This post would assist you to make money with auction sites.
Now a days, people are mindful in converting their talents into cash through internet. Yes, internet offers innumerable ways to make money from home at convenient time. If you are a regular reader of Moneybies, then you might be aware that the founders of this blog are working enthusiastically to show the honest money-making opportunities for the people. I would like to add my post here to help their readers to make money with auction sites.
Most of the people are using the internet, and they show much interest in buying the products online as it is a great place to find a variety of products at reasonable price with some deals. Are you interested in selling the products online? Then, you could make use of the auction sites to earn money at home. Even though the selling of products in auction sites needs some efforts in the initial stage, you could generate a decent income later.
Make money with auction sites
If am saying “online auctions”, then eBay hits my mind as it is one of the popular online auction site. Not only eBay, there are many websites available which would let you to earn money by selling products. Now, let’s get into the discussion deeply on “How to make money with auction sites” with some imperative stuffs.
1. Choose the auction website
Choosing the website where you want to work is the first step of make money with auction sites. Look for some specialized auction websites like eBay, Flippa, triple clicks etc. which has a variety of products to choose and sell. Do check the quantities and bid lists of some items in which you’re interested to make a bid on them to buy and sell.
2. Select the products wisely
Selecting the products to sell is an imperative step in earning money with online auctions. Computer hardware, books, toys, tickets, beauty products, cloths are some of the best-selling products online. Whether you’re going to sell the unique product or products in quantity, do check its demand and decide your profit margin. You should be clear with these perceptions while selecting the products in auction sites. Choosing the popular item would let you to sell without much effort, or if you choose a unique item to sell, you could reach the high profit margin.
3. Decide the selling option from list
Auction sites give variety of listing option to sell your chosen items and you could select the best suitable option. In regular and featured listing, you need to pick the category to list your items and some auctions sites have “Reserve price auction” or “Dutch auctions” to offer some advanced selling options for the vendors.
4. Adopt appropriate category
Make the research on similar items to know its competition, bidding etc. and check in which category they’re listed. Be sure that your products could be reached by the people if they use the search tool of the website. Finally, adopt an appropriate category for your product to trade.
5. Reach the people
You’ve selected the product, listing option and the category to be listed. Now you need to turn attention of the people towards selling your product by advertising. Target the people by creating an ad and promote it through various ways. Try to reach maximum visitors for your ad and motivate them to buy your product. Grab their consideration by providing bonus products or free shipping.
6. Grow exposure and reputation
You could create an own website to post attractive banners, video or text description of your product to drive more traffic. You could grow your exposure by regular news letters, new offers and thanks messages. Getting good feedback rate would allow you to create the reputation, and you could increase the sales with it. Delivering your product quickly, answering the customer’s queries and offering good customer service would help you to maintain your reputation.
How do auction sites work?
Registering in most of the auction sites is free, and you may ask to provide the credit or debit card details just to verify your identity. These websites are working by a process named “proxy bidding” where your target is to win it or buy the items at low price. So you could enter the lowest price for the item, the auction sites would make a series of incredible bids on behalf of you.
Items will be available to bid only a limited period, and you could follow the auction activities online and if you place the successful bid, then you’ll get confirmation mail to buy the product. This is the buying process in auction sites.
It is not compulsory to buy the products in auction websites; you could buy wherever you want, or you may sell your own products here.
Before starting the selling process, follow the steps which I’ve listed above. Then you need to list your item by adding a title, detailed description, images, starting bid, category, location of the item, delivery charges and mode of payment in a comprehensive way and you might ask to pay an insertion fee for this.
Item will be delivered to the buyer after he/she made the payment, and you need to pay the valuation fee for the auction site for every successful selling of your item. There are extra options available for the sellers to enhance their selling chance and you could make use of it while selling the products.
Other ways to make money with auction websites
Instead of selling the products, you could drive a great traffic to the auction sites to make money. Choose the products; create a website by describing the products and to insert its corresponding affiliate code. Promote the website through genuine ways to get huge traffic. Some auction websites might offer some tools to promote your website, and you’ll be getting paid if any sale made through your affiliate link.
2. Drop shipping method
It is the method of delivering the product to the buyer directly from the manufacturer, in which you have to just accept the orders from the buyers. Here, you no need to buy, store and ship the products. But you have to find a wholesale manufacturer with drop shipping service.
List their products on the auction websites at a significant profit (you may fix the retail price). If your listed products get sold, you’ll get retail price as payment, and you need to pay the wholesale price to the manufactures. Then the products will be delivered to the customers by the drop-shipping company and even they’ll take care of the broken products.
Tips to make more money with auction sites
1. Stay with patience as this method of making money will take some valuable time to sell out your listed items.
2. It is essential to follow the guidelines of the auction websites to avoid the account termination.
3. Behave like a professional and be genuine to get charges for shipping and delivery.
4. End you auction on the weekend, so that the people wouldn’t miss to bid if they go for day work.
5. Make sure that you are listing your chosen items in the proper category and give the detailed description for them. Don’t forget to add your contact details and terms & conditions to avoid struggles.
6. Do not sell illegal items, and you should not copy the description of others. Also, it would be good if you ask the feedback from your clients.
7. Use PayPal for money transactions.
Make money with online auctions is becoming more popular now. Just you have to register in a website, find products to sell, target the people to trade, sell at high value and make profit with it. Just like a website business, you need to find the profitable niche to make your auction business to work.
It works on the same concept like other business “Buying low and selling high”. Whether you’re selling your own products or buying the products to sell/following drop shipping method, you should reach the targeted people with your ad and attractive sales page.
Note: I don’t have previous experience in making money with auction sites, just showed a genuine way to earn some bucks online. But I read a range of topics about this way of generating online cash and got some tips from my blogging friend, who is good in earning money with auction sites. I would like to hear your suggestions/experience related to this post.