While eBay doesn’t dominate the online marketplace the way it once did, thanks to countless competitors vying for attention, it’s still a great place to sell new and used items. yours. If you’re considering listing something on eBay, there’s one key question to answer: do you use the auction or Buy Now format?
On eBay, Buy Now is the name of a fixed-price listing that runs indefinitely until sold. On the other hand, there is an auction, which runs for a specific number of days and allows buyers to place increasing bids to win the item.
But which eBay selling strategy is the best? As you can imagine, the answer to that question isn’t simple, and it depends on a bunch of factors like the rarity of the item, how fast you want to sell it, and how many people you want to see your listing.
Without further explanation, here are the questions you should ask yourself to decide between auction and Buy Now.
1. How many people want your item?
Do your best to determine the need for your item. You may own something of value, but how many people actually want to buy it? If the buying group is small, those people may not see your listing right away — or never, if they don’t use eBay.
Auction lasts up to 10 days. If only a few people see your listing during that time, the item is unlikely to sell for the highest price because auction frenzy is less likely, no matter how rare your item is. what level. You may find it more profitable to set the Buy Now price you desire and let the listing run longer.
On the contrary, if the demand is high and the supply is small, choose an auction. You can let the market determine the price, which can be much larger than you expect. Because people will be desperate to get your item, a bidding war can ensue and bidders will contest each other until the last second. You can make a lot of money on eBay.
2. How Fast Do You Want To Sell?
If you’re more interested in converting a product quickly and less interested in how much money you make from it, consider an auction. You can run an auction in as little as one day if you have a response score of at least 10 (or three days otherwise).
While you can list your item as Buy Now and watch it sell out in less than 24 hours, an auction that ends soon will delight buyers. Of course, the fewer days you list your item, the less people are exposed to it. You can eventually sell your item for 99 cents through a day-long auction, so be aware of that risk.
Regardless of whether you choose to bid or Buy Now, the buyer must pay within four days of completing the listing.
3. How many units are you selling?
If you have multiple copies of the same item, consider selling for a fixed price. This is because you can take advantage of eBay’s bulk selling features. You choose the price, enter the quantity, and the listing will run until you run out of stock.
You only need to manage a single list through this method, regardless of your number. This means you can quickly change product and price details within a few steps, instead of sifting through multiple listings.
The downside is that you won’t sell all of your stock at once, and you’ll have to send it off in batches. If you want to avoid this, it may be preferable to have multiple auction listings set to expire at the same time.
4. Do you want to solicit offers?
eBay has a feature called Best Deals, which you can enable on both auction listings and Buy Now. With Best Deals, it allows potential buyers to set the price they’re willing to pay for an instant purchase. You can accept, decline or oppose this offer.
On Buy Now listings, the Best Deals feature remains available until someone buys the product (aka the list ends). In an auction, it is only available until someone places the first bid. As a result, you have a higher chance of getting an offer through a fixed-price listing than an auction, unless your auction remains bid-free for a long time.
As a seller, the benefit of an offer is that you can sell the item quickly and potentially at a higher price than the auction price. Just be wary of eBay scammers who text you an offer and they want to complete outside of eBay — you have no protection if the transaction goes wrong.
5. What Are Other Sellers Doing?
If you can’t decide what type of listing to choose, check out what other sellers are doing now and have done in the past. To do this, search for your entry and on the filters on the left look below Purchase format. This will show you how many bids compared to Buy Now, along with how many accepted offers.
To see historical performance, look for Show only filter categories and select Sold items. At the top, you can filter by Highest price. This will give you a good indication of which format generally guarantees the biggest returns. Researching past sales is a great way to sell more on eBay.
Typically, you’ll find that Buy Now lists more than today’s auctions, in part because so many small businesses and larger retailers use eBay as one of the many affiliates to sell. their products. But don’t let this fool you — if you think an auction will lead to greater success, start it.
Should you choose eBay auction or buy now?
If your item is in high demand, low in supply and you want to make the most money, choose auction. If you choose the right time and with a little luck, you will witness a bidding war. Also, if you don’t need a quick sale, want to list in bulk, or want more opportunities to get a deal, use the Buy Now at a fixed price listing.
Whatever you decide to do, take the original photo, clearly describe your item, and calculate the exact shipping cost. Otherwise, you’re making some of the biggest mistakes on eBay.
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