ew eBay retailers are a bad grade, you lose the time
often overwhelmed with all and money you invested. There are
the choices they have to some things you need to know that
make — what to sell, what to you’ll only learn by researching:
charge, how to list an item.
Thankfully, there are numerous • Is there a market for this
tools available to answer those product, and can I compete in
questions. EBay sold the data on it?
every sale they’ve ever made to Most market research tools let
various companies. