eBay
Online Business Model #2 – Online Auction: Getting Started on eBay®
When we talk about online auction, the first word that comes into our mind must be “eBay®”. Most people seem to know what eBay® is and talked about it on the Internet. If you have no idea what eBay® is all about and you have never used it, don’t worry since our post and several next posts will explain everything you need to know about eBay®, including understanding the basics of bidding and buying on eBay®, things to know to get started on eBay®, different eBay® auction types, how to successful selling on eBay® and its possibilities, and tips to decide to go full time or part time with your eBay® business.
What is eBay®?
eBay® is an online auction website – and not just any auction site, but the biggest one in the world with page rank #20 worldwide and #8 in US by Alexa.com as of today. If you know how an auction works, then you already know how roughly eBay® works. Someone adds something they want to sell to the site, and then buyers come along and place bids on it. The highest bid wins the item. It’s just as simple as that.
Registered in August 4th, 1995, eBay® being an online auction makes a big difference, especially for cyber world. The unique eBay® auction system is an international person to person auction whilst buying and selling are not reserved for any elite. eBay® accepts almost any item, no matter how small, and will then advertise it on their sites all over the world. It’s a powerful combination of an auction and a slightly chaotic marketplace.
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Top 10 Tips for Selling on eBay
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- Start Small
If you’re anything like me, once you have a good idea you want to put it into action immediately! Although you probably know in theory that any business takes 12-18 months to become established, somehow you still hope that you can get there in 2!
But, one mistake entrepreneurs consistently make is to throw their life’s savings into buying case loads of stock – before they even know how eBay works. It’s easy to be lulled into a false sense of security on eBay after buying just one or two items. For buyers, eBay is meant to be user friendly. For sellers, things are a little more complicated. All powersellers agree that there are new things to be learned all the time and you’ll be surprised at how much more you know after several months selling small, inexpensive items.
Be prepared to spend the first couple of months buying and selling a variety of inexpensive items you can purchase with your loose change. Keep track of what sells best and work on narrowing down the possibilities to a few strong products. By this stage you will also have experienced the best and worst situations eBay has to offer, so you will be much better prepared to crank things up a notch.
- Respond to questions as quickly as possible
Most people use the Internet because it provides what they need instantaneously: information, contacts, gifts, advice, and so on. Therefore I can’t emphasize enough the importance of checking your emails as often as you can and replying to queries as quickly as possible.
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The Pros and Cons of Dropshipping
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What is dropshipping?
Drop shipping is when the product distributor takes care of all the shipping for you. Rather than ordering stock in bulk, the stock remains with the distributor. Then, when you make a sale, you send an email to the distributor and they pack up the item and send it straight to the customer with your company label on the box.
Drop shipping is a very popular option with sellers because it takes a lot of the grunt work out of selling on eBay. However, there are some major downsides to drop shipping – especially for new sellers.
Here’s a list of the pros and cons of drop shipping so that you can make the right decision for your business.
Drop shipping Pros
- No storage room required
You don’t have to fill up your living room with stock and packing materials! This is particularly useful if you are selling large items such as kit-sets, furniture, sporting goods, and so on.
- No shipping costs getting stock delivered from the distributor
Drop shipping means you don’t have to pay a carrier to bring stock from the distributor to your own storage area, which can mean big savings in the long term.
