for, the internet is bound to have it. Just keep searching!
