Three Essential eBay Pricing Tips
When it comes to pricing products on eBay, there’s a delicate balance that needs to be attained. Sellers will need to determine how much profit they want to make, what buyers will pay and what other sellers are pricing similar products at.
Deciding on a price can affect the success of your business, and a little bit of research will go a long way to ensuring that you remain competitive whilst still being profitable. These three tips will help sellers settle on a price that’s ideal.
Know Your Products’ Value
eBay allows sellers to review the going rate for items by checking the final-bid amounts of previous listings. Often it’s not so much about what your product is worth but what buyers are prepared to pay for it.
There are some bizarre eBay listings that have fetched huge sums, so if you have an unusual-shaped cornflake or a piece of a celeb’s hair, you can set your price high and hope for the best.
Ensure Your Product Is Appealing
eBay store designers such as www.frooition.com/uk/ make it easy for sellers to show off their wares in the best possible way. An appealing store design can have a huge impact on pricing, as it looks more professional and creates an excellent impression.
If a page looks cheap, images are of poor quality or no effort has been made, buyers will be less likely to pay a reasonable price for a product than if it is displayed on a page that inspires confidence.
Start Off Low
Starting your auction with an incredibly low bid may sound crazy, but it’s a strategy that works well for many sellers. The very first eBay auction sold a $1 laser pointer for $14.83, and the trend of selling at a higher price in auctions has continued ever since.
Whilst you may incur a few losses at first, the potential overall profits are huge. And by running low starting bids, your auctions will also attract a lot of bidders. The more bidders the better, as these buyers are sure to check out your other store offerings too.
Pricing products on eBay is something that requires sellers to do a little bit of homework, but the rewards will come quickly.