Just a quick update to my original post here.
All of our listings are still posted on eBay. They’re generating a fair amount of interest in the form of views. This suggests on the surface that at least the items were in a general amount of demand, and hopefully were good choices for resale.
A few of the items have people watching them, but have received no bids yet.
I’m making an assumption that most bidders are like me, and are usually not interested in placing bids on items that are 5+ days out from closure.
What’s Buy It Now?
eBay offers a “buy it now” option where you set a price at least 30% higher than your starting bid. At this price, buyers can offer to buy the item outright. In my opinion, the “buy it now” price should be set slightly above what you would expect the item to get bid up to. The price should be at a considerably attractive discount from the retail price of the item, but it should be high enough that it encourages bidders to bid.
How to Set a Minimum Bid Price
The minimum bid price should be set so that you get a profit from the item. It should be low enough that it attracts bidders away from the “buy it now” price. It should give them the idea that they are getting it for a steal. You should never start the bid at a price you’d lose money on it if were the only bid.
Since this is my first time listing items, I’ll probably adjust this strategy a bit as I go. “Buy It Now” is really what you should be shooting for. But unless it is a very attractive price, which cuts into your bottom line, I think it will be hard to get people to pay for it.
I also wanted to avoid setting a Buy It Now price that was much lower than the competition’s listings. If many people are selling the same item, and then someone decides to list it for much lower, it has the potential to trigger a downward price spiral in competition. Eventually the item will not be worth selling anymore. So my goal was to list the Buy It Now price at roughly the same price as competitors, while still offering an attractive starting bid that netted me a profit.
My Prediction
My guess is I will receive no bids until at least 2 days out. I’m thinking 2 of my items may not be priced correctly and probably won’t sell… I will have to re-list them and take a cut on profit most likely. I believe I will sell the remainder, but will not receive any Buy It Now offers.
eBay also has many decent articles and guides on listing strategies to improve the rate of sales. I’ve been picking through them and compiling information to apply on the next go-around.
Will keep you posted!