If you've logged on to the internet in the last couple of decades, you'll have likely been on, or at least seen advertised, eBay. There are companies out there making full time incomes and plenty of profits but selling on eBay. You can buy loads of awesome products at great prices. If you've got your own things to sell, you can also sell your goods via the online platform. It can be quite confusing though, especially the first time you go to list an item. There are lots of options you need to consider, including the eBay Auction vs Buy It Now debate. Let's have a look at these selling options and what the phrases actually mean.
What Is eBay?
eBay was founded in 1995 and was a success story of the dot-com bubble. As a multinational eCommerce business, it connects consumer to consumer and business to consumer for sales. This means there are business who sell items on there for consumers to buy but consumers can also sell their own items on there too.
The company makes it's money by charging fees for using the platform. eBay have over 180 million users worldwide. You might have seen eBay advertising on the television and on billboards, as well as on other sites online. They have a great online presence and will drive plenty of traffic to the site. If you're a seller and have items that people want, at a price they're willing to pay, you can create a decent online business via eBay. You can also earn some decent money on the things you no longer want in your home, as a private seller.
Contrary to popular belief, 80%of all products sold on eBay are brand new. It's more than they often-thought idea of someone selling their old tat. There are more than 2 billion transactions that take place every day on eBay. When you consider that eBay take 10% of the final price, as standard fees, it's easy to see just how success they are. But as mentioned, they pump plenty of money into marketing and keeping their platform fresh and online. You'd be hard pushed to find someone who hasn't bought something from eBay or indeed at least visited the site.
What Is An eBay Auction?
There are a number of different ways to sell on eBay. Let's looks at eBay Auction vs Buy It Now. The first of these is the eBay auction. This is the same as a traditional auction that you might find take part in at an antiques house. The item is described on the listing, with photographs and words to describe what it is and show it's condition. Then the starting price is given and the number of days the auction runs decided.
Once the item is published, it stays open for bids, usually for seven days. The auction runs and the bids come in. Users can outbid others up until the end time where the item is won by the highest bidder. The seller can put a reserve price in if there is a minimum that they'd accept for the item. When the item has been won, the winning bidder can pay for the item online via methods such as PayPal. The item can then be sent by the seller, usually via post.
What Is Buy It Now?
Another option for selling items on eBay is to offer a Buy It Now price. This is exactly what it says on the tin. You list the item by adding photographs and description copy so any potential buyers know what they'd be buying. Then you, instead of adding an auction starting price, simply select the price you're looking for. If the buyer likes what they see and are happy to pay the price you have listed, they can simply click the Buy It Now button and go through the check out process, knowing they'e paying that amount.
This is great for buyers who want to buy something there and then. Those people who need the item to get into the postal system soon and don't want to wait for 7 days to see if they win or don't win the item. It's convenience that they're paying for I suppose. It's more like going to a shop and buying it, rather than entering an eBay auction.
eBay Best Offer
You might have seen something called Best Offer on eBay listings. This i when the seller opts to give buyers a chance to send an offer over, which they can then accept, counter or simply decline. This could work for those people who aren't quite sure what the item is worth and is looking for offers. Or has an item they want rid of and are willing to see what people are willing to pay for it. It's important to remember that the offer is for the price of the item. The postage fees shown on the listing will still apply. Click here to find out more about best offer on eBay.
Which Is Right For You?
As most private sellers get 1000 free listings per month, it can be free to list on eBay as standard. There are extra fees for adding features to your listing. These include reserve prices, buy it now prices, subtitles or using a classified ad listing format. Find out more about eBay fees. if you're looking at eBay Auction vs Buy It Now, you need to figure out which is right for you.
As a seller you might flit between the options depending on what you're selling. As a buyer, if you need the item sooner and are happy to pay the Buy It Now price, go for it. If you like the thrill of an auction and are going to be around at the time the listing ends to perhaps put a cheeky bid on last minute, go for the eBay auction. You can always send a cheap offer to any buyers who have offers enabled on their products too. You never know, you might get an absolute bargain!