eBay 2020 has arrived.
eBay 2020 is here!
The new decade is here. We’re celebrating the beginning of not just a new year, but a new decade! As a seller, what are your top resolutions for eBay 2020? Reorganize your office/workspace or inventory? Finally get those death piles listed? Attend eBay Open in July?
Those worthwhile goals for eBay 2020 are all fine and dandy, but without consistent sales, you won’t have a business to organize. Healthy cash flow is the lifeblood of any commercial enterprise, especially your business on eBay.
In the hit reality series Shark Tank, what’s one of the first questions the sharks ask each would-be entrepreneur?
They ask the business owner,” What are your sales?” Now I’m asking you the same question, and you’d better know the answer. If you don’t, you’ve got some homework to do. Because as a seller, it’s essential that you know your numbers — including not only how much you’re selling, but also how fast you’re selling it (sales velocity). In other words, how long are items listed before they sell?
The answer to this question will vary by category and even by item.
For example, cell phone accessories have a different sell-through rate than Mid-Century Modern candleholders. Furthermore, MCM candleholders may have a different sell-through rate than Art Deco candlesticks.
Once you have some idea of your sales history, consider this: If a certain type of product typically takes four months to sell, what would it mean for your bottom line if it sold in three months? Or two? It could mean the difference between a business that stagnates (or even fails) and a business that flourishes.
Here’s why.
“Sell-through rate” (how fast your items sell) is also known as “conversion rate”, because it represents the process of turning an item into cash — i.e., converting it to dollars and cents. The faster you can recoup your initial investment, reap your profit, and get that money into your bank account, the better. Many sellers get into trouble because they have too much cash tied up in inventory that isn’t selling.
Don’t be that seller in eBay 2020!
I can help you to get cash flowing (and/or flowing faster). What you need — what every eBay seller needs — is to accelerate sales. And I’ve got some proven tips for doing that. You can grab them right here. eBay Sales Accelerator tips are my gift to you when you add yourself to the wait list for my exclusive membership group Social Media Insider.
Now, when evaluating your business look at what IS selling. It’s important to note your best selling products and categories. While doing this be sure to do the following.
First, check prices! The value of an item will fluctuate over time. You may be asking too much, or you may be leaving cash on the table by asking too little. Use Advanced Search to check sold prices on eBay. My YouTube Watch This Before You List On eBay!, will show you how to use eBay’s Advanced search feature.
If you have an eBay Store subscription, check Terapeak as well (under the Research Tab in Seller Hub).
Second, include 4 or more pictures in each listing. You can have up to 12, so take photos of all the sides of each item as well as closeups of details and/or any flaws. Showcase each item to its best advantage, because shoppers make their purchase decision based on your photos and description. Show them what they’re getting, preferably on a plain white background! More pictures can add up to more as well as faster sales plus a boost in eBay search.
Third, offer a robust return policy. Most customers want what they’re buying. But they’ll feel a lot more comfortable about buying from you if they know they can return an item that doesn’t work out.
Think like a buyer in eBay 2020!
It pays to think like your buyer!
Let’s say a buyer needs a widget. Two identical sellers have widgets listed at the same price with free shipping. One seller offers no returns, while the other offers 30-day returns. Which widget would you buy?
Look at your competitors’ return policies. How can you make yours better than theirs? If they offer 30-day returns, maybe you could offer 60-day returns. Or free returns. Or both! Check the number of returns you get in any given category to know what’s best for your business.
To score a free copy of my eBay Sales Accelerator with even more tips, add yourself to the waiting list for Social Media Insider, my VIP sellers group.
That is a very interesting point about looking at the returns policies of your competitors. It’s definitely something to consider, people buy off individuals or companies they trust so a robust returns policy makes you more transparent as a seller.