The bottom line is, you can make money with both. Collectibles are the bestselling items at auction sites, with computer hardware and event tickets in second place, and toys and books hovering around third. But while popular items may be easy for you to sell, you could also make a killing on a unique item with a high profit margin.
Believe it or nor, people are making money hand over fist from specialty items like cigars and lobster. Step 3. Look at listing options. The next thing you need to think about is how you'll sell your product. Auction sites typically offer a variety of listing options for you to choose from, including:.
You also have the choice of listing your items for 3, 5, 7 or 10 days--and, of course, you always have the option to re-list at the end of this time. The standard option is a 7-day listing with an automatic re-listing for a specified period of time. Step 4. Choose your category. Explore the product categories on the various auction sites to broaden your perspective of what goes where. While you're doing this, check out the competition in different categories and have a look at how much bidding is going on.
Then do a search on similar and related products, determine which ones sell best, and see which categories they're in. You'll usually be able to pick one main category and one sub-category--use this method for both. And be sure to check to see how easily your product can be found using the site's search tools before you settle on a category.
Step 5. Create your ad. Once you've decided how and where to list your product, you need to turn your attention toward selling it. And that means you need excellent advertising. So think about your target market--who's going to buy your product and, perhaps more importantly, why. You need to grab their attention and motivate them to buy from you.
Well, first you need a very good title. It's really important that you're specific: Instead of saying "Doll" in your title, for example, say "Two-foot-tall dancing Elvis doll. And make it as exciting as possible, too. Use exciting and convincing words that draw the buyer to your item: "Unique two-foot-tall dancing Elvis doll -- Collector's Edition. The same techniques apply to your product description.
Expand as much as possible on your product--obviously, there's only so much you can say about a baseball bat, but what if it's an original Louisville Slugger used by Babe Ruth himself in warm up? Try to create a story around your product. Think about other ways you can motivate your bidders. Can you provide money-back guarantees, free shipping or bonus products?
Tell them what you have to offer! And don't forget about photos! People don't want to buy what they can't see, and on average, they'll pay at least 10 percent more for an item that's accompanied by a photo. Step 6. Establish trust. The best way to establish yourself as a trustworthy, reliable seller in an online auction is by having a good feedback rating. If you're not trustworthy, your feedback rating will warn other buyers to stay away from you.
If you have a positive rating, you can increase your sales by as much as 7 to 9 percent and this number will steadily increase as the feedback rating system catches on. Step 7. Get exposure. You've put all this time and effort into creating a great ad for the auction site, so use it to your advantage! Draw more traffic to your own site by posting banners or links to your site on your ad.
Be careful, however, that you aren't using the ad primarily as a means of redirecting traffic--this is called a "signpost" and will get you kicked off the auction site. Unfortunately, while eBay will allow you to link directly from your ad to other items that you're selling on eBay, you can no longer post links to your homepage on your ad.
However, you can still link to your site from your eBay "About Me" page--so be sure to take advantage of this option! Most important is that you keep a list of all your buyers and e-mail them "thanks for purchasing" messages, new offers, complementary product information, and newsletters on a regular basis.
Your best customers are your repeat customers--they'll be responsible for 80 percent of your sales! Once you get your name out there, you'll do nothing but profit by keeping it out there. Step 8. You should always be testing and tweaking your auction listings. Even if they're really good, you may discover that one or two simple changes dramatically increase your sales. Start by doing regular listings on two or three different auction sites, and, changing only one element at a time, test the following:.
Once you've settled on the combination that works best, try out different auctioning options Featured if your sales warrant it; Dutch if you have multiple products to see which will sell more products for you at higher winning bids. Your ability to set prices that attract bidders, write compelling ads, choose the best categories that draw the most potential bidders, and ensure that your auction closes with the highest profit margin will have a dramatic impact on your success in the competitive arena of online auctions.
But you need to educate yourself and test the waters carefully before diving in if you plan to be successful. People do make money through online auctions, so it's not unreasonable to think you can profit, too. Just proceed with caution. And market smart. An arrangement between a business and the manufacturer or distributor of a product the business wishes to sell in which the manufacturer or distributor--and not the business--ships the product to the business's customers.
Business done on and through the web. The practice of exchanging links with other websites. You place another site's link on your site, usually on a links page, and in return, the other site places a link on their site back to you.
Universal resource locator, or, more simply, a web page's address. Emily Rella. Further explore online auctions by reading our definition of auction, bid and sell. View all articles. Indices Forex Commodities Cryptocurrencies Shares 30m 1h 4h 1d 1w. CFD trading Charges and fees. Analysis Insights Explainers Data journalism. Market updates. Webinars Economic calendar Capital. The basics of trading.
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Back to homepage. For faster navigation, this Iframe is preloading the Wikiwand page for Online auction. Our magic isn't perfect You can help our automatic cover photo selection by reporting an unsuitable photo. The cover is visually disturbing. The cover is not a good choice. Rich Minimal Serif. Justify Text. Note: preferences and languages are saved separately in https mode. Online auction. Like other online services and activities, online auctions can attract stolen or pirated products. Dictionary Dictionary Term of the Day.
Techopedia Terms. Connect with us. Sign up. Term of the Day. Best of Techopedia weekly. News and Special Offers occasional. Online Auction. Techopedia Explains Online Auction. What Does Online Auction Mean? Techopedia Explains Online Auction Online auctions mirror traditional auctions and usually involve multiple bidder participation. Online auctions are a widely accepted business model for the following reasons: No fixed time constraint Flexible time limits No geographical limitations Offers highly intensive social interactions Includes a large numbers of sellers and bidders, which encourages a high-volume online business Online auctions include business to business B2B , business to consumer B2C , and consumer to consumer C2C auctions.
Synonyms Virtual Auction. Share this Term. Related Terms eBay Business-to-Consumer. Auction Sniping. Tech moves fast!
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An online auction is. nirn.gewme.xyz › › IT Business Alignment › Online Auction. An online auction is an auction that takes place via the internet, allowing users to sell or bid for products and services online. Online auctions allow sellers.