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Selling on eBay appears unproblematic in theory. Decide what to sell, source information technology, list information technology and then sit back and enjoy the profits! In reality though, while it is indeed direct-frontward to prepare an eBay concern, ensuring information technology is a profitable ane is a footling more challenging and this comes downward to your eBay pricing.

After all, while it would exist fantastic if nosotros ran our businesses purely for pleasure, this is not the instance, and the whole bespeak of having an eBay business is to make a profit – and a decent 1 at that.

Anyone can just 'plow coin'. Making a profit on the other hand, well that's the reason eBay businesses are started in the first identify, and so yous must get your eBay pricing right. Not only so that yous tin enjoy a turn a profit, but so that y'all can position your products competitively within your niche.

Optimize Your eBay Listings

Optimizing your eBay listings to ensure you make sales can appear daunting. There are so many factors to consider – your clarification, keywords, images, shipping options and of course your pricing is as well vital. Much as we would similar to think that if you're selling a quality product, your price shouldn't thing – it really does. And if your products are not priced finer, they will not stand a fair chance of selling.

You want to make money and how you set up your pricing tells shoppers the value that you identify on your product. Your product might be fantastic quality, just you don't desire to alienate shoppers with a price that is too high. Besides this, you don't desire to set your prices so low that shoppers dismiss your production as being a upkeep version and 'too cheap to be expert quality."

Most shoppers will take a whole host of factors into account when making the decision to purchase a product online:

Price
Aircraft cost
Shipping and delivery speed
Stock availability

Yet price is definitely one of the peak influencing factors, so you should retrieve advisedly when setting your eBay pricing. This determines the likelihood of a potential customer becoming a paying client!

According to Toll Intelligently "a one% cost improvement can result in an xi.1% increase in operating profit", so it's articulate that your eBay pricing is an essential part of your listing strategy to get correct.

What Not to Do

Don't set your eBay prices based on what You lot would similar to achieve.
Don't 'estimate' what shoppers might pay for your product.
Don't calculate whether a product is profitable AFTER sourcing!

And so, how should you set your eBay pricing finer? There are several logical steps you lot should have, starting with your listing format.

eBay Pricing: Sale Style or Fixed Price?

To an extent, the type of eBay listing y'all cull volition dictate your pricing strategy. You'll have the selection of using an auction-style listing or a fixed price listing on eBay. Your choice will be based on your product, and it's demand.

Auction Style Listings

With an auction-fashion listing, shoppers volition bid on your product during a set menstruation of one, 3, five, vii or 10 days and the highest bidder at the close of the auction volition win your item.

Auctions are generally gear up with a low starting bid, typically 99p, to ensure your product gets noticed and of course to prompt bids.

There is as well an option to set a reserve cost at auction – a minimum amount that y'all are willing to sell your product for. If the reserve toll is not met by the time behest closes, your product remains unsold. Alternatively, you may wish to fix a Purchase It Now (fixed cost) every bit a back-upwardly which allows shoppers the option to purchase immediately rather than bidding.

The Pros: Your product may sell at a higher cost than you are expecting if you have many bidders competing for the product, so splendid profits can exist achieved.

The Cons: It is the marketplace that will make up one's mind the final sale price of your item. This means that y'all will never have a clear idea of your profit until your listing has closed. Not only that but you lot run the take a chance of your product selling for a loss, or not selling at all. You lot will likewise demand to wait for your auctions to finish, so sales are not immediate.

Best For: Unique or one-off products (new or pre-owned) that are in high demand or products that don't demand to be sold quickly and that you are prepared to wait for the 'best price' for.

Fixed Price Listings

Yous may instead choose to listing your products using the fixed toll (Buy It Now) format simply. This is only a set price, determined by you, that shoppers tin apply to purchase your products immediately.

You can choose to listing multiple quantities for 10 days, 30 days or Good Till Cancelled. The 'Best Offer' option is also available with fixed toll listings. This allows shoppers to submit an offering for your product based on what they are willing to pay – then y'all determine whether to accept or brand a counter-offer.

The Pros: Yous can list multiple products for long periods and more-or-less forget about them! Buyers tin can buy quickly and pay, which is an attractive choice for those who desire to get their hands on a production apace. Every bit a seller, you'll e'er know what profit yous volition make, due to the stock-still price. The 'Best Offer' role tin besides help yous if your products are wearisome to sell – tweak your cost based on the almost common prices coming in on offers, and you lot will make more sales!

The Cons: You must research well and prepare your price accordingly. Some initial tweaking of pricing volition exist required to become your listing price right.

Best For: Generic products that you want to sell in high volumes and fast!

The listing style you cull will exist based on your objectives, and this will determine how you lot set your eBay pricing, only whichever listing method you choose, before you list you'll need to calculate the following:

Product cost
eBay and PayPal fees
Shipping cost including packaging

If you choose sale-style listings, to 'break-fifty-fifty' if your product doesn't get bid upwards, you must ensure your starting bid covers your production cost, your eBay fees and shipping, so this ways you may not be able to get-go the bidding at 99p (unless you are prepared to adventure a loss.)

With a stock-still cost listing you won't run the risk of a loss as your price will exist static and will guarantee you make a profit.

