My Ebay strategy is based on a slow dime opposed to a quick nickel. Only 1-5% of my listings are auctions, and I only do auctions when I am not sure what the top price will be, and I start those auctions at a price that I am happy with receiving. I tried starting auctions at 99 cents and several things sold for 99 cents. That’s just a waste of time. Most of the things I buy at this time are researchable and show having sold for multiple amounts. Depending on condition, I generally price my items at the highest end of the scale using “buy it now” with “or best offer”, with the mindset of listing it and forgetting it. Many things sell for the top price, even though customers have the option to make an offer. When they do offer, most offers are usually pretty fair, being only 20-25% off the asking price. And I generally take those offers. Offers that are a bit less than that, I will counter and anything that is insulting I just decline. The good news is that once something gets an offer it seems to get more attention (Must be something to do with the Ebay algorithm?) and will, more often than not, sell soon after.
My plan is to build up an inventory, where eventually there is so much stock, that multiple things sell everyday. Obviously the more you list, the more you sell. The trick is to list more items than you sell in a given period so that your store continues to grow, and the more it grows the more items move on a daily basis. At the moment I have around 350 items in my store and sell on average 1.33 things every day.With an average sale price of around $30. Some days I sell 4 or 5 things and some days 0, but my average goes up with the number of items in my store. Although I am not an absolute beginner, I am still at the beginning.
My plan is to have a couple of thousand items constantly in my store and that takes some dedication to listing! but will pay off dividends…..Roughly based on the numbers above. 2100 items = average 8 sales per day @ average $30 per sale = $240 per day on average….At that rate I will have to list 240 items per month just to keep the inventory at the same level. I have a feeling that I will not need to have that many items to make that amount as I am constantly learning what sells well and am making better decisions, buying better quality items that sell for more and so my average price per item will go up, which it definitely has over the few years I have been doing this.
This is a work in progress, but I will keep you posted.
The podcast below is where I got the guidance to grow the Ebay store …..It is a great resource for Ebay ideas…….These guys have somewhere around 4000 items in their 2 stores and make a great living from it.