Tip No. 9: Use Software To Help You Organize Your Sales
Initially, it can be hard to part with your money with all the hefty startup cost and buying of goods, but having the right software can make life so much easier in the long run.
Selling on eBay can become very time consuming when you are selling more than 15 items. Having the appropriate software will ensures that you avoid making costly mistakes, such as under-ordering of stocks, forgetting to ship to a customer, and so on.
A lot of people have problems getting buyers and visitors to view their website, they don't know what went wrong...
Tip No. 8:Keyword And Market Research
Keyword and market research is about learning your customers needs and search habits. You have to know what your customer are typing in the search engines.
"Product" review?
"Product" comparison?
How to do "this"?
How to find "this suppliers"?
Know what these people are typing into the search engines! Set aside some time each day for marketing and research to ensure that you're keeping at the top of your game. A great way to start is through this https://adwords.google.com/select/KeywordToolExternal - Google's Free Keyword Tool.
This week, we will be looking at a fairly important point that most people tend to over-look and that is...
Tip No. 7: Keep In Contacts With Your Suppliers!
The suppliers we took so much effort to find...and we so often ignored once found! Its important to keep in touch with your suppliers through e-mails, chats, etc. Especially for drop shippers, a sudden lack of goods from the suppliers can create a lot of confusion and an unhappy bunch of customers. You have to take the hassle of doing a backorder or even refund them, this will cost you precious sales and you credibility will take a big hit!
So make life easier for yourself by keeping in touch with your suppliers, get updates on what they are doing and ensure communication lines stay open. By doing so, they suppliers will be more tempted to pre-inform you of any shortage of stock and give your orders a higher priority! All these benefits just for you as they know you well!
Tip No. 6: Monitor The Market Trends!
Don't be complacent and be satisfied with your current regular orders, the same thing also applies if your not doing so well. Check the other website regularly and see what your competitors are doing, what they are selling. Keep a lookout for emerging trends and related products than you can add-on to sell. Opportunities maybe just right around the corner waiting for you to spot them!
Its been quite a while...but here the tip you been waiting for! Tip No. 5
Tip No. 5: Don't put your eggs in one basket!
Last week we heard about the saying: "A picture speaks a thousands words...", and now we are gonna look at another saying: "Don't put your eggs in one basket..."
eBay is not everything! There's more than 1 way to sell products online and its doesn't have to be on eBay everytime! Always try to maximize your current profitable products by introducing it to other medium such as search engine's advertisement, blogging it, social network, etc. The possibilities are endless and you can easily increase your profits exponentially this way!
But having said that, you should NEVER try to branch out too early! There's a difference between "Don't put your eggs into one basket" and "Putting your eggs too early in other basket" (invented by me!). Branching out is for successful products and will ONLY for them, doing likewise for any product you are promoting is just a plain waste of time and effort!
We talked about taking ACTION and keeping schedule last time...and this time its about PHOTOGRAPH!
Tip No. 4: Get Professional Photographs!
Ever heard of the saying: "A picture speaks a thousands words...", and its true! Imagine having a dull and blurred picture as your product image, would anyone be able to see them properly? They might just be so put off that you just lost another customer!
So always my advice to you is to get professional photographs right from the start, even if it means spending money to get better pictures taken!
Most wholesale companies will also provide you with products images, but if you deem it unsatisfactory, request for a better one!
NOW GO OUT THERE AND GET THOSE NICE PHOTOS TAKEN!!
Tip No. 3: Organize Time And Keep To Schedule
I know many of you out there take this online wholesale business as a side-job and you are busy with your daily full time job. However, the mistake that most people make is NOT TAKING ENOUGH ACTION! Its vital you make a list of what needs to be done daily and STICK TO IT!
It easy to do research (looking up a few articles, update on latest news and products) but you need to translate those into ACTIONS! The reason why most people fail is because they lack the motivation to carry on. It doesn't need to be perfect everytime, but it needs ACTION everytime!!
Welcome Back to our...Top 10 Tips for Selling on eBay! So Here's Our Latest Tip...No. 2!!
Tip No. 2:Respond To Question As Quickly As Possible
Most people use the Internet to search for answer because they are looking for INSTANT solution and help to solve their problem- info, products,tips and advices, etc. Therefore, check your mails often and dish out those quality help and they just might be that person who pulls out their wallets...
Hey! Last week we explored on the hottest wholesale tips, so this week we are going to touch on...Top 10 Tips for Selling on eBay!
Tip No. 1: Start Small
You and i know that we got great ideas and theories and we are so sure its gonna work! Although you probably know that a successful business will take a few months or even years to establish, we still want to get it done in 1-2 weeks time!
