On the eBay platform, there are three types of sales for sellers to choose from, namely auction, buy it now (buy now), auction + buy now. So what is the difference between these 3 types of sales? What are the techniques for commonly used auctions? Today I have compiled some content for this part, I hope it can be helpful to everyone.
1. Comparison of 3 types of eBay sales
Auction/Auction is eBay's standard form of selling, that is, selling items to the highest bidder within a certain period of time.
● The seller provides an item and sets a starting price.
● During the auction period, buyers bid for the published items.
● After the auction ends, the highest bidder buys the item with the amount of the winning bid.
The auction format can be published for 1, 3, 5, 7 or 10 days, and the real estate auction can be published for 30 days.
Can be used as:
● Rare items or collectibles
● Very attractive items
● Want to use low-price starting bids to attract buyers to bid on items.
2. Buy it now (buy immediately)
● The seller provides one or more items and sets a buy-in price.
● Buyers do not need to go through the bidding process and then bid, they can buy the items directly. In other words, buyers can only purchase items at a set price.
You can publish for 3, 5, 7, 10, 30 days or indefinitely;
"Unlimited Periodicals" will automatically re-publish every 30 days until all items are sold, you end the listing, or eBay ends the listing. Sellers can choose the out-of-stock control in the website preferences, so that your listed items will continue to be sold (including when temporarily out of stock).
Can be used as:
● Practical items or daily necessities
● Large quantities of items
● Items with known price
3. Auction + Buy Now
● The seller provides an item and adds the immediate buy price to the auction form, and the two coexist.
● Buyers can choose to bid on the item or purchase the item immediately.
Situation a: If a buyer chooses "Buy Now" first, he can purchase the item immediately with the buy price.
Situation b: Once someone bids on an item first, the price and function of "Buy Now" will disappear, and your item will be auctioned in the normal form.
What are the benefits of auction + immediate purchase for sellers?
● If the buyer uses "Buy Now" to purchase, you can save time waiting for the bid closing.
● If someone starts bidding, you can use this to know the value of the item in the buyer’s mind. If the item is in demand, it may also be sold at a closing price higher than the "buy now" price.
The right pricing strategy
● Buy it Now> Starting Price.
● You can increase the fixed price by about 1-20% higher than the starting price. Because the buy-in price in this range is very close to the starting price, once someone bids, the price is likely to be exceeded. Smart buyers don't want to take this risk, and immediately click "Buy Now".
● Buy-it-price = starting price: Many sellers like to set the starting price and buy-it-price at the same number, which is meaningless, because for buyers, the prices of the two are the same, so there is no need to bid to obtain items. In this case, it is recommended that you choose the "Buy It Now" sales form.
●The buy-in price is much higher than the starting price: Some buyers want to attract bidders with a low price, but the buy-in price is much higher than the starting price. Buyers see that the price difference is too great, and no one wants to "buy immediately." In addition, as long as you place a bid, the "Buy Now" function will disappear, and your "Buy Now" price will be useless! Therefore eBay recommends that you try not to adopt this pricing method.
Second, auction skills
1. Know what kind of products are suitable for auction
What kind of products are suitable for auction publication? It is definitely not an item that can be bought in the daily supermarket. Buyers are often more willing to spend time on bidding for relatively new and exotic products.
2. Within your acceptable range, the starting price is as low as possible
The lower the starting price, the more likely it is to attract more buyers' attention.
3. Find a good placement
The main idea of the auction is to find as many people as possible to bid on your products. So, what you have to do is to understand the principles of eBay product ranking, so that your products have popular keywords, or popular categories, so that they appear at the top of the search list.
4. Quickly respond to bidders' questions
Respond to bidders’ questions quickly and make corresponding revisions to their publications. Doing so can make bidders feel more secure, so that they can get a higher price with greater confidence.
5. Don't set a guaranteed price
The guaranteed price is the killer of the auction function! Buyers generally see auctions with guaranteed prices and will take a detour. This is the truth summed up in practice.
6. Use some existing eBay publishing tools
For example, use some large fonts and color fonts to promote the products you are auctioning on eBay forums or eBay collectors to increase your attention.
7. The most effective start and end time of the survey
Publish the item during the time when the item is searched or actively traded, and end the auction within the most effective number of days. We need to pay close attention to these two points in time for other similar auction items on eBay.