5 Essential Tips For Online Business Success
Tip Number One
Many people make the mistake of confusing ecommerce on eBay with ecommerce on a commercial retail site, such as Amazon.com or Bestbuy.com or any number of other retailers selling their own physical products. However, the eBay environment and online retail environment are very different. Perhaps in the early days of eBay this distinction did not matter, but eBay is a highly sophisticated selling venue and understanding your selling environment makes a big difference.
Tip Number Two
When considering your own business or branching out into a different area, remember to research other people who are successfully doing what you plan on doing. It's even better if you can take something that's tried-and-tested in another country and import it to your own. If there's no-one else operating in your chosen market, ask yourself why. It is possible that others have tried your market and found it and couldn't make it work. This information could be invaluable to your success.
Vital Tip 3
One of the best ways to seek out your competitors is to try and buy whatever product or service it is you're planning to sell. Enter the market as a customer, and find out what options you would have. Try to reverse engineer your competitors for insight on how you can distinguish yourself and brand and do it better.
Tip Number Four
For the eBay seller, because eBay is essentially a wholesale selling venue, the prices for most goods are already at or below wholesale cost. This means that if you are buying items singly or in small quantities from a wholesale distributor that you probably won't be able to make a profit. This is particularly true for most popular, mass market consumer goods such as electronics. Products such as laptops, iPhones, portable DVD players, TVs, are exceptionally hard to profit with on eBay even in the best of times and with the lowest prices due to competition among sellers. If you purchase these items at a standard wholesale price and try to sell them on eBay, I can almost guarantee you a loss.
Essential Number 5
When talking about how and where eBay power sellers get their products, it isn't as if there is a secret warehouse that opens up to a special power seller password. There are, however, some techniques and trade-craft that successful sellers have at hand. To distill this down to a somewhat oversimplified model, this involves knowing what to sell and buying it as cheaply as possible. Ideally, the power seller wants to purchase cheaper than anyone else. In a sense, that is the power of a Power Seller.
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