eBay Auction Pricing Strategies.
If your items aren't retailing, then you might have a inadequate pricing strategy. There as many pricing strategies in the world as there are buyers. If you look at two businesses selling the very same thing, often the only difference you'll be able to find between them is pricing.
The 'Few Dollars More' Method.
Here's something you might not have thought of. If you set your auction's initiate price to what you would all things considered charge for Buy it Now, while setting the Buy it Now price a few dollars above, you can construct a profit by setting off an tantalizing psychological impression in the purchaser's mind.
Here's what they'll think. They want the item, but why should they bother bidding for it? After all, they could use Buy it Now for just a few dollars more, and be sure of getting it! Doing things this way makes the value of the Buy it Now option extra clear to the purchaser, and makes them more willing to pay extra for the privilege.
The 'One Dollar Less' System.
This is easy, but requires you to keep an eagle eye on your contest. As soon as they start a Buy it Now auction for an item you stock, start an auction for one of those items yourself. Match the title closely, but price your item one dollar less than theirs. This will mean that your auctions will sit together in the search results, and who's going to see both and go for the one that's a dollar more costly?
The 'Gratis Shipping' System.
Buyers clearly hate paying for shipping. With Buy it Now, you might acquire it easier to materialize the shipping cost into the main price of the item, and then write 'no-cost shipping' in the auction's title. You'd be surprised how many buyers would be partial to pay one price including shipping for the auction, rather than of having shipping included on at the checkout. Again, this is psychological: they pay the very same at the end, but it doesn't feel like they've paid an unnecessary 'extra' cost for Internet shopping.
The 'Go for It' Strategy.
If you'd like a slightly more risky method, try this. List your item for the maximum duration (ten days), initiate the listing on a Thursday so it goes across a pair weekends and finishes on a Sunday. Set the starting price to the minimal (one cent).
What you're trying to do here is offer bidders as long as possible to discover your auction, so that they increase the cost themselves. Pay for a few upgrades like bold and reveal, to give them a helping hand. When properly done, you can structure a much larger profit than you would have with any Buy it Now price, especially with a avenue or high value item.
Since running your auction for longer means that more folks see it, you should all the while take the longest duration of ten days, right? Not forever. In the next post, we'll discuss in respect to how long your eBay auction should run for. |