So, how exercise you make up one's mind the optimum cost y'all can accomplish for your products? Research is the key.

3 Steps for Effective eBay Pricing

i. Utilize eBay'due south Pricing Recommendations

eBay is a competitive place, that much is known. But to bank check out every single one of your competitor's pricing would not be a adept utilise of your time. Also it would take you forever and even then, using that information, it would still be confusing trying to work out where your pricing should sit in amongst all the others.

This is where eBay's pricing recommendations tool can assist you lot out. It'due south an like shooting fish in a barrel mode of finding the average price of products similar to yours. Just a word of alarm – information technology is only a recommendation, and the information is computer generated with some reports stating that prices are ofttimes a petty on the depression side, and so y'all should undertake boosted research too. It'southward also simply available on the US, Great britain, and DE sites. That said, it'due south a proficient starting point to become you in the correct ballpark.

When y'all listing a new product, eBay will show you lot a price range along with a handy graph which shows you how probable your production is to sell at any one of the detail price recommendations.

If you so edit your listing details, yous'll see any adjustments likewise fabricated to how likely your production is to sell. Use the 'Sold items' characteristic in addition to this, and you'll see all the similar products that have already sold in the price range. You'll at least then have some peace of listen that it'south not a completely random pricing recommendation.

2. Inquiry Similar eBay Listings

Checking out each of your competitor'south listings to view their pricing is, as we take already ended, likely to be a challenging task. However, some corporeality of competitor pricing research is vital for yous to be able to make the best decision on your own eBay pricing.

The simplest style to do this for gratis is to utilise the advanced search option on eBay.

To find specific products, enter your keywords. So, for example, if you are selling a leather wallet, add together your keywords and click search. Y'all can besides enter other details such equally a price range, condition and shipping options if y'all wish and so that you're comparison the prices of products that are most closely related to yours. The more specific you are, the better you lot'll be able to determine the best price for your product.

This search will return results relating to your product and so you'll exist able to view electric current listings of similar items, meet their list prices and thus work out the average.

If you want to take it a step further and view just those listings which have sold, simply tick the 'sold listings' box to filter the results.

By viewing the 'sold listings' results, you will get a clearer thought of exactly how much similar products have sold for and in what quantities so y'all can cost your eBay products even more accurately.

Filter further using the 'Ownership Formats' and 'Condition' filters:

3. Incorporate Pricing Psychology!

Ok, so while not strictly a way to determine the all-time toll, once you lot have the primal inquiry under your belt having taken eBay's recommendations and your ain research into account, you are then in a position to employ a little psychology to the mix. You lot tin, in fact, modify a shoppers perception of a price just by altering how the price actually looks.

A product priced at $9.99 appears a more bonny offer than the aforementioned production priced at $10.01 fifty-fifty though there is little betwixt them.

The same applies to rounded figures; $20 appears lazy and looks like you've rounded information technology up to brand it nice and tidy, whereas $xix.97 seems to exist a fair price that has had some idea put into it!

So, not only does your toll matter but also your actual numbers when it comes to eBay pricing!

The best thing virtually applying some psychology to your eBay pricing is that you may achieve sales even when your product is priced higher than your competitors.

Continue Your eBay Pricing Constructive

In one case you have decided on your pricing, you should be aware that tweaks may be required from time to time and that means both price increases and decreases. This can happen due to new competition, higher demand, lower demand or influencing factors which are out of your control, such as economic events. Taking fourth dimension to do your due diligence and test your pricing is the best way to keep on top of the effectiveness of your eBay pricing.

1. Never Undercut Your Contest

This is a certain-burn down way to first a race to the lesser. You undercut your competitor and so before you know it they have come right back at y'all and dropped their toll besides. You lot exercise the same. So do they, until eventually your products are selling way below their real market value and neither of you is making whatever turn a profit. If some other seller undercuts yous, stand your ground.

ii. Don't Underestimate Your Costs

It's non just the price of your product you lot need to consider. In that location's as well your eBay and PayPal fees, your shipping price including all your packaging supplies. Then there'southward your time. This is a big part of your business costs that often get overlooked. You will have spent time researching and sourcing products, if yous're not using a fulfilment service y'all will have spent hours packing orders and aircraft them – those costs should also be factored in.

3. Consider Negotiating on Price

Testing is critical, and, if you use the 'best offer' option on your stock-still cost listings, you'll become the opportunity to negotiate with your customers in the most comfortable format possible. Having calculated your profit margins, you'll know whether y'all can afford to jump into negotiations or non. If you receive lots of offers way under your listing cost, the chances are that your product is priced slightly besides high – so employ that information and drop your price. The aforementioned applies if you receive very few offers and also no sales. If yous receive only moderate offers and they are only slightly less than your asking price, then your toll is probably nearly right.

Final Thoughts

When it comes to eBay pricing, you don't have to prepare the same price as your competitors, you may simply choose to use their eBay pricing equally a starting point. How y'all price your products will not only determine whether you lot attract shoppers but will also put you in a better position to achieve eBay Top Rated Seller Status, which will give you enhanced visibility in the search results.

Try Repricer.com's advanced eBay repricing for free today. Create rule-based repricing strategies to beat your eBay competitors and increase your sales. Our super-fast eBay repricing works beyond all 20 eBay marketplaces.

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