9 TIPS Selling on eBay
Interested in expanding your online business into eBay? Here are nine tips for you when you start your eBay journey.
Tip #1 - The number SKUs don't matter
Rather than listing over 50,000 SKUs, it's best to keep your SKUs streamlined by around 3,000. The moral of the story is that it's not the quantity that matters but the quality of your SKUs. Stick to product categories that are popular such as consumer electronics and car accessories.
Tip #2 - Stay ahead of eBay policy changes
eBay policy changes can cause an impact on merchants globally. To not get caught off guard with such amendments, its best to stay ahead with such announcements via websites like EcommerceBytes. They report eBay news faster than eBay itself.
Tip #3 - Start in one country first before expanding to others
The four key eBay markets to focus on is Australia, Germany, United Kingdom and the United States. Instead of venturing into all markets straightaway, start with one first before expanding to the others, so that your product catalogue can be refined.
Tip #4 - FDI (Forward Deployed Inventory) strategy
eBay sellers in Malaysia generally ship their sold products overseas from Malaysia. However, it is better if merchants adopt FDI, by having products stocked at fulfilment warehouses in the respective countries they are selling.
By having these products available at fulfilment warehouses, you can provide faster shipping and hassle-free returns to your overseas customers. Not only that, you can avoid unexpected custom clearance challenges as well.
Tip #5 - Staying close to product source
Merchants should adopt a "zero inventory" concept by staying close to where their products are manufactured to avoid the need of keeping an inventory. In most cases, the ideal location would be China, given all goods are now produced there. By doing so, you can afford to experiment and find out what sells and what doesn't.
Tip #6 - Adopt an upselling strategy
List your main products, for example, mobile phones at a low cost, some even at zero profit; Concurrently, offer customers the convenience of buying accessories or other add-ons that go along together with the mobile phone, this where a profit can be made.
Research data has shown, 5 out of 10 online shoppers who buy a mobile phone, will most likely purchase accessories such as screen protector and car charger together.
Tip #7 - The colloquialism of different countries
It's important to name your products accordingly to the terms used in various markets you are selling. For example:
Australia: "smart phone"
UK: "mobile phone"
Tip #8 - Ranking first on eBay
Ranking first on eBay search results, requires your conversion rate to be high. A conversion rate is a ratio between the number of views your products received and the number of final purchases. It is advisable to sell your products at a loss for 3-5 days, considering it as an advertisement cost to boost your products into the first page of any related search terms, which can help you boost sales in the future as a result of the visibility.
Tip #9 - Accepting negative feedback
It is impossible to avoid negative feedback sometimes from customers on eBay, as matters relating to logistics failures, product defects or even purchasing and return experience is beyond your control. The best way to mitigate this is by making sure your fulfilment is efficient, and your product's return ratio is at an acceptable rate below 5%.