Choosing Your Category

Once you decide to list an item for sale, you must then choose a category. That

choice is simpler on the specialty sites. But if you are using a general site, how

are you to choose?

For example, you have some toy trucks to sell. Do you place them in “toys,”

“collectibles,” or “automotive”? To make it extra tough, there are subcategories

within those categories. The choice you make may be the

difference between a sale and a no-sale. This section will help you choose the

most appropriate listing area.

• Category Search

First, do your research by checking all possible categories. Initially, this may

take some time, and seem rather tedious, but the research you are doing now

will enable you to become a power seller. The task won’t take nearly as much

time in the future. Choose one potential category to begin with. And then, ask

yourself these questions:

1) Are there other items similar to yours for sale?

2) Do similar items have bids, or not?

3) How do the prices compare in different categories? For example, there are

lots of diecast vehicles for sale in both the Toy and the Automobilia categories.

4)Which category has higher prices?

• Past Auctions

Past auctions are simply wonderful sources of information. Search already

completed auctions for toy - trucks. If you get too many results, narrow your

search. See where the toys have sold well.

• Active Categories

Avoid the faulty thinking which says that you should list your item in a

category where there isn’t much action. Too many newcomers make this

mistake. The problem is that there aren’t any buyers, either!

Of course, if there are six items just like yours, it may (or may not) be prudent to

wait until some of these auctions close. That’s one of the good things about

online auctions -- they’re over very quickly.

• Multiple Categories

One sensible strategy, if you have multiple items, is to try them one at a time in

different categories so that you can compare your success. In this way, you

inexpensively test your market.

If you are selling the only antique clock that you own, obviously you must

choose only one category. But if you have an entire line of merchandise that

you sell repeatedly, list it in any category that makes sense.

Appraising the value of your goods

“Value” can be tough to define. The ideal price according to veteran sellers is 100% over cost. That means that if you pay Rs.200, you should begin at Rs.400. Sometimes this may be unrealistic for whatever you are selling.

In many ways, merchandise can be like the stock market where it experiences

a dramatic and sudden reversal in either direction.

The following could serve as guidelines for assigning value to an item.

1) Research - The best way to do research is right on the online auction sites

themselves. Check completed auctions, as well as current ones, for price

comparisons. On many online auction sites, you can look at past auctions for up to 60 days. This type of research will give you valuable guidance.

On the flip side, also pay attention to similar items that didn’t sell. Figure out

why they didn’t sell.

2) Pay an expert - Because of the huge demand, there are now online sites

that will supply an expert appraisal for you, mostly at reasonable prices.

Once again -- just because an item is valued at Rs.5000 doesn’t

mean that someone will actually pay that much. Even the appraisers themselves acknowledge that we should use caution with these appraisals, especially as buyers. It is easy for unscrupulous people to submit deceptive pictures.

Yahoo has a special service that helps sellers link to an authenticator

(expert) or a grading service.

The following are some of the authenticators:

http://psacard.com/

http://www.eppraisals.com/ and many others are there.

3) Price guides... If you walk into book stores, you can find lots of “price

guides.” As we mentioned before, don’t take these too seriously. They are just

that... guides. As well, many people sell merchandise that is new and therefore

not included.

In general, price guides aren’t all that helpful. They can certainly make it

easier to decide if an item is relatively rare and whether you should be

purchasing it or not. For example, if you see a stamp and your price guide

says that only seven were ever made in the world, start negotiating!

4) Fellow auctioneers can help - Look no further for genuine guidance.

Most auction users are very friendly and are totally willing to help those with

questions. Even so, look at the feedback on these helpful folks before you take

their advice too seriously.

5) Set a reserve price - When sellers are totally stumped about the value

of an item, they often try and use the “Cover Your Assets” strategy by creating a reserve auction. However, as we discussed before, many buyers absolutely refuse to participate in a reserve auction.

eBay recommends using the following criteria to determine if you should use

the reserve feature for your item...

• Is your item very valuable? If it is, you might consider a reserve. Even those

collectors who are drooling on their computer screen over your 1824 signed

edition want to feel like they are getting a bargain. If you start the bidding low,

hopefully they will be hooked when it begins to rise.

• Do you believe your audience is large enough that you can afford to give up

that large percentage of buyers who won’t play the reserve game?

• Is your item hot, hot, hot? If it is then forget the reserve. If the item is in heavy

demand, you can count on competition. Set a reasonable minimum and let the

excitement build.

• If your market is a real mystery, then go for a reserve. You certainly don’t

want to give away your merchandise and then find out later that your buyer

made the deal of the century. Just be aware that this can be a dangerous

decision because you may price yourself out of the (unknown) market.

• If your investment is low, you may be better off to forget the reserve. Set your

minimum profit level and let the market set the rules.

Other selling options at online auction sites.

Up till now I had discussed about online selling through listings on online auction sites like e-Bay. Apart from this there are other avenues as well through which we can promote the sale of our goods on such sites.

1) Home Page Featured
Featured auctions are expensive and this strategy is not for the novice. But it does increase the likelihood that your item will sell at the online auction site.
If your items are featured, you are guaranteed to be in the featured section
which can be accessed from the front page of the big sites. Generally, featured
items have a much higher sale percentage than those that aren’t. If you
are very, very lucky, you will be briefly featured on the home page of the online auction site where thousands, perhaps hundreds of thousands of potential customers, may
see your goodies. Luck has its part to play here since most of these sites say that it “may be” on the front page but nothing is guaranteed.

2) Featured Plus!
On eBay, it costs less than the above one and your product appears in your category’s Featured Item section and in bidder’s search results. Plus, your item may be selected for display in another area -- your category index page Featured Items section.
If a customer types in the exact words that you have used in your listing, they will find your item.
However, if the words aren’t exact, it won’t be featured.

If your item receives 30 bids, it is placed in the “hot” category, and is placed at
the very top of your category. More bids get a ranking of “hotter” and “hottest”.

Apart from the above categories there are other categories as well which can be used to put up an item for sale.
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