EBay Basics
By Shannon Davidson
Founded in September 1995, EBay (Nasdaq: EBAY) is The World's Online Marketplace® for the sale of goods and services by a diverse community of individuals and small businesses. Today, the EBay community includes more than a hundred million registered members from around the world. People spend more time on EBay than any other online site, making it the most popular shopping destination on the Internet.
WHY SELL ON EBAY?
Generally people sell on EBay to supplement their income, liquidate an estate, to rid of unwanted items from their collections, or use it in lieu of a yard sale to sell things that they no longer want or need. Becoming even more common are those sellers who purchase new products at wholesale prices and re-sell them on EBay for a profit. You don't have to sell full-time on EBay though. You can sell as many or as few items as you want. It's a great money making hobby. Keep your day job and sell on EBay in the evenings and on the weekends.
The more work that you put into selling on EBay, the more money you are typically going to make. This is very appealing to many sellers. However, selling on EBay, like any other business, can be hard work. A big motivation for those that end up selling on EBay is the desire to own a business; to be their own boss. EBay is perfect for starting a small sales business because of the low initial set-up costs - it's low risk.
REGISTERING ON EBAY:
If you do not already have an account with EBay, you'll have register in order to buy or sell on the EBay auction site. For buyers, all that EBay requires is your name, address, e-mail and telephone number. For sellers, you'll also need to provide credit card information. EBay uses a secure system to receive your credit card number, so there is no risk that anyone can intercept your credit card number. If buying on EBay, there will be no charge. If you sell on EBay, your credit card will be automatically charged on a monthly basis for any listing fees and commissions.
EBAY/AUCTION PRICING:
Most items sold on EBay are sold for between $5 and $50. Partly because there are just more items that happen to fall into that range of values, and partly because most buyers are comfortable spending that amount on an Internet auction.
EBAY/AUCTION DESCRIPTIONS:
Writing a thorough and accurate item description can be a big challenge for sellers, especially new ones, when creating an auction listing. Search other listings similar to yours and create and produce an informative, professional description of the item(s) you are selling.
What is the secret to making money on EBay?
Attract as many bids as possible and bring back repeat customers!
How do you attract bids and bring back repeat customers?
Establish credibility, present your auctions professionally, offer a guarantee, include a photograph of your item, and maintain an exemplary feedback record. Always ensure your customers are happy, and they always will be if you provide an accurate description.
Remember, when an EBay buyer bids on one of your auctions they are not initiating a transaction with a well-established company with a proven track record like an Amazon.com, they are placing their trust in someone who could very easily no longer be in business tomorrow. The only thing that the buyer has available to them to assess the legitimacy of your auction is your EBay feedback record and the quality of your EBay auction listing. The goal of your EBay auction should be to differentiate your auction from the others by convincing bidders that what you're selling is legitimate, and that when paid, you'll quickly deliver the product in excellent condition.
Once you are comfortable with your EBay business, you can incorporate that business with a retail business by starting your own website and web presence.
Founded in September 1995, EBay (Nasdaq: EBAY) is The World's Online Marketplace® for the sale of goods and services by a diverse community of individuals and small businesses. Today, the EBay community includes more than a hundred million registered members from around the world. People spend more time on EBay than any other online site, making it the most popular shopping destination on the Internet.
WHY SELL ON EBAY?
Generally people sell on EBay to supplement their income, liquidate an estate, to rid of unwanted items from their collections, or use it in lieu of a yard sale to sell things that they no longer want or need. Becoming even more common are those sellers who purchase new products at wholesale prices and re-sell them on EBay for a profit. You don't have to sell full-time on EBay though. You can sell as many or as few items as you want. It's a great money making hobby. Keep your day job and sell on EBay in the evenings and on the weekends.
The more work that you put into selling on EBay, the more money you are typically going to make. This is very appealing to many sellers. However, selling on EBay, like any other business, can be hard work. A big motivation for those that end up selling on EBay is the desire to own a business; to be their own boss. EBay is perfect for starting a small sales business because of the low initial set-up costs - it's low risk.
REGISTERING ON EBAY:
If you do not already have an account with EBay, you'll have register in order to buy or sell on the EBay auction site. For buyers, all that EBay requires is your name, address, e-mail and telephone number. For sellers, you'll also need to provide credit card information. EBay uses a secure system to receive your credit card number, so there is no risk that anyone can intercept your credit card number. If buying on EBay, there will be no charge. If you sell on EBay, your credit card will be automatically charged on a monthly basis for any listing fees and commissions.
EBAY/AUCTION PRICING:
Most items sold on EBay are sold for between $5 and $50. Partly because there are just more items that happen to fall into that range of values, and partly because most buyers are comfortable spending that amount on an Internet auction.
EBAY/AUCTION DESCRIPTIONS:
Writing a thorough and accurate item description can be a big challenge for sellers, especially new ones, when creating an auction listing. Search other listings similar to yours and create and produce an informative, professional description of the item(s) you are selling.
What is the secret to making money on EBay?
Attract as many bids as possible and bring back repeat customers!
How do you attract bids and bring back repeat customers?
Establish credibility, present your auctions professionally, offer a guarantee, include a photograph of your item, and maintain an exemplary feedback record. Always ensure your customers are happy, and they always will be if you provide an accurate description.
Remember, when an EBay buyer bids on one of your auctions they are not initiating a transaction with a well-established company with a proven track record like an Amazon.com, they are placing their trust in someone who could very easily no longer be in business tomorrow. The only thing that the buyer has available to them to assess the legitimacy of your auction is your EBay feedback record and the quality of your EBay auction listing. The goal of your EBay auction should be to differentiate your auction from the others by convincing bidders that what you're selling is legitimate, and that when paid, you'll quickly deliver the product in excellent condition.
Once you are comfortable with your EBay business, you can incorporate that business with a retail business by starting your own website and web presence.
