We all would like to make extra money and the business of reselling seems to be a hit with a lot of people. My spouse K got into reselling on Ebay recently and actually loves it. I recently went with her to a thrift shop and watched her work. It was nice to see her work as she checked items for its origin and scanned items to see what it was selling on places like Amazon and Walmart. I got a better understanding, though if you look at her makeshift garage office with boxes and products I sort of had a idea it was a lot harder than I gave her credit for.
My spouse did a question and answer about eBay Selling.
1. Compare Ebay to website selling on Unique
The biggest difference of selling on eBay is the traffic, consumers like to shop with establish brands. eBay has already earned a level of consumers trust. People need to know that they are shopping at a store that’s not going out business soon. Unique Things is the new kid on the block, so we must market our brand to drive consumers to our website. Once you earn their trust they will continue to shop there. Biggest difference is established vs not having a name brand.
2. How did you get started with Ebay selling?
It’s funny that you ask that question, it was never my intention to sell on eBay. The products I was selling on Unique Things, my spouse didn’t think they belonged on our Unique Things Store, so I was forced to remove them, since I didn’t what to establish another website I put them on eBay, and they started selling there. So, we decide to move all the products from Unique Things to eBay, funny thing is the stuff we couldn’t sell on Unique Things store was selling on eBay. Again, that is why selling from a establish store helps.
3. How do you find your merchandise?
I find my sources all over, I go to retailer’s clearance section, I have a business account with Earth Entertainment, I only joined them because I wanted Funko Pops at a discounted price. I also use BULQ, Bulq is where you can get returned items from stores that could’t move merchandise, so they need to make room for the new merchandise coming in. You don’t need a business license to get merchandise from them, there is also the thrift stores and yard sells that you can use for sourcing. You can use offer up or let go, and even FB market place. You can also get products from Alibaba and Dhgate. While I have used Alibaba I wouldn’t recommend them if you are just starting out because of the shipping. DHgate is a little better because it ships the products for free but they up the product price to compensate for the shipping. I’m starting to get my sourcing for US because of the shipping cost.
4. How many ways are there to sell on Ebay?
There are three ways to sell on eBay. Auction, Fixed Price, Best Offer. Each has itsadvantages and disadvantages.
Auction: is when you place an item up for bid, this is good if it’s a hot item, the price can go up over the original price you pay. That’s when you have a bidding war. The downside is if the bidders are trying to out smart you they will bid a nickel at a time or even a dollar over the bidding price, they are trying to get the item at lowest price. So, you may not get the asking price you were hoping for.
Fixed Price: is when you set a fixed price on an item, this means you will not budge on the price. However, you can set it up to where you willing to negotiate the price by having lowest price you will except. That’s when the best offer comes in,
Best offer: if you have negotiated the price and the consumer has agreed on the price. You meet somewhere in the middle for the price.
5.Give a step by step instruction on selling on eBay.
1: Make sure this is something you want to do
2: research the product you want to sell. This was my biggest mistake getting items I liked and not having a market for the item. Before I buy a product, I use an app that tells me what the item is selling for. The app I use is Shop Savvy
3: open an account to sell on eBay, you don’t need a business license or anything.
4: load the items you want to sell
6.What about shipping do you charge shipping or not?
When starting out you may what to offer free shipping even if you can’t afford it, this helps you get established on eBay. If you simply can’t afford to do that then make sure you offer the cheapest shipping to the consumer.
7. What shipping supplies do you use?
You’ll need an array boxes from big to small and medium. This will also cut down on the shipping price. The smaller the box the cheaper it is to ship, specially if under 1LB. I get my boxes from packages I receive. I’ve also dumpster dive for boxes, and I’ve ordered boxes online. You will need packing tape and a box cutter. I also use a scraper tool to remove labels from products and boxes.
8. How do you come up with pricing?
I price based on what amazon prices are. I try to be a little lower than amazon . I also gauge what the prices on eBay are selling for. I use the eBay profit tool to give me an idea of what my profit margin would be. Again, you can use Shop Savvyor Profit finder apps.
9. For someone new just starting out in the business of reselling would you recommend eBay?
Yes, it is worth the time invested to me.