Internet auctions can be used for every product or service under
the sun. Internet auctions are designed for competitive bidding, which
drives up the prices on products or services while providing those
products or services at a discount price. Internet auctions allow for
everyday people wishing to make a few dollars to market and sell their
items or services online. There are numerous tips for sellers and buyers
for successful bidding and purchasing of items.
Internet auctions serve many purposes. For one, they help to prevent companies from monopolizing the market with their products. Because there exists many vendors for certain items, the prices are reasonable. However, because some of these products can be made and/or bought for cheaper wholesale, the competition in selling particular items is steep. Buyers from all over the world can purchase items easily.
Most Internet auctions use the English method of bidding, as opposed to the Dutch method of bidding. The English model starts off at a low price, and each consecutive bid placed by customers drive up the auction amount. The Dutch method starts off at a high price and is lowered until a bidder takes the bid buying the auction. The Dutch method is particularly used when items need to be sold quickly. Also, because first come first serve, bidders will pay extra to ensure their bid wins the item.
Successfully selling items in Internet auctions greatly depends on when the items are listed. Internet auctions are mostly done on the weekends and mainly on Sunday mornings as most people are at home during this time. Many auction viewers frequent websites late at night as well. Listing and successfully selling an item typically occurs on Sundays and/or Friday nights as well.
There are several useful tips concerning selling items in internet auctions. Examples of these include:
1) Listing your item with as many searchable keywords as possible to get as many viewers as possible, taking a clear photo of your item preferably in an all-white background.
2) Keep all text to a minimum while describing the item sufficiently, answering questions promptly as they arise, listing items in great demand at the lowest price possible because numerous viewers will drive the auction price up.
3) Listing items, which are not in great demand at a low price while covering your cost of shipping, cost of the item, and lowest possible profit.
And, 4) grouping like items to end at around the same time, offer the option of shipping several items together at a discount price, allow returns, and providing a link to your other items of sale within the listing.
Some useful tips for buyers bidding on internet auction sites include: waiting to make your bid until moments before the listing is to end, which will keep the price of the item relatively low and bid in increments of odd amounts because most people will do increments of even amounts. Chances are you will frustrate another bidder because he/she can't outbid you. For example, you bid $50.03 when the current amount is set for $35. Another bidder trying to outbid you will bid $40, then $45, and then $50 but still cannot outbid you because you have an extra 3 cents on the $50 bid. In most cases, it works to your advantage.
Internet auctions are exciting for both sellers and buyers alike. Making sales online supports healthy competitive prices. It saves buyers money and provides sellers an outlet to sell their items while effectively stimulating the economy and preventing large manufacturers from monopolizing the market. Internet auctions offer the best of both worlds.
Internet auctions serve many purposes. For one, they help to prevent companies from monopolizing the market with their products. Because there exists many vendors for certain items, the prices are reasonable. However, because some of these products can be made and/or bought for cheaper wholesale, the competition in selling particular items is steep. Buyers from all over the world can purchase items easily.
Most Internet auctions use the English method of bidding, as opposed to the Dutch method of bidding. The English model starts off at a low price, and each consecutive bid placed by customers drive up the auction amount. The Dutch method starts off at a high price and is lowered until a bidder takes the bid buying the auction. The Dutch method is particularly used when items need to be sold quickly. Also, because first come first serve, bidders will pay extra to ensure their bid wins the item.
Successfully selling items in Internet auctions greatly depends on when the items are listed. Internet auctions are mostly done on the weekends and mainly on Sunday mornings as most people are at home during this time. Many auction viewers frequent websites late at night as well. Listing and successfully selling an item typically occurs on Sundays and/or Friday nights as well.
There are several useful tips concerning selling items in internet auctions. Examples of these include:
1) Listing your item with as many searchable keywords as possible to get as many viewers as possible, taking a clear photo of your item preferably in an all-white background.
2) Keep all text to a minimum while describing the item sufficiently, answering questions promptly as they arise, listing items in great demand at the lowest price possible because numerous viewers will drive the auction price up.
3) Listing items, which are not in great demand at a low price while covering your cost of shipping, cost of the item, and lowest possible profit.
And, 4) grouping like items to end at around the same time, offer the option of shipping several items together at a discount price, allow returns, and providing a link to your other items of sale within the listing.
Some useful tips for buyers bidding on internet auction sites include: waiting to make your bid until moments before the listing is to end, which will keep the price of the item relatively low and bid in increments of odd amounts because most people will do increments of even amounts. Chances are you will frustrate another bidder because he/she can't outbid you. For example, you bid $50.03 when the current amount is set for $35. Another bidder trying to outbid you will bid $40, then $45, and then $50 but still cannot outbid you because you have an extra 3 cents on the $50 bid. In most cases, it works to your advantage.
Internet auctions are exciting for both sellers and buyers alike. Making sales online supports healthy competitive prices. It saves buyers money and provides sellers an outlet to sell their items while effectively stimulating the economy and preventing large manufacturers from monopolizing the market. Internet auctions offer the best of both worlds.
Posts
0 comments:
Post a Comment