Make Money on eBay Selling Multiple Quantities using Dutch Auctions – Part Two
In part one of my “Dutch Auctions” article, I mentioned a few of the reasons why you’d want to consider using a Dutch auction for your eBay product listing. But oftentimes, many people skip Dutch Auctions entirely and opt to host multiple auctions of the same product using the Buy Now option.
There’s another strategy you can use to tap into the power of Dutch auctions, but it depends on the type of product you’re promoting.
There’s also one very common mistake you’ll want to avoid when setting up your auction. I see both beginners and experienced sellers alike doing this all too often.
With a buy now auction if you know how many are being sold in terms of when the auction opens you can tabulate that and actually write that down.
You can write it down on a piece of paper take that information and come back to the auction lets say that its a ten day auction come back to it five days later and find out how many of those items have sold.
The vast majority of the people who are on eBay are smart shoppers. They’re looking for value. I’ve talked to you previously about the difference between buying on price and buying on value.
I’m a big believer when I sell a product to make sure that I give the consumer good value for the products that I’m selling and that’s something that you really have to consider in terms of buying and selling online.
Make sure that you use Dutch auctions effectively when you have multiple products and make correlation studies. Document how many you’re selling in a particular category. You want to be able to use that knowledge and apply that information in the future.
The cyclical nature of products that are being sold online especially through online auction sites has a big impact on how many can be sold.
That’s to say its a lot tougher to sell fur coats in the middle of the summer than it is to sell them in the middle of winter.
If you’re going to sell products in quantity and they are cyclical in nature make sure that you sell them in the right time of the season.
I can’t begin to tell you how many people I’ve met who try and sell products that are off-season products during the off season. You don’t want to do that. You just don’t want to do that.
So as simple as that sounds its really important that people understand that and that they understand there’s two ways you can price things – you can price them based on price only or you can price them on the price that they can be sold on and the value that they deliver to the consumer.
Those would be certainly some things that you would want to think about with Dutch auctions for most of us who are familiar with eBay.
For those of use who are not familiar with eBay, there is a ton of information you can get off the site that will tell you more about the specific auctions.
Michael Perry is the author of “The Book Power Sellers Hate 5th Edition”. He helps new and intermediate eBay uses build business models that leverage the eBay brand.
Michael G Perry, along with Timothy Black are the creators of the 2009 eBay Instant Money Making Machine.
Both help eBay users and business owners build operating models that give them a better return on their time and investment.
To learn more visit Mike and Tim at The Real eBay Secrets Website.
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Through your articles, you have helped a lot of struggling eBay sellers like me. Thank you so much Mike!