Boost Sales and Start Selling More on Ebay with the Fixed Price Format & Buy it Now Pricing
The buy it now feature has been around on Ebay for some time, but used correctly, can tremendously increase your sales from your store. Many customers don’t want to wait for the auction to end, because let’s face it, auctions take time. If a buyer wants an item right now, you’re very likely to lose the customer to Amazon or another Ebay seller’s fixed format/buy-it-now listing.
Advertise the fact that you have an item for sale RIGHT NOW, and you’ll get buyers to visit your store. Even better, promise quick delivery, and you’ll sell even more. .
Utilize Buy it Now and Fixed Price Format Auctions to Move Inventory Fast
The argument often brought up is that you can sell yourself short with the BIN option. If the auction is cut short, you may lose extra potential bidders and higher end prices. On the other hand, you may be able to relist the same item if you have duplicates right away instead of waiting for the auction to end. Faster turnaround can mean more quantity sold and more profits, as opposed to the slower turnaround of the classic auction.
Auctions are an effective and necessary way for eBay store owners to advertise their eBay stores. Store listings do not show up with the “core” listings, but usually “core” listings are fixed-price and auction listings — those that show up in the regular Ebay search. In exchange for paying much less for store insertion fees, store listings’ visibility are very low. They can also literally, be low, as in you have to scroll to the bottom of the page, or to an indefinite page number.
It’s up to you, the store owner, to really generate traffic to your Ebay store.
This is where your auctions and fixed-price items come in. Place several well-placed links in all of your eBay auctions directing them to your eBay store, with messages indicating why they should visit. Unfortunately, you cannot place keywords of other brand names that you carry in your eBay search description. This is not allowed and your listing will be removed for “keyword spamming.” Don’t even try it, eBay means business and will have no problem removing your listing.
Instead, clickable store graphics can help. Link to individual store categories and pages that will direct buyers towards items that are comparable to the item they are viewing. If the buyer is only somewhat interested in your item, it’s better to direct them towards your store then to click the back button and onto another seller’s listing (or another site entirely).
How to Evaluate an Item for a Buy It Now Price
Ultimately, it depends on the individual item whether it applies that you should use the buy it now option. If you are very uncertain what your item is worth, don’t include a buy it now price, and run the item as an auction.
If you are very confident in the approximate end price, price the buy it now reasonably high. This creates a perceived value for your item and sets the precedent for bidding. For multiple items, you can try using the “fixed price” format, which is buy it now only, no bidding. Space these listings apart in time to have greater visibility on eBay, and of course, add links to your store and other items. Keep an eye on how effective your buy it now price is, and adjust accordingly if you aren’t receiving any bids.
Time your listings to when your core audience is by their computer
Think of when your typical buyer is by their computer and start the auction when it makes sense for it to end. 7 day auctions will give your auction more opportunity to be seen. Anything less, only consider if you have a high quantity of the item, or if it is time sensitive.
Tell Customers How They Can Buy it Now in your Store
Think of the auction format as the classic, traditional way for buyers to get a deal on Ebay. It’s always going to be around, and customers love to find a great deal. Many people don’t want to wait for these auctions to end, and want to get on with their lives. That’s where buy it now comes in.
An effective method to drive traffic to your store is to entice them by linking to your store (or store section/item, if you can) item. Tell them that the item can be purchased right now with free shipping in your Ebay store. Price the buy it now price higher substantially, and again, think of the auction format as an advertisement for your store. If the item is in high demand, you’ll get plenty of customers using the buy it now option/fixed price format from your store, which will save you money on fees.
Another benefit of having buyers buy the item at a fixed price is that the high price will be in the completed listings. Higher sales prices on completed listings will definitely drive up the ending price of that auction item that’s still up and running. You may want to start the item cheap to encourage bids, views, and traffic. Don’t worry, if you have enough of the same item, you’ll make the money back in all of the profits from the other buy it now sales. Think of this as an enticing billboard for buyers, which is sometimes called the loss leader method.
A healthy Ebay store will use the buy it now option as well as auctions together in a well blended strategy to entice all types of buyers. For quick sales and quick profits, you can’t beat it.