Ebay

How do I Know What to Sell on eBay?

This is a fair question. There are some guides for potential sellers, but the truth is that a little creativity and a lot of research are what will really help a seller do well on eBay. Ebay Pulse is a guide that will give you an overall idea, but remember that many of these products are within markets that are already over-run with sellers. Categories like electronics and phones have so much competition, it’s almost impossible for a new seller to compete. So how can you compete?

Find a Niche Market

Niche markets are the key. Are you involved in social media? What topics are trending? Justin Bieber  has been a popular topic as of late. Could you sell a product based on a celebrity or news? You bet.

I  had a professor suggest that his students sell shirts with funny slogans about the latest celebrity scandals. By watching what key words are popular on Google, he said we’d know what kind of shirts to sell. Looking at current trends and news may inspire you. Just remember that in this type of business, you have to know when to stop selling. You don’t want your product to be old news.

Stay Ahead of the Game

Trending products can be the same way so don’t wait until you see that an item is gaining popularity in retail stores to move forward with it. Why? 1. Retailers will be hard to compete with because they buy in bulk and can get lower prices than the average seller. 2.The fad will be ready to end and you’ll get stuck with unsold merchandise. You have to stay ahead of the game.

So much of success is timing, luck, price, and/or innovation. You really have to nail one or two of these categories to be successful. If your product is creative enough or sought after enough, you’ll never have a problem selling it. However, you may have just as much luck selling something as common as a hot dog by selling it at the right time or for the right price.

My alma mater allows the business program to sell items on campus as part of their entrepreneur curriculum every semester. For some students, it’s their most dreaded semester.  For others, it’s a once in a lifetime opportunity they’ll never forget.  Some of them included things like stick-on covers for laptops and cell phones, and wood plaques with etched poems, photos, and pictures on them.  But some of the most profitable businesses included a hot dog stand, a sunglasses booth, and a garbage service.

Make Your Product Successful Using Timing, Price, or Innovation

The hot dog stand offered a cheap, accessible meal to the students on campus. The sunglasses booth offered a seasonal item in high demand, at the right time, and benefited from the great weather on campus.  The garbage collectors heard that girls struggled to take their garbage all the way across the parking lot to their dumpsters. They offered an innovative convenience which was simply taking out the garbage for them at the right price.  Because their overhead minimal and there was no other competition, outperformed every other student-run business.  They didn’t  become millionaires from it by any means, but sometimes half the battle is succeeding at something small.

The less saturated your market the better.  But then you’ll have to create a need for your product. You’ll need to advertise your product extensively to create awareness. But if competition already exists, don’t worry. Let them open the door of awareness and you can enter the market as another, perhaps, better option.

So what technique will help your product succeed? Will it be timing, price, innovation, or pure luck? While we all hope for a little luck, why not make a plan and stick to it? You can’t generally compete on all of these levels, so why not pick one or two and concentrate on competing on those levels.

There’s a rule of thumb in advertising that I’ll call the “Business Triangle.” Each corner of the triangle represent three things. 1. Price 2. Quality 3. Speed. Like the principles above, you can’t have all three without at least one corner of the triangle suffering. If you pick speed and price, quality will generally suffer. If you pick price and quality, the speed will be affected. Think about this and use this to market your products. If you take more time because you are looking to deliver quality to your customer, advertise this on your website. Pick two of these qualities and apply the principles to your products and your website.

Lastly, if you want to be innovative, be innovative.  Retail chains like Walmart do well because they offer everyday items, but there is something to be said of the smaller company that offers unique, handmade, or one-of-a-kind items.  There is value in it.  Take Etsy for example.  They have become a popular website for this very reason.  So although there is plenty of thinking and products to offer “inside the box,” don’t be afraid to venture outside of it.

So as a recap, remember:

1. Do your research

2. Find your niche

3. Let timing, price, and/or innovation work for you

4. Find a market that isn’t over-saturated

5. Pick two areas of the business triangle in which to compete

6. If you’re going for innovation, consider the value of a one-of-a-kind product

Be fair to yourself and sell a product that can be successful. By doing your research and taking into account these tips, you can build yourself a profitable business on eBay. Good luck, but then again, with the right product you won’t need it.

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