eBay is not a one-size-fits-all site--you can choose among several different types of auctions and fixed-priced ways to sell your merchandise. In a basic eBay auction, you post your item with a starting price (the amount at which bidding starts) and wait for bidders to drive the price up. You are then obligated to sell to the highest bidder when the auction closes.
You can also set a reserve price, which is a hidden minimum price that is the lowest amount you're willing to accept. Buyers are not shown what the reserve price is, and if it is not met, you are not obligated to sell the item.
eBay offers a "Buy It Now" feature that gives bidders the option to buy your item immediately for a set price. Or you can choose a fixed-price listing, which simply puts the item up for sale at a set price, with no bidding allowed.
If you have two or more identical items for sale, you can post them in the same auction by using a Dutch (or multiple-item) auction. In addition, eBay offers restricted-access auctions, which can be used for a variety of reasons, but primarily to make it easy for buyers and sellers to find or avoid adult-only merchandise.
In addition to auctions, you can also set up your own eBay store, which will allow you to sell auction and fixed-price merchandise from your special location on eBay. You'll pay a monthly fee based on the level of store services you want, plus additional fees for items listed and sold.
The Technical Side of
eBay
eBay has evolved into one of the most user-friendly sites on the
Internet. Getting set up as a user is a simple process that you can
complete in just a few minutes. You'll be required to provide
your name, address, e-mail and telephone number, as well as a
credit card number and your checking account information. eBay uses
this information to confirm your identity--which protects the
integrity of its operation--and to collect auction fees. If your
contact information changes, be sure to notify eBay
immediately.
You must register in order to buy or sell on eBay, but you can browse around the site without registering. Before you do any business on eBay, be sure to take some time to get to know the site. Set aside several hours to get online and browse around, study listings, read the help pages, understand the various tools and how you can use them, check out the forums, and get comfortable with how the site works.
Once your business is up and running, you'll probably want to consider using supplemental auction management software, which will save time and money, make you more efficient, and improve the level of customer service you offer.
| Post With the Most |
With more than 61 million
registered users, eBay offers a huge field of prospective customers
for your business. But don't just throw up an auction and
expect to get top dollar without any effort. Some tips for
marketing your eBay listings include:
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This article was originally published in the September 2003 print edition of Entrepreneur with the headline: Let the Bidding Begin.
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