I have a new money-making idea for you today. And really it can be broken down into a few simple steps…
(i) You find a product selling multiple times each week for another seller on eBay or other marketplace.
(ii) You look for suppliers of the same or a similar product. For high price items, you ask permission to use your suppliers’ product image in your eBay listings and you only buy stock when orders arrive. For items costing you, say, twenty pounds or less, you buy one product to test market on eBay or other marketplace. If the item doesn’t sell, you either offload it at the price you paid or keep and use it yourself.
(iii) Your listing attracts several sales each week, generating a good profit per sale and, best of all:
(iv) Just one eBay listing is responsible for all sales of that one product over the indefinite future.
All of which means:
(v) You don’t waste money on listings that don’t repay their investment.
(vi) You can opt for products to be dropshipped or delivered direct to your buyers, or you only purchase stock when orders arrive. So you don’t have to stock goods and you’ll never invest in products that don’t sell and have to be sold off at a loss.
And now you can spend most of your time looking for more products likely to sell in high numbers and generate easy, regular, repeat profits for you.
This is what you need to know to make this passive income set up work for you:
* Your listing will offer multiple products and eBay will charge just one listing fee, no matter how many products sell from your listing, although you will have to pay a final valuation fee on every sale.
* There are two basic types of multiple product listings on eBay, where:
#1. Products are identical and all you do is enter the number of units you have available – or could quickly obtain – inside your solitary product listing.
Your listing continues indefinitely or until you run out of stock. But you must not let listings end for your bestselling items or you will destroy the sales history on which your products depend for favourable placement in eBay search returns. It helps to enter a high number in the box and make regular changes reflecting current demand and stock availability. Keep sufficient stock in hand to cover time taken for new items to arrive when your last available stock item sells.
#2. Products are identical in shape, brand name and design but vary by size, colour, embellishment – such as different image or caption – and more.
The second option requires more seller input than where each buyer gets an identical product.
eBay calls the procedure ‘Listing with Variations’ and says:
‘Instead of creating a number of separate listings for an item that has multiple options, you can create a single multi-quantity fixed price listing that includes all the variations you offer.’
eBay gives examples of products suitable and not suitable for multi-variation listings, such as golf balls that are the same brand but available in different colours, but not golf balls made by different manufacturers.
Warning: Some of eBay’s examples are confusing, so you must study the rules before attempting to sell and if you are unsure you should seek help from eBay before sourcing stock.
Learn more at: http://pages.ebay.co.uk/help/sell/listing-variations.html
This is part of what you will discover:
– ‘When you select the category for your new listing, you’ll see a pop-up window that asks whether you want to list variations. Say yes and click the continue button to complete the appropriate steps.
– You can select up to 5 variation details, with up to 60 values for each.
– You don’t need to use all the choices you see in the list.
– The first variation detail you select will be the one that’s displayed in your pictures.’ For jumpers, for example, where you want a white jumper with red lettering to show in your gallery image, you must enter white first for garment colour and red first for lettering in the list of choices.
The big question now is where to find items achieving regular sales and high profits for other sellers and also available for you to sell.
One way is to search manually for other sellers’ listings matching your chosen product. Click on ‘Advanced’ top of eBay’s home page. Next page click on ‘Find item’ top left.
Enter one or more keywords describing your product into the search box or leave the search box blank and choose a product category from the dropdown menu a short way down the page.
Click on ‘Sold listings’ a little further down, and the page that follows reveals prices coloured green for items that did sell and red for items that didn’t sell.
Scroll down looking for items similar to your proposed new product or which you might consider selling.
Click on a listing and close to the top, beside the price, you’ll find a clickable number telling you how many units have sold and taking you through to the product’s sales history.
Key the product’s name into Google, followed by ‘wholesaler’, to find suppliers and determine possible initial capital outlay and profit margins.
That was among the hardest but also one of the most effective ways to do free product research.
A far faster and more effective way, but you’ll have to pay for it is to subscribe to a research company like Terapeak for a goldmine of information about top eBay sellers and their products, sales histories, profit potential.
I took out a free trial to Terapeak and discovered items priced in the hundreds of pounds and achieving regular sales for some sellers and with potential for other people to source and sell similar and potentially higher profit items.
Terapeak also gives keywords used by top sellers as well as identifying buying trends and average prices paid, alongside eBay country sites attracting more bidders and buyers than other national sites for specific items.
There’s a free 7-day trial at Terapeak, following which subscriptions vary according to choice of packages available, starting at $16.47 (about £12.71) monthly.
Study what Terapeak offers at: https://www.terapeak.com/products/
That’s where you’ll not only discover who are the world’s most successful eBay sellers but also where they are based and what they sell.
Click through a few top seller names and you can study their products and sales history and find some goods having sold thousands of times and priced several hundred pounds each, suggesting high demand items with good profit margins.
Just perfect for you to sell.
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