Ebay is one of the most profitable and successful online money-making tools out there, and a wide variety of entrepreneurs have tried their hand at making an income, or just a bit of pocket money, using the massive online auction website. Whether you’re making $100 a month or $100,000, these three tips can help you maximise your online auction earnings, and create a lucrative new source of online wealth for you. With many opportunities to implement these tips, eBay sellers are in the perfect spot to revolutionise their eBay business.
Tip #1 – Always, always, always study the market before you enter.
You’d be so surprised by how many eBay sellers enter the marketplace without any understanding of its dynamics. Whether you’re unfamiliar with market prices, customs, or just the social dynamics of your niche marketplace, you’re always at a disadvantage when you don’t have a complete and detailed picture of the market in your head. Always learn the basics of a niche market before you enter, else you may end up selling your products in a saturated market, at a cost far below what you initially entailed.
The easiest way to scan through eBay markets is to use a combination of software and human knowledge. While computers can scan through price lists and detect prices and supply availability, human intuition and intelligence is necessary in order to calculate what is important and what isn’t. Invest a little time up-front and you’ll earn yourself thousands of dollars later on.
Tip #2 – Use internet wholesalers to maximise your markup profits.
You might be familiar with wholesalers from the offline manufacturing and distribution world. Well, they exist online too, and offer deals that are often much lower than competitor retail outlets can match. Smart sellers can make the most of internet wholesalers by comparing costs from their current sources to those available from wholesalers and drop shipping organisations. Make sure that you’re OK with selling a large quantity of your product — wholesalers deal with large quantities of products in order to secure their low prices, so you’ll need to know that you have a large market before you commit to working with a wholesaler.
Tip #3 – Use a fulfillment or drop shipping service to save you time and money.
They say time is money, and it’s true. Don’t waste your time doing tasks that other people can handle for you, and leave your order fulfillment and shipping to an external company in order to maximise the amount of time that you spend on higher level strategy. Drop shipping companies work like a wholesaler for shipping goods: they buy massive quantities of stock and leave it up to others to sell them. From there, they use their existing delivery networks to ship products quickly and effectively, and at a low cost to the entrepreneur. These services are great for eBay sellers that want to minimise risk and aren’t worried about losing a small amount of their profits in return.
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