Reality is often cruel, and most people consistently make the mistake of throwing everything they got into their wholesale business - before they even know how eBay works! For beginners, its easy to be lured by the sense of achievement and lose track of the task at hand after 1-2 sales or initial success. DO NOT be overconfident of your abilities. There's so much more to be learned that your initial success counts for nothing!
Start small by spending a few months buying/selling different kinds of cheap and inexpensive items. The reason for doing so is to gather some experience and learn the trade first-hand, and cutting losses to the minimal. Learn how to do your research and keep track of what sells best and try to focus on a few stronger products.
This stage is for you to learn about eBay - its pros/cons and what it has to offer so you. This also prepares you for the future, when you are ready to take your business to the next level!
End!: Stay tune for tip no. 2...
Thorough Market Research Is The Foundation For Success
Thorough market research will increase the likely hood of making a tidy profit from the wholesale goods you buy. Start off with a list of 5-10 different ideas and narrow down you search by checking it on eBay to see what the item generally sells for and the sell-through rate for each one. You don't want too many competitors.
You can also use Google's free keyword tool at https://adwords.google.com/select/KeywordToolExternal to find out how many people are searching Google for your product per month. If there are ten thousand or more searches per month for an item, this indicates a healthy market.
Calculate the REAL cost of your item
One big reason why people fail in business is that they don't do the numbers. To accurately discover your real profit potential of an item, you need to add the shipping cost and insurance, eBay fees (or equivalent for other advertising), Paypal and/or credit card fees (these can be a real profit killer), packaging costs and labor involved packaging, and any storage costs to the cost of your item. As you can see, all these might adding up to a significant amount, you wouldn't want to end up with nothing at the end of the day.
Verify ALL Suppliers Found On The Internet
Getting caught out by scammers is a common stumbling block for people new to wholesale. If you are searching for suppliers off your own bat (rather than using a wholesale directory like SaleHoo), it is VITAL to check for authenticity before making a purchase.
Always take the time to:
-Check for a legitimate contact telephone number, this will involve ringing the number. Do not accept a mobile phone number alone. All real companies should have a land line number.
-Go to http://www.whois.sc/and search for the name of the website. A legitimate company will have a domain expiration date in several years time. Most legitimate companies reserve their domain names for 3-5 years or more at a time.
-AVOID suppliers who won't agree to use secure payment methods such as Escrow.com, Credit Card and Paypal Verified.
-Still uncertain? Ask other sellers what their experiences have been with the company you are interested in on eBay forums.
Chinese Suppliers Give The Competitive Edge
For anyone looking to gain a competitive edge, finding a reliable Chinese suppliers is a big boost as wholesale products can be gotten at extremely cheap prices!!
Dealing with China does have risks, but these can be alleviated if you place a small order first, use secure payment methods, get shipping insurance for 110% of the cost of the items, and use suppliers with a good reputation.
A Common Stumbling Block For Liquidation & Closeout
Always ask the reasons for liquidation and closeout sales before you buy them. Although liquidation and closeout sales can be a fantastic source for cheap products, you might end up with a pallet load of broken or returned goods that aren't in salable condition. To be on the safe side, always check if you can return broken items when making a deal with the suppliers.
Negotiate On Shipping & Save
Shipping economically is critical to importing success. Profits can easily get swamped in shipping costs, so take time to get a good deal on shipping. If possible, negotiate CIF (Cost, Insurance & Freight) or DDP (Delivery, duty paid) shipping terms with your supplier as this takes much of the risk - not to mention organization - off your shoulders. FOB (Freight on Board) is the most common shipping term, but don't be afraid to negotiate for better.
Drop Shipping - Can You Really Afford It?
Drop shipping may sound like an irresistible offer - someone taking care of packaging, wrapping and postage - but it can be difficult to profit from this method. Think about it, drop shipping can add up to 10% of the cost of the item, throw in eBay fees and any other costs and you may find yourself having to sell at unfavorable price.
Warehouse Storage Checklist
Believe it or not, items can go missing while in warehouse storage, which can cause a fair amount of distress and unwanted hassle.
When finding a warehouse, ask questions specifically on how they will authorize the release of stock (by phone or fax?), what will happen if you need to cancel an order, frequency of damage claims, dust management, and whether there is an area you can use to photograph items.
Powerseller Wealth
It's a known fact that eBay powersellers are able to command higher prices for their items than ordinary eBay sellers and get more buyers too! To get the best profits on your wholesale items, you need to aim to get and maintain powerseller status.
Growth With A Website And eBay Store
The way to increase profits from wholesale is to build your own website and/or open an eBay store. This allows you to cross sell items, furthermore it also makes it easier for people to find what they are looking for.
For example, if you sell shoes, then customers can easily navigate to browse all black shoes in size 9 and so on. Always include a sentence at the bottom of your descriptions encouraging visitors to check out your other listings - most people will.
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