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| Grow Your Sales |
| Getting ReadyHow To Set Price |
Start low
A fundamental principle of the auction process is to create excitement
around your item, which in turn develops into a bidding frenzy among
buyers, resulting in excess returns for you!
Getting that first bid is critical, as other buyers are generally
more likely to jump in if they see there are already bids on an item.
To do this, many sellers prefer to set an opening bid below what the
item is actually worth. This can jumpstart bidding activity, and ultimately
produce a higher selling price.
Using a Reserve price
If not used properly, a reserve price on your item can often
result in the same problems as an excessively high opening bid. Buyers
will often lose interest in an item if they place a bid and find it doesn't
meet the reserve. Because they do not know the reserve price, they may
assume the seller is simply asking too much for the item. They may then
move on to similar items that they feel they have a more realistic chance
of winning.
To prevent this from happening, you may want to list your item
with "No Reserve". Items sold with "No Reserve" typically attract more
buyer interest, as buyers know that they will actually win the item if
they are the highest bidder. In addition, statistics show that items
listed without a reserve usually sell for more than comparable items
listed with a reserve.
To minimise potential downside risk, most savvy sellers will search
completed listings for similar items to gauge historical pricing
and potential returns before setting their opening bid. You can then
set your minimum starting bid slightly below this price, with "No Reserve",
and still get the benefit of quickly stimulating interest from buyers
and jump-starting bid activity.
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Must use Buy It Now and PayPal.
