Several new sellers do not realize how significant it is to price their items on their eBay auctions. A lot of them do not even know that they have to set prices for their items. After all eBay is an auction site, similar in many ways to the auctions you might attend in your neighborhood, and only differs in that you have to do some effort determining and pricing.
Basically, eBay auctions offer only three prices to be set: the "buy it now" price, the reserve price, and the "starting bid" price. Only the "starting bid" price is mandatory for an eBay auction. The reserve price and the "buy it now" price are optional. When you set your "starting bid" price, never let it exceed 50$, even if your item is worth more. This relatively low price attracts eBay customers to start bidding in your auction.
Making your " starting bid" price relatively low creates the need for a reserve price. A reserve price is the absolute lowest price that you would like to have for your item. Selling your product for less than the reserve price is up to you, but it is not a must. Put differently, if you set your reserve price at $100, and you got 50$ as the highest bid, you are not obliged to sell your product to your highest bidder. You can end the auction and spare yourself a negative feedback. When setting your reserve price, keep in mind the value of the item today and how much it cost you in the first place.
As for the "buy it now" price, it is a useful option to use. Simply it allows you to sell your items right away without waiting for any bidding. Buyers interested in having that item will accept your "buy it now" price and the deal is done. However, you have to keep in mind to set the "buy it now" price relatively similar, may be even a bit more or less, to your reserve price. A "buy it now" price can be set for any type of product and it works well when you are offering several similar products for sale.
When looking at auctions, eBay buyers keep in mind the shipping fees. If it is possible for you to offer free shipping of the items you are selling, this will definitely increase the number of your bidders. Yet, you have to make sure that you state this "Free Shipping" option clearly, so that your potential customers won't miss it.
Knowing the value of the product you are selling is the key to a perfect price setting. Offline markets often set higher prices for their products. Yet, as an eBay vendor, you should check out the prices displayed on other auctions for similar items that you are selling before you set your prices. When selling a collectible item or a costly one, you need to have them evaluated first before setting prices for them to make sure that you make a profit.
Basically, eBay auctions offer only three prices to be set: the "buy it now" price, the reserve price, and the "starting bid" price. Only the "starting bid" price is mandatory for an eBay auction. The reserve price and the "buy it now" price are optional. When you set your "starting bid" price, never let it exceed 50$, even if your item is worth more. This relatively low price attracts eBay customers to start bidding in your auction.
Making your " starting bid" price relatively low creates the need for a reserve price. A reserve price is the absolute lowest price that you would like to have for your item. Selling your product for less than the reserve price is up to you, but it is not a must. Put differently, if you set your reserve price at $100, and you got 50$ as the highest bid, you are not obliged to sell your product to your highest bidder. You can end the auction and spare yourself a negative feedback. When setting your reserve price, keep in mind the value of the item today and how much it cost you in the first place.
As for the "buy it now" price, it is a useful option to use. Simply it allows you to sell your items right away without waiting for any bidding. Buyers interested in having that item will accept your "buy it now" price and the deal is done. However, you have to keep in mind to set the "buy it now" price relatively similar, may be even a bit more or less, to your reserve price. A "buy it now" price can be set for any type of product and it works well when you are offering several similar products for sale.
When looking at auctions, eBay buyers keep in mind the shipping fees. If it is possible for you to offer free shipping of the items you are selling, this will definitely increase the number of your bidders. Yet, you have to make sure that you state this "Free Shipping" option clearly, so that your potential customers won't miss it.
Knowing the value of the product you are selling is the key to a perfect price setting. Offline markets often set higher prices for their products. Yet, as an eBay vendor, you should check out the prices displayed on other auctions for similar items that you are selling before you set your prices. When selling a collectible item or a costly one, you need to have them evaluated first before setting prices for them to make sure that you make a profit.
