oday, most Internet users use eBay as a starting point for online shopping. The popular auction site, which went online in 1995, has become so well known that the phrase “found it on eBay” has entered the cultural lexicon as the definitive synonym to using online retail. How can everyday users use eBay’s massive website to start their own online business?
First and foremost, sign up for an account and browse the website. Make a few purchases, in order to get a feel for the website’s mechanics. When you’re ready, follow the site’s instructions to become a buyer. They are fairly straightforward and will hold your hand through the registration process.
From the start, you should be aware of eBay’s “triple fee.” eBay’s main site will first charge you an insertion (ad placement) fee, based on the value of your product, ranging from 10 cents to 2 dollars. If your product is sold, then the site will take 9% of your profits – with a maximum charge of $100. Finally, its subsidiary PayPal – the primary way to pay on eBay – will then take another 2.9% as a transaction fee when you receive the payment.
Make sure you set a reserve price, which dictates the minimum amount that you’d be willing to sell the item for. Without a reserve price set, your item could end up being sold to the highest bidder at a price far below what had been intended. Make sure you set your reserve price approximately 10% higher than your intended profits in order to cover the aforementioned triple charge. eBay now offers tools to estimate your product’s marketplace worth and reasonable prices. You can also do a quick search of the site to see what other sellers are charging. If you don’t wish to sell your product via an online auction, you can sell via the fixed price “Buy it Now” option, or use a combination of both.
First and foremost, sign up for an account and browse the website. Make a few purchases, in order to get a feel for the website’s mechanics. When you’re ready, follow the site’s instructions to become a buyer. They are fairly straightforward and will hold your hand through the registration process.
From the start, you should be aware of eBay’s “triple fee.” eBay’s main site will first charge you an insertion (ad placement) fee, based on the value of your product, ranging from 10 cents to 2 dollars. If your product is sold, then the site will take 9% of your profits – with a maximum charge of $100. Finally, its subsidiary PayPal – the primary way to pay on eBay – will then take another 2.9% as a transaction fee when you receive the payment.
Make sure you set a reserve price, which dictates the minimum amount that you’d be willing to sell the item for. Without a reserve price set, your item could end up being sold to the highest bidder at a price far below what had been intended. Make sure you set your reserve price approximately 10% higher than your intended profits in order to cover the aforementioned triple charge. eBay now offers tools to estimate your product’s marketplace worth and reasonable prices. You can also do a quick search of the site to see what other sellers are charging. If you don’t wish to sell your product via an online auction, you can sell via the fixed price “Buy it Now” option, or use a combination of both.