3 Common Mistakes Made by New eBay Sellers
Let's face it, when building our reseller business, a lot of us are stuck with the question of choosing the products we are going to sell or even worse, know exactly what we want to sell and overestimate the probability of success. Even experienced eBay sellers won't be able to give you a straight answer when asked how they choose their product line. No matter what you choose to sell, there are certain guidelines that should be followed to minimize the possibility of failure. Unfortunately, many resellers are completely clueless about what mistake they are making. The most common mistakes new eBay sellers make are:
• Selling Only The Hottest And Most Popular Product (probably electronics...like the Nintendo Wii)
• Selling Only The Products You Are Interested In
• Selling Only The Products You Know About
The first mistake is selling only the hottest and most popular product. When first starting in the internet auction business, a lot of people tend to choose the most popular product to sell, assuming that they will be the easiest and quickest to get started with. Chances are that the first product they choose will be electronics of some sort. There's no doubt that there is a great demand for new and emerging electronic technology, but that doesn't necessarily mean that it is the place for most people to start. The fact about electronics resellers is that high demand markets have way too much competition and this can result in reduced profit margins as competition increases. Competition can be fierce as everyone fights for customers by offering the lowest price possible. Eventually, resellers will be selling electronics for pennies more than what they paid initially, just to beat the competition.
If you look at the issue objectively, from a marketing perspective, you see an s a whole stretch of stores, all selling the same electronics and you're looking to set-up a store too, is competing with established resellers really a smart idea? It really doesn't make sense to set up yet another electronic store and fight it out with them. Business sense says that you should find a unique product line with minimal competition to make the maximum impact on you profit margin. By selling a product different than what everyone else is doing, not only is there less competition, customers will be more likely to notice you and at least give you a try.
The second and third most common mistakes made by new eBay sellers is selling the products you are interested in or selling only products you know about. Although it isn't a bad idea to sell something you know about and have interest in, you're narrowing your vision and limiting your customer base. By selling only the products you're interested in, you will probably stick with that one product and not diversify your product line. Making this mistake can be detrimental to the success of your business. If you're lucky, you might make a good income out of it but what are the odds of hitting the jackpot the first time? The best option is to offer the product you're interested in, but also include several other like-product lines to ensure that you have multiple streams of income. Doing so may introduce new customers to your preferred product and cement customer loyalty.
Additionally, don't forget that a successful business is not about what you want; it is about what the consumer wants and needs. Your interests and knowledge may or may not appeal to customer, and as mentioned above, unless you get really lucky, you won't be very successful. Generally speaking, you have to find your niche - find what your customers are interested in and cater to their demands by providing relevant products to meet their needs. Never limit yourself by selling only the products you're interested it. This will limit your customer base and impact your bottom line.
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