Online Auction Site through eBay or Yahoo!
Online Auction Site through eBay or Yahoo!
Online auction sites are one of the fastest growing businesses on the Internet today. Almost everyone knows at least one person who has either bought or sold a product through an online auction service such as eBay or Yahoo!
Setting up an auction Web site may seem easy at first glance. However, the popularity and success of online auctions has led to an explosion of these sites. This has resulted in stiff competition among auction sites. You must find a niche market for example, rare collectibles, baseball cards, celebrity memorabilia, or autographed items to set yourself apart from the competition. If you decide to open an online auction site, you will be using a special computer program that places items up for auction on your Web site. People interested in the auctioned item place bids. If you are using a good auction program, then your computer will keep track of these bids and will finally close the auction and notify the seller and the successful bidder. The bidder and seller must arrange for the shipping of the item privately. Your sources of income will be the commission earned from the sale of each item on your site or the fee charged to submit an article and banner advertising revenue. Some auction sites also include a membership fee for access to selling on the site.
What you'll need to embark on this opportunity is basic Web publishing and digital imaging know how, and an in depth knowledge of the auction software program you are going to use. You will also want a robust list of contacts with items available for auction on your site or knowledge of Internet marketing to spread the word about your business online.
There is already a saturation of auction sites; some have proven to work and others have flopped. Getting the buyers to your site will be the biggest challenge, so once you build a somewhat dedicated audience, it's important to be responsive to their needs by incorporating a rating system that is regulated by the users of your auction site. You want to develop a system to ensure that you are paid your fee or commission if you don't handle the financial transaction from your site.
Make use of this opportunity:
By asking if your customers would like to be kept updated on any great deals in their field of interest, permission marketing could be one of your greatest assets. For example, an Elvis fan might be interested in knowing when an Elvis-related item comes up for auction.
Consider using viral marketing. This will allow your customers to invite friends to join the auction site. If users see something a friend might like, they will most likely pass on the information.
Develop and implement a comprehensive link strategy.
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