The Power of No Reserve 99c Auctions on eBay
My internet businesses, to be honest, use a fairly simple model on eBay and this is to auction items at no reserve, starting at 99c, mostly using only 1 day auctions!
Sure, I run the risk of selling some items at 99c but in reality I think I can count the number of times that has happened on one hand. How? I remove as much risk of that as possible.
There are many ways to do this, but for me, I ensure the following :
- I sell a product that has high demand
- I use high quality photos
- I have detailed descriptions
- I start in small quantities and build up from there
- Buy at the lowest possible price
- End your auctions at the best possible time
Of course to find products with a high demand you have to do some research and crunch some numbers. You have to analyse the market and look for opportunities to capitalise on.
And no reserve selling can be a volume game. As the marketplace becomes more competitive due to the low entry barriers eBay provides, your margin might drop. Eventually, you may find a balance between volume of transactions and profit.
As a guide you should try to get your auctions ending in the evening (on average this gets the best prices). You should start by running longer auctions to see how many people ‘watch’ the auction, and what the bidding pattern is. If you get good prices and lots of bids, start increasing the number of items you list.
I have also found that when you have a lot more items listed, your prices for ALL items can rise, simply because you capture and retain more customers in your eBay store and on your auctions. We do this by using links to our store categories in our listings, and marketing as best we can.
See some of our better examples in our fishing product listings here.
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