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eBay Selling Tips
How to Learn Consignment by Buying & Selling on eBay
There are over 168,000,000 worldwide registered members (buyers and sellers) on eBay, with 99,000,000 of those in the United States. On average, $729 worth of merchandise is sold every second on eBay! (If my math is correct, that's $2,624,400 every hour...a staggering number!) So if you haven't jumped on this band wagon, maybe now is the time to do it. Here's why:
One of the best ways you can learn the business of consignment is to start buying and selling on eBay! You will get a feel for what sells well, what doesn't and what prices different categories of items sell for. With no financial investment, you can take all of those unwanted items you have currently taking up space in your home and get started in less than 10 minutes by registering yourself on eBay.
By becoming a seller on eBay, you will gain experience in the retail business from a seller's point of view, you will learn a lot from buyers' behavior, and you will also get a very good feel for value and pricing of pre-owned items. Plus, not to mention you will get paid for learning!
Not only can selling your items be profitable, but it's also fun to watch your auctions! This is also an avenue you can use to supplement your retail store sales. If you have high-value inventory that you think may not bring in the prices you think it should, then list on eBay!
The two general questions that are most asked about selling on eBay are: How do I get started? and What do I sell? Most veteran sellers will tell you the best way to begin is by selling your own personal items. I have had great luck with clothing and household items. Name brand, nearly new men's, women's, and children's clothing items are one of the biggest sellers I've personally seen on eBay. By selling on eBay you will get a feel for what's in demand and pricing for items in your own store. It's really a great experience and while you're in the planning stage of your consignment shop, you can get some hands-on experience through eBay.
If you intend to start selling on eBay as a hobby, to gain experience, or to supplement your retail store, then I can tell you that one of the most important things will be your feedback rating. eBay has a system where everyone who buys or sells an item is given feedback left on their site by the purchaser or seller. It's critical that you first build up a rating and maintain it as close to 100 percent as possible, plus to need to have at least 10 transactions. Many sellers and buyers are a little leary of "newbies" with zero feedback ratings (no transactions). To counteract this, the best thing you can do now is to register and start buying things, pay promptly, and start building your feedback rating to at least a 10 (10 transactions, buying or selling). You will find things on eBay you never thought would be on there. It really doesn't matter what you buy or sell, you just want to start building your feedback score.
When I first started on eBay I looked around and bought things that I knew would resell well. I kept them for a few months and have resold all of them...most all of them for a profit. I wanted to build my feedback rating and I did, and I made a little money doing it.
For beginners, eBay offers great information and forum sharing advice to help you along. Just about every question you can think of can be found in the Help Center or the Discussion Boards. There are veteran sellers who are available for good, solid advice. You will learn the ropes in no time, and buying and selling will be a lot easier than you probably think. eBay is a great resource for storefront owners in thta you can track pricing of just about any item imaginable to assist you with your own inventory pricing.
The best book I have found to learn the secrets of eBay success is Jim Cockrum's "The Silent Sales Machine Hiding on eBay." I am also a subscriber to his newsletter where he sends out valuable free information and updates on eBay. I can definitely recommend him as the "world's foremost expert on eBay." To learn more about Jim Cockrum and this great downloadable ebook: Click Here!
Timing Tip: There are certain days of the week that are considered better days to end an auction. For me, I have found that Sunday evenings, Monday evenings and Tuesday evenings bring more bids and higher prices. Also, you can get the most traffic between 7:00 p.m. and 10:00 p.m. Pacific Coast time. I also never end an auction on Sunday mornings, Friday afternoons or Saturday mornings.
(Just between us: One of the hottest-selling items on eBay is Ralph Lauren men's shirts or Ralph Lauren virtually anything.) If you want to really get in on top-dollar sales, then this is one of the best brand names you can sell. For the best wholesale source for Ralph Lauren shirts: Click Here!
Ebay is free to register and it's simple to register, and it will help get you started to your first online buying and selling experience. You will also want to set up a PayPal account which is easy and you will be given instructions. Almost 99% of all transactions are through PayPal on eBay, and gives you great protection as both a buyer and seller. So start now and see what a great training ground eBay can be! Good luck! Click here for eBay!