Our Products Sell Well on
Auctions
(and how to do it)
What do you think of when you hear the term
"online auctions"?
If your first thought is of flea
markets and garage sales, it's time to update your image. Online
auctions have grown up; serious businesses are making serious
money by leveraging this extremely profitable sales channel. Would
it surprise you to learn that the average gross margin of an online
auction business is 40 percent? It shouldn't. Just consider the
advantages to selling online.
Reach more customers-- a lot more.
Auctions make it easy to market your inventory to millions of
new customers and to reach them right where they're already coming
to shop.
Move your merchandise faster. The
right buyer is online right now, searching for the very inventory
you have to sell.
Sell around the clock. Auction
bidders shop day and night, and your "virtual store"
is always open to them. You can make sales in your sleep.
Make more on your sales. There's
no better feeling than watching a number of determined bidders
battle for right to buy your merchandise and no better way to
maximize your revenue.
So, how hard is it to join the
online auction gold rush? The basics are simple: create an ad,
post it on an auction site, and wait for the bids to roll in.
But you can drive up your bids and your profits if you know the
following secrets to auction selling success.
Merchandizing Your Item
Contrary to popular opinion, great
merchandise does not sell itself. Millions of items are offered
at online auction every day, and if you don't take steps to stand
out, your ad-- and your profits-- can fade disappointingly away.
So what do you have to do to merchandize your item effectively
online?
Write informative ad titles.
Your ad title should be useful,
interesting, informative, eye-catching, descriptive, and highly
searchable-- all in approximately 45 characters or less. Be sure
to include the common name of the item in your description. Maximize
your space, don't waste valuable characters on empty superlatives.
Write compelling descriptions.
Mix details and drama to hook shoppers'
interest and their bids. A good description can make your item
individually and specifically desirable over others. Make it easy
to read. Keep it concise. Include all the details that will be
important to your buyers. Above all, be honest. Your feedback
rating can win or lose you new customers.
Provide good pictures.
Serious buyers are going to spend
time lingering over your photos. Take several to show different
angles and aspects of your item clearly. Plan a simple, uncluttered
composition. Pick a background that provides good contrast and
that doesn't compete with your item. Don't forget to provide close-up
detail and to make sure that every picture you use is sharp, clear,
and correctly exposed.
Offer specials and promotions.
Promotions can serve as a powerful
incentive to bid, and they don't have to be overly costly or labor-intensive.
For example, you could offer to pick up the cost of shipping insurance.
The point is to show bidders you care about their bids and that
you're willing to give something in return for their business.
Choose a professional layout for your ad.
The layout is your buyer's first
impression of your item and your professionalism. Choose a clean
layout that reinforces your item's value and that complements
rather than competes with your item.
Close the Sale Fast
It can be tempting to put most
of your selling effort and energy into creating killer ads that
will pull in buyers and drive up bids. But don't forget that the
most important part of the sale begins when the auction ends.
Maximizing your online selling success means moving fast to close
every sale, in part because it's just good customer service. Your
winning bidder expects to receive that merchandise as soon as
possible, and your professionalism at this stage of the sale could
win or lose you repeat business down the road. But closing the
sale fast is just as important to you as to your customer. The
longer your sale stays "open," the more time and effort
you'll have to devote to tracking it. Did you receive that payment
yet? Did you ship the item? Did you remember to email the buyer
again? Time really is money in online auction selling. The more
time you spend chasing a sale you've already made, the less time
you'll be able to spend making new sales, and new profits. So,
what do you need to do to close the sale quickly? Get in touch
with your winning bidder fast-- and first. Make your after-the-auction
email clear, friendly, and professional. Identify deadbeat bidders
quickly and move on. Make it easy for your buyer to pay. Give
your buyer as many choices as possible and make it simple.
Ship promptly when you receive
payment. Your buyer will appreciate the fast turnaround, and it
makes you look professional. Package carefully, include a shipping
invoice and a thank-you note. Leave feedback for your buyer at
the marketplace. Drive your own feedback rating up. Leaving prompt
feedback for your buyers encourages them to do the same for you.
For more information and greater detail on
selling at online auctions, CLICK
HERE!
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