8
Jul
2010
10 Hot EBay Tips
If you’re looking for genuine and trusted wholesale suppliers then check out these 10 hot eBay tips…
Hot eBay Tips #1: Market research is the foundation for success
Thorough market research dramatically increases your chances of making a healthy profit from wholesale items you purchase. Start with a list of 5 to 10 different ideas. Then check completed listings searches on eBay to see what the item generally sells for and the sell through rate for each one.
Use Google’s free keyword tool to find out how many people are searching for your product per month. If there are 10,000 or more searches per month for a certain product, then this indicates a good market.
Hot eBay Tips #2: Calculate the REAL cost of your product
One giant reason why some people fail at the wholesale game is because they don’t do the numbers. To say it another way, they don’t treat wholesale like a real business.
To accurately discover your real profit potential on a product, you need to add eBay fees or equivalent for other advertising, packaging costs and labor involved in packaging, shipping costs, shipping insurance, Paypal and/or credit card fees (these can be a super profit killer), and any storage costs.
Hot eBay Tips #3: Verify ALL suppliers found on the Web
Falling prey to scammers is a common stumbling block for sellers new to wholesale. If you’re searching for suppliers on your own rather than using a wholesale directory like SaleHoo, it’s CRITICAL to check authenticity before making buying.
Always take time to:
* Check the website for a full business name and that they give you a registration number.
* Check for a legitimate telephone number – this will involve calling the number. Do not accept just a mobile phone number. All real companies should have a land-line phone.
* Go to the “Whois” directory and search for the name of the website. A legitimate company will have a domain expiration date in several years time listed. Most legitimate companies reserve their domain names for 3-5 years or more at a time.
* AVOID suppliers who do not agree to using secure payment methods such as Escrow.com or Credit Card and Paypal Verified.
* If you’re still uncertain? Ask other sellers what their experiences have been with the company you’re interested in on the eBay forums.
Hot eBay Tips #4: Chinese suppliers give the competitive-edge
Chinese suppliers are an essential source for anyone wondering what to sell on eBay to make money. Manufacturing costs are currently pretty low in China; therefore, it’s the solution to getting a competitive edge.
Dealing with China does have its risks, but these risks can be lowered if you place a small order first with suppliers who have a good reputation, get shipping insurance for 110% of the cost of the products, and use secure payment methods.
Hot eBay Tips #5: A common stumbling block for closeout and liquidation
Always get the reasons for closeout and liquidation sales before you purchase. Closeout and liquidation sales can be a great source for inexpensive items, but you normally have to buy by the pallet-load, and these can include broken or returned items that are not in “sellable” condition. To be safe, specifically ask whether or not broken items and returns are included before you purchase.
Hot eBay Tips #6: Negotiate on shipping costs to save money
Economical shipping is critical to importing success. Your profits can easily get ate up in shipping costs, so take the time to get a great deal on shipping charges.
Try negotiating insurance, freight, delivery, and duty paid with your supplier as this removes much of the risk and organization from your shoulders. Also FOB, or “Freight on Board” is the most common shipping term, but again, don’t be afraid to negotiate.
Hot eBay Tips #7: Can you really afford dropshipping?
Dropshipping sounds great in theory because someone else is doing the packaging, wrapping and postage. The truth is that it can be hard to profit from this method because dropshipping can add another $2-10 to your costs. Maybe even 10% of the cost of the product. By the time you add in eBay’s fees and the other costs, it may not be worth it.
Hot eBay Tips #8: Warehouse storage “checklist”
Asset-management is the most important consideration when looking for warehousing to store your products. Believe it or not, many things can come up missing in storage. When comparing warehouses, ask questions on how you’ll authorize the release of stock, frequency of damage claims, what will happen if you need to cancel an order, dust management, and whether there is an area you can use to photograph your products.
Hot eBay Tips #9: Power Seller wealth
eBay powersellers are able to command higher prices for their products than ordinary eBay sellers, and that’s a fact. To get the best profit on your things, you need to aim for a powerseller status.
Hot eBay Tips #10: Growth with an eBay store and a website
The way to increase your profit from wholesale is to open an eBay store and/or build your own website. This will allow you to cross-sell products, and it also makes it easier for buyers to find what they’re looking for. For example, if you sell shoes, then buyers can easily navigate to browse all your black shoes in size 9 and so on. Always include a sentence at the bottom of your descriptions encouraging your visitors to look at your other eBay listings.
Find pragmatic tips about website traffic – make sure to study this publication. The times have come when concise info is truly at your fingertips, use this possibility.
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