Online Auctions

How to Make Money With Online Auctions

If you’re in search of an extra source of income and are contemplating whether you’ll make money buying and selling things at online auctions on the internet. The good news is that it is definitely possible, so you make sure to ensure you’re wise about your spending.

Making Money With Online Auctions

Offer what you would purchase for your own use. 

If you have personal items, like crafts, to sell, excellent. If you’re looking to market consumer products then you’ll need to purchase the items from other sources and then resell the items through online auctions. It is important to keep your incoming and outgoing cash to make an income; buy cheap and then sell them high.

Let’s suppose that you sell the item for R1500 and pay it by making use of PayPal/Bank transfer or cash, and you have received payment from the customer.  If you sell at most 3 pieces every day, you’ll have $24 in your account, however, you are able to sell more

Select the auction platform you wish to make use of. 

eBay is one of the largest marketplaces on the internet, but there are many other options with different costs and choices. Consider contacting your local Auction group on Facebook Find out their auction prices as well as lead/collection time and the payment method (most local online auctions utilize cash, which can save the bank costs. Calculate your expenses and determine your bid price 10 % to 20% over the cost. When you reserve a price, it is essential to mention this as well if the platform allows it.

Provide reliable options to potential clients. 

Each platform you choose will include a range of options for verification. Become verified! This will make your customers feel more confident in you and will result in more sales.

If you have just a couple of items to sell it is not possible to allow your customers to pick one, and if they’re unhappy with the choice then they’ll go to someone else. More choices mean greater visibility on the website.

Keep in touch! 

If you have more products for sale, you’ll probably get lots of emails asking questions from your customers. Answer them all promptly, in order to establish trust with your clients.

Promote your products.

Some online auctions sites get enough people to provide an ongoing stream of prospective customers. While others have fewer visitors, if you want to work hard to market your products, take into consideration sharing the platform or posting to your Facebook timeline in advance of an auction online. Utilize all the tools you have to spread the auction’s link: Twitter, Facebook, LinkedIn, Reddit, and so on.

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Make sure you are careful with your words when listing your item, and also when you blog about it. Make sure you don’t sound too snarky and instead, offer genuine items for sale at a reasonable cost, and you’ll get visitors and customers.

Play fairly. 

To build a solid customer base, and avoid having to deal with negative reviews or returns You must be fair and honest. Write down the condition of each item in a transparent manner, and then follow up on any issues from customers. You must offer:

Accurate information about the item

Time frames for collection and dispatch

Return policy for platforms that don’t have one

Customers at the top of your list. 

Remember to provide your customers with friendly and helpful customer service prior to, during, and after the purchase.

Beware of fraudulent! 

Why take a couple of rands for one fraudulent sale when you could succeed and continue to grow each day? If you fail to deliver your buyer’s product, they’ll accuse you of fraud, and you could be blacklisted in both the online auctions platforms and the payment transfer and banking businesses.

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