There are a lot of different things that you need to consider when you decide to take on an eBay business. However, I think most people will agree with me when I say that the most important choice that you have to make in eBay is choosing the item that you are going to market. Aside from this being the most important step in starting an eBay business, this is also the first step that you need to kick things off. Sure, you’ve probably heard hundreds of a lot of success stories of people in eBay, but there are thousands more who tried and failed in their attempts. Those who succeeded are the ones who make huge money from their businesses, in contrast to those who did not fare as well as they did.
One can choose to go about his business in two different ways – sell a lot of different items with a small profit, or sell only a handful of goods with a huge profit. Because online shopping is becoming a trend these days, selling products online is actually easier than it sounds.
The key to being successful in eBay is to make sure that the product that you are going to sell is high in demand. Do not ever forget what you learned in economics in high school, and that is how prices affect supply and demand and vice versa. With a low supply but a high demand, the price rises. On the contrary, if there is a high supply but a low demand, the price and value of the item also goes downhill. This law will basically tell you how your item will fare in the eBay market. Those that are high in demand will generally sell more than those that are being sold by almost everyone else.
Hence, before you decide which product you are going to sell, take a peek at the supply and demand curve first. What are the items that people want? For which items are they willing to spend their hard earned money? Researching abut these things will definitely get you a long way. One way to do it is to visit Amazon.com’s site, select a category you are interested in, and you will see the top items that are selling in that category, from the bestselling to the least popular. Doing this thing will enable you to know what people want to buy.
The website of eBay is also a good place to start. Visit eBay Pulse and you will again see the bestselling items in eBay. You need to research in both eBay and Amazon’s site so that you can compare the results of your two searches. Usually around three to five results from both sites match, and you can narrow down your products to those sub-categories. However, don’t limit yourself to these two websites. They are great places to start since they are already established sites, but you can also browse other shopping websites to see their popular matches.
Now that you know the demand for an item, you also need to see whether the supply is high or low. Put yourself in the shoes of an eBay buyer, and look for the prices of the most popular products you researched about. For example, one product that seems to be high in demand is the new Sony Ericsson phone. Start your search from the general category, then narrow it down until you find your product. Take note of the amount, the type of sellers, fees involved, money back guarantee, presentation, and the going rate of the product.
The reason why you need to jot down all of the aforementioned details is that you don’t want to copy what others have done before you. If someone is selling the same product for a high price, maybe you can lower your price a bit and still earn profit. You can also employ gimmicks, like money back guarantees, in order to attract more consumers. Remember that customers will generally go for the best deals.
If you take a look at it, the process is pretty quick and easy, enabling you to save money in the long run. Researching will only take you an hour or so, and you can surely find a product that you would like to sell. There are a lot of products that you can possibly sell in eBay; all you have to do is look for it.
Remember, the one thing that you need to keep in mind is the law of supply and demand, and you can already end up successful in your online business. Make sure that you check the supply and demand in several shopping websites.