Selling is part psychology. But you don’t need to be Bob Hartley to jump start your eBay profits.
Selling sports cards and memorabilia on eBay in the current economy can result in some disappointing final prices. It’s easy to blame the lack of disposable income, but examining your pricing strategies might be more important. A few adjustments might get you back to the sales level you expect.
There as many pricing strategies in the world as there are buyers – if you look at two businesses selling the same thing, often the only difference you’ll be able to find between them is pricing. Think before you type a figure into your listing and you might find your profits surging upward.
The ‘Few Dollars More’ Strategy.
Set your auction’s starting price to what you would usually charge for Buy it Now and put your Buy it Now price just a few dollars above it. You can make a profit by setting off an interesting psychological reaction in the buyer’s mind.
Here’s what they’ll think. They want the item, but why should they bother bidding for it? After all, they could use Buy it Now for just a few dollars more and be sure of getting it. No watching the clock. No waiting. No need to snipe. The strategy makes value of the Buy it Now option extra clear to the buyer, and makes them more willing to pay extra for the privilege. A small profit on each listing using this strategy can add up. For buyers, convenience is hard to put a price on, so it’s really a win-win.
The ‘One Dollar Less’ Strategy.
This one works best on items where you’ve got competition. It’s simple but requires you to keep an eagle eye on your competition. As soon as they start a Buy it Now auction for an item you stock, start an auction for one of those items yourself. Match the title closely, but price your item one dollar less than theirs. This will mean that your auctions will sit together in the search results but your willingness to take just a bit less is often enough to get the bid.
The ‘Free Shipping’ Strategy.
Buyers really hate paying for shipping. They abhor getting taken to the cleaners by sellers who charge outrageous fees once the sale is over. With Buy it Now, you might find it easier to incorporate the shipping cost into the main price of the item, and then write “free shipping” in the auction’s title. You’d be surprised how many buyers would prefer to pay one price including shipping for the auction, instead of having shipping added on at the checkout. Again, this is psychological: they pay the same at the end, but it doesn’t feel like they’ve paid an unnecessary ‘extra’ cost for Internet shopping.
The ‘Go for It’ Strategy.
If you’d like a slightly more risky strategy, try this. List your item for the maximum duration (ten days), starting the listing on a Thursday so it goes across two weekends and finishes on a Sunday. Set the starting price at 99 cents.
What you’re trying to do is give bidders as long as possible to discover your auction, so that the bidding keeps rising. Pay for a few upgrades like bold and highlight, to draw attention to the item. It can all create a much bigger profit than you would have with a Buy it Now price, especially on a high value item.