One great way of earning extra income is by selling products online. There is a lot of money to be made in the online retail market but competition is fierce. If you are brand new to selling online or on Ebay, here are 5 tips that will help you make the most of your selling experience and hopefully make your experience a success.
1) Decide on Items you are comfortable selling
Ebay has its own unique niche that not everybody is comfortable using or exploring. Popular (high demand) or products that are rare (low supply) sell better than products that only a few individuals look for.
When deciding on products to sell, make sure you factor in the ease of selling online, shipping costs and any storage space you may need. It is also important to choose the right platform when selling products. Books for example could be sold more quickly on Amazon than on Ebay.
2) Use a Creative Title and always put a Description.
You need to choose your words widely whenever you sell online, particularly on Ebay. Make your title concise, yet descriptive by using keywords. Think about how you would search for the product if you wanted to buy it.
Add as much detail as possible so you can save time by not having so many e-mail queries to respond to. Detailed descriptions will also save you the headache of customers wanting to return products because it was not as expected. Include the colour, condition, state of the product and material contents in the description.
3) Use the Low-Cost Vs Differentiation approach to decide on pricing.
When selling online, you need to follow one of two rules.
You have to either sell your product for the lowest price compared to your competitors or secondly, you need to differentiate your product thus being able to charge a higher price.
Thus if your competition is fierce and you are not able to produce products at the lowest price, chances are you won’t sell much. In this situation, try differentiate yourself by having good customer service (see below), having quicker shipping times or incentivizing customers some-how.
If you are selling a unique product where there are not a lot of sellers, you can charge a price you think is optimal and then tweak it later to see how fast the product moves at different prices.
4) Figure out shipping costs well in advance
Shipping costs these days play a huge role in selling products online as it may be the difference between a customer buying your product or not. Inflated shopping costs turn buyers away whilst having shipping charges that are too low will hit your profit.
Do your research and see what prices other similar sellers are charging. Also research specific couriers as some offer free shipping material like boxes.
5) Customer Service is Key
This may be number 5 on the list but it is integral to your online selling success. With online platforms, especially Ebay, reputation is key as 90% of buyers will look at your feedback before deciding to make a purchase. Thus, good customer service is key to getting good feedback. If you do everything possible to provide a good customer experience, you will get great feedback and ratings.
Selling products online could be a gold mine or a very tough learning experience. You need to persevere and be consistant in your sales to succeed. Hopefully following the 5 tips above will help you get that boost any business owner needs when they start off.