OK, maybe the title of this post is a bit exaggerated. However, if you are one of the millions who sell on eBay, you personally are not losing billions but, as a group, eBay sellers are.
A new study talks about the billions that consumers save each year by making purchases on eBay. The flip side of this is the people who sell on eBay are losing billions in potential profit (funny how that works!).
If you have been selling on eBay for any length of time, you will not need a report to tell you this. Anytime you find a very profitable product to sell, and are selling any quantity of it, you have to worry about someone muscling in on your territory and undercutting your price. This starts a vicious cycle of never ending price cuts that ruin any of your profit potential. The only one who benefits from this is the consumer, as they are getting a great deal on your products.
We have talked, in the past, about the importance of finding the right product to sell on eBay so that you do as much as possible to eliminate the problem of this competition. We have also talked about whether or not you can get retail prices for items sold on eBay, and the real measure of your eBay success: are you making a profit? Lastly, we have written about how everybody is looking for a deal on eBay. So this new study should come as no surprise to anyone who both sells on eBay and reads Lizard Wisdom.
We have never lied to you. Selling on eBay is not as easy as some would have you believe. You are going to have competition and you will have to run your eBay business as a real business.
Product sourcing is one of the hardest, if not THE hardest, parts of running a successful eBay business. Finding a product supplier that will do business with you and can supply you with product that you can make a good profit on is key to making money on eBay.
Put some thought into what you are going to sell on eBay. Think about the potential to be leaving a huge chunk of profit on the table as an eBay seller before you blindly decide to sell a particular item. Do your research to see how well the product sells on eBay, what the competition is like, and how much the item is selling for.
There is a lot that goes into being successful on eBay. Learn as much as you can about how to sell on eBay before you decide this is right for you. eBay can be very rewarding, but it can also be very frustrating. Being prepared is one of the keys to your success!
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