Thereâ€™s something undeniably entrepreneurial about selling on eBay. It is true that there are eBay millionaires and there are also successful backroom eBay stores run by people with no more skills than the desire to make money under their own steam and it is the nature of selling on eBay that makes it possible for them and also makes it possible for you. A ready-made audience, instant search engine listings, ready payment systems and the ability to get started with no more than a product, a computer and a desire to succeed all combine to make very low barriers to entry.
The more sophisticated a business selling on eBay becomes, the more opportunity it represents. The scale of the marketplace is immense, for example a pair of shoes is sold on average every 3 seconds. Billions and billions of dollars are transferred every year from buyers to sellers.
There are constantly new niches and opportunities to exploit. Part of selling on eBay is to understand the marketplace and identify exploitable niches within your area of expertise. While there are many bargains to be had on eBay for buyers, it is also possible to achieve a higher price than that paid in shops for some of the items you sell, especially when you start with a low initial price, as this encourages bidding. Everyone loves to get a bargain!
When starting out selling on eBay choose a single, low value product to work with. It makes the whole learning process easier and less painful. Conquer that product before exploring other avenues of revenue. The experience that comes from actually doing it, along with the adrenaline and excitement when you finally make some money from the process is exhilarating. This is normal and healthy, but don’t get carried away. Keep it simple until you feel confident in approaching another market. More competitive markets will be harder to break into, so go for something you know about and feel you can realistically compete in.
Selling on eBay may not require a payment system or a website, but it does require all the other elements of a regular business. You need to be seen to run a professional outfit and to provide a professional service or customers will not return for a repeat visit. Worse than this, one of the features of selling on eBay is that users will leave feedback after their purchase.
Negative feedback can be the kiss of death to your business. Buyers are cautious not to trust their money in the hands of merchants who have provided poor experience for previous buyers and once you have negative feedback it will be seen by all of your prospective customers. Often, with so little to differentiate yourself from your competitors it is vital that you have as good a seller rating as is humanly possible.
A core component to maintaining good feedback when selling on eBay is accurate item descriptions and prompt delivery. The most common reason for poor feedback is slow delivery, although stock control issues, slow customer response times and bad packaging are all very important in order to maintain a good seller rating.
So, give it a go. Have a bit of fun! You’ll never know until you try just how this opportunity might turn out for you.