How To Make Money On eBay And Other Auction Sites

How To Make Money On eBay And Other Auction Sites

Is making money on eBay as easy as selling stuff you don’t want to other people?  Well technically, yes.  It is quite common though for people to believe that if you put up something for sale on eBay or another auction site that it will sell – and though this may have been a fact 10 years ago, it is no longer the case.

If you want to make money on eBay you need to master the marketplace, recognize supply and demand factors and have reliable distribution of your products.  Any lacking in these three main areas will cause your eBay business to dwindle faster than you can say “gimme money!”  All joking aside, there are retirees and stay at home moms all over the world who earn a full time salary working part time selling through auction powered web marketplaces.

The main reason why auction websites are a great way to make money is that consumers are always on the hunt for discounts – and websites like eBay are jammed with sellers who are trying to get the sale which often translates into retail-reduced pricing.  Many eBay traders are acquiring their goods at wholesale pricing, which means that you can afford to sell a little lower than the suggested retail price and still make a profit. 

Here’s the trick:  When you’re starting off, you want to be offering a bulk of products at super discounted prices – often so low that it is too good to be true.  As your sale frequency increases along side with your ratings, you gradually increase the price. 

Your repeat buyers will pay extra because they know you can deliver and you will gain lots of new buyers strictly on the buzz and reputation you’ve built for providing great product at great prices.

It is also extremely important to never compromise the quality of your product and customer service just to make or save a few extra bucks.  eBay shoppers are well informed and have often visited several other marketplaces such as Amazon.com and Overstock.com in pursuit of the ultimate deal – so if you rub them the wrong way, your reputation will immediately go down the drain and your business will fail.

Another profitable alternative to eBay is the Sitepoint Marketplace.  Though this is more geared towards websites, domain names and other elements of a technical nature – the traffic your auction will receive is definitely worth the price tag – which can be around $10-$20 per listing depending on the options you choose.  A tip when selling on Sitepoint:  Because of the technical nature, buyers on Sitepoint are often educated about internet marketing and sales copy.  If your auction listing has too much hype, it is unlikely that you will get bids.  Eliminate the fluff when writing your auctions and you’ll notice an immediate increase in action and interest towards your offer.

 

by Sam Leccima and Shani Leccima

 

 

Sam Leccima and Shani Leccima are Speakers, Online Marketers, Authors, Educators, Real Estate Investors, Parents, "Co-preneurs" and Cofounders of MarriedMillions.com; a company that specializes in getting couples "Un-stuck on Start" by providing actionable business information.  They have worked with companies and couples for over a decade, and believe that every couple has the love and the power to WIN:
Work together-Inspire each other-and Nurture their spouse's skills and talents.
 
Please feel free to re-post this article with credit noted to Sam Leccima and Shani Leccima.


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