A little secret that helps you grow incredibly rich on eBay

PLUS: When eBay will definitely not work for you!

PLUS: Benefits of having your own eBay shop over mainly using auction and Buy It Now listings

If you’re already running an eBay business or you’re still looking at selling there, then you’ve probably encountered people claiming it’s possible to become very rich as an eBay seller.

Are they telling lies? Are they exaggerating? Are they promoting a scam to rob you of your hard-earned cash?

Actually, no, quite the opposite is probably true because you really can make a fabulous income on eBay, whether you work part-time or full-time, or even in your spare-time. You could even become seriously rich purely from selling on eBay.

But let’s be realistic right from the beginning; let us agree you won’t get rich or anywhere close if all you are listing is low-value bits and pieces picked up at flea markets and car boot sales.

And you probably won’t make a lot of money if you spend just an hour or two on eBay every week, or if you hate hard work and you prefer playing bingo all day, or working for someone else!

A little secret that helps you grow incredibly rich on eBay

The real secret to making a great living on eBay is to copy whatever products and techniques (‘technique’, by the way, can refer to listing options [auction, Buy It Now, shop], using special features [sub-title, listing duration, reserve price, etc.], marketing options [buy one get one free, buy two for the price of one, and so on], and more besides) are making lots of money for other sellers.

You must spot and follow trends and be quick to move into a market when some new product or technique begins making money for those people. And you must beat a hasty retreat when demand and sales go into decline.

Copying successful sellers is easy, primarily because there are no secrets on eBay and anyone can discover exactly what profits fellow traders are making from specific products, as well as how many units they are selling each week, and how many Second Chance Offers are possible from specific auction listings.

Once you know what other people are selling and, more importantly, how much money they are making from every listing, you simply copy their ideas, emulate their techniques, and grow a suite of products that never fail to make a profit.

Then you simply keep adding to your list, keep watching trends, keep moving quickly in and out of markets.

And keep on making incredible profits on eBay!

When eBay will definitely not work for you!

Like most business opportunity eBook authors and publishers I’m asked this question every day: ‘Will eBay work for me?’

My answer is always the same: ‘No, eBay will not work for you – not in a million years!

A negative reply also accompanies questions like: ‘How much money can I make on eBay?’; ‘How many hours will I have to work?’; ‘Will this book about selling on eBay work for me?’, and more besides.

Let’s take that last question first: ‘Will this book about selling on eBay work for me?’ That’s probably the question I’m asked most often and the answer is always a very emphatic ‘No, the book will definitely not work for you!’

A book can never work: a book can give advice and tips, but it’s you who does the work and it’s you who takes action, based on ideas contained in the book.

And it’s you, not eBay, who puts in the hours and effort, dedication and commitment required to make a good living at the site.

All of what’s just been said distinguishes successful from unsuccessful eBay sellers and explains why many eBay failures don’t and won’t seek out new ideas for themselves, or apply innovative techniques explained in books and marketing forums.

The same goes for software and research tools that help sellers identify and make money from other eBay members’ listing mistakes, or tools that help you list faster and many more money sooner.

Some such software is free but there are paid-for equivalents that can be worth their weight in gold but only for people actually using them to grow their business.

You have to be pro-active on eBay, you must apply your knowledge and only then can you enjoy the immense rewards awaiting you.

Benefits of having your own eBay shop over mainly using auction and Buy It Now listings

Many people think opening an eBay shop is primarily a way to save on more expensive auction and Buy It Now listings, but in reality there are many other reasons to opt for shop trading over exclusively using auction or Buy It Now listings.

I’m thinking about:

  • The fact you opened a shop, designed it so well and packed it with products, shows you are a serious, long-term seller and, by implication, well conversed with consumer laws regarding refunds, fair play, and offering good customer care. And that is why eBay buyers sometimes feel more comfortable purchasing from shop owners than others with short-term listings.
  • No constant relisting of products. Once created and tested, the same template can be used time and again for similar products.
  • Longer listing times, ranging from a few days to forever, and providing maximum exposure for your products.
  • Customisable categories inside your shop make it easy for prospective buyers to find exactly what they want and possibly buy additional items alongside.
  • More chance to brand your business and attract regular, repeat buyers. The fact your products are permanently available inside your shop attracts lazy buyers who prefer to buy regularly and in bulk from one supplier, instead of working their way through potentially thousands of listings from hundreds of different sellers.

Not forgetting that most people, lazy or not, prefer to buy from sellers they know and trust, and traders they’ve brought from already and enjoyed the experience. Having your own shop with all your products constantly on view is the best way to attract this type of customer loyalty.

  • More back-end selling potential for shop owners stocking related and supplementary products than for eBayers listing one-off items in traditional auctions and having no idea what they’ll be selling days from now.
  • Shop owners get their own unique shop website address. One of the very best ways to promote your shop is by highlighting its URL – website address – wherever possible, both on and off the Internet. You can also link the shop URL to a website outside of eBay and promote other products alongside.
  • Auction and Buy It Now listings appear inside your shop and can be viewed in specific product categories alongside permanent shop inventory, making it easy for visitors to find exactly what they want and possibly buy several items together.

Without the shop, auction and Buy It Now listings show up higgledy-piggledy to potential buyers; with the shop they show up in specific categories, saving visitors time and frustration when confronted with potentially thousands of products.

  • Shop owners receive monthly sales reports outlining sales activity by category and showing which are their best sellers, number of buyers, monthly sales totals. Sales totals can be viewed to highlight most profitable times of year, best converting products, average profit per sale, and more.

Now you have more than sufficient ideas to take you through to next week’s eletter, when I have more amazing ideas and secrets lined up for you.

This article first appeared on Auction Genie. Read more and comment here