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Mistakes that eBay sellers make #1: They sell items for below their worth.
When you list an item for sale on eBay, you should be looking at the completed listings and seeing what the average sale price is for an item for successful listings.
This isn’t just so that you can maximize your price: It is so that you don’t list it for an unrealistically high price that it won’t sell for.
If you don’t check completed listings then you are pricing your eBay items blindly and risk losing out on profits.
There are two ways to check over the average sale price for completed listings. One, you can manually do a search for the item and browse the eBay completed listings. The other way it to use the Terapeak Product Research Tool (http://wholesaleted.com/go/terapeak - click for a free 1 week trial) and do a search for it’s average selling price.
Mistakes that eBay sellers make #2: Not considering cash-flow
Understanding your cash-flow is a necessary part of running an eBay business because it lets you spend your money wisely to maximize your investments.
To do this, you need to understand the buyer demand for the items you are selling, and know how long it will take you to successfully sell an item. If you have a lot of money being held up in low-demand items, then it will be a long time before you get that cash back which you can, in theory, use to invest in more items.
It’s wiser to invest your money in items that, while they might bring in low-profits, have a high-turnover rate. By having your money/cash tied up in low-demand items, you’re missing out on the opportunity to use your money/cash to buy new items to resell in the meantime.
This is one of the common mistakes that eBay sellers make when they are new because it’s advanced planning/strategy. Consider your cash-flow and be careful about which items you purchase to resell.
Mistakes that eBay sellers make #3: Listing items as Auctions rather than Buy-Nows
Most eBay PowerSellers list their items as Buy it Now listings instead of auctions, because auctions are a lose-lose for both the buyer and you as the seller for the following reasons:
* Customers don’t want to have to wait for the auction to end to purchase their items.
* To incentivize people to bid on your items, you have to list them for low prices and take a risk that there will be more than 1 bidder after the item.
* If there is an established market price for an item already with other sellers selling their items for that, then buyers have no incentive to bid higher than the other Buy it Now prices. You essentially guarantee that you’ll get a lower price for the item or at best equal your competitors.
This is one of the super common mistakes that eBay sellers make when they first start. Auctions can be good for some items with incredible demand and a tonne of scarcity, e.g. popular memorabilia. But for most items you’ll fetch a far higher price if you use the Buy it Now listing style.
Mistakes that eBay sellers make #4: Focusing on quantity over quality
It is more profitable to source 10 items that will make 10 sales a month than 100 items that will make 1 sale a month. Both ways will net you 100 sales, but the first way will save you enormous amounts of time that you can dedicate to making your business more profitable.
The strategy of listing thousands of items does work through sheer attrition, but it is very time-consuming and stressful.
It is also very expensive, as eBay charge you insertion fees once you reach your threshold of free item listings for the month. For a seller without a store, the threshold is just 50 items.
To find high-profit, in-demand items to sell on eBay, be sure to watch our tutorial: https://www.youtube.com/watch?v=XR2HQKX4bPs
Mistakes that eBay sellers make #5: Not realizing that eBay charge you fees on shipping
Here is a quick tip to remember - eBay charges fees on both the cost of the item AND the shipping. So be sure to use an eBay fee calculator to work out what you should charge for shipping so you don’t lose money.
These are the mistakes that eBay sellers make when they first start selling on eBay: Now you know how to avoid them. If you liked this video, please subscribe to Wholesale Ted.