Many new sellers don’t fully realise how important pricing is when it comes to eBay auctions. Many don’t even realise that ‘pricing’ needs to be done. After all, eBay is an auction site! But eBay auctions are not quite the same as the auctions you attend in the offline world. In fact, quite a bit of work goes into determining and setting prices on eBay.
Essentially, there are only three prices that can beset for an eBay auction:
- the ‘buy it now’ price
- the reserve price
- the starting bid price.
Of these three, the starting bid price is the only one that is required for an eBay auction. The reserve price and the ‘buy it now’ price are optional. The starting bid
price is fairly simple – never set it higher than $50 or so – no matter what your item is really worth. This low opening price will get bidders to your auction.
Setting low starting bid prices creates the need for a reserve price. A reserve price is the absolute lowest price that you want to get for your item. You may sell the item below the reserve price, but you will not be required to. In other words, if you set your reserve price at $100, and your highest bid is only $50, you do not have to sell the item to the highest bidder. You can close the auction without any negative feedback or repercussions. Set your reserve price at the absolute lowest price you are willing to sell your item for. Keep what the item is worth, as well as what it cost you in mind.
The ‘buy it now’ option will allow you to set a price and buyers can buy the item immediately, without bidding, for that set price. This option can be used for any type of item, and it should be set to match your reserve, give or take a few dollars. This option is great if you have multiple identical items to sell.
Shipping has a price, and potential buyers take this into consideration when they are looking at an auction. If you can see your way clear to offer free shipping, you will find that people are placing more bids. Make sure that your potential buyers realise that you are offering free shipping!
Before setting any prices, you need to determine what the item is really worth. The value of the item in different markets might be quite high. However, you are selling on eBay and eBay is a different world altogether! Find out the price that similar items are sold for on eBay before setting any prices. If it is a collectable, or a high ticket item, have the item evaluated to ensure that you are not going to lose money!
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Are you looking to start buying or selling on eBay?
If you have never used eBay before, you may not necessarily know that it is relatively easy to be a victim of an eBay scam. While eBay is considered a safe place to shop online, there are a number of eBay scams that you should be on the lookout for. If you know what these scams are, before you start shopping on eBay, will help to reduce or completely eliminate your chances of becoming a victim.
Before we start to examine some of the most common eBay scams that you should be on the lookout for, it is important to point out why those scams exist. eBay is considered an online market place or an online auction website. Just about anyone with an Internet connection and an eBay account can start eBay sale auctions. This is what makes it possible for scammers to trap innocent shoppers. While eBay does a lot of work to combat these scams and eliminate the individuals behind them, unfortunately there are some people who manage to slip through the cracks. That is why one should always want to be on the lookout for eBay scams.
When we speak about common scams to be on the lookout for, one of the most common scams involves selling a product that the seller actually does not possess. This type of scam is sometimes difficult to spot, but there are signs that you should look for. When posting an eBay auction, an eBay seller should preferably have pictures of the item or items that they are selling or at least have an accurate description of the object(s) in question. With some items, such as books, CDs, or movies, eBay sellers are given the option of using a stock photo; one that is provided by eBay. All other items should have a genuine photo, taken by the seller. If not, you should refrain from making the purchase, as it may mean that the seller is not even in possession of the item or items that they are trying to sell you.
In addition to selling items that they do not even are in possession of themselves, another common eBay scam involves literally lying about the items that they do have. For instance, there are some eBay sellers, although there are a small number of them, who claim that they have an item, like a car radio, which is in brand new condition, without that being the case. It is not uncommon for some eBay seller to outright lie or somewhat strengthen the truth. Unless you have a watchful eye, you may not find out until it is too late. That is why it is recommended that you not only purchase items from eBay that are accompanied by pictures, but that you also examine the accompanied pictures. You should therefore try to see if something, claimed to be new, really does look new or if it is in “like new” condition.
Another common eBay scam that you should look out for involves those who want your personal information. This type of scam is implemented in two different ways.
First, there are a small number of sellers who tell you that they need your credit card information, when they really shouldn’t. Whether you pay by PayPal, personal check, or money order, you should not give out any personal information to any eBay sellers whatsoever, even if you are buying an item from them. If you are not using PayPal, just send a check or money order to the address given to you; nothing else needs to be done.
The second eBay scam that involves trying to get your personal information is phishing. Phishing scams are increasing in popularity, making it easier to fall victim to one. With phishing scams, a scammer sends out an email that looks like it is coming from eBay. The email is often accompanied with a message stating that something is wrong with your account and that you need to click on the attached link, sign in and fix it. This is a scam. All they are trying to do is get your eBay account information. Once that has been done, they may have access to stored personal account numbers, as well as the ability to use your eBay account to make fraudulent purchases.
The abovementioned eBay scams are just a few of the most common ones that you may run across. Although there are those on eBay who are trying to scam or take advantage of you, the chances of falling victim to a scam on eBay are actually quite low, as long as you proceed with caution.
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Christer
BTW
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If you find the information useful, don’t hesitate to Tweet or email the post to your friends and colleagues and set up a link on your own blog!
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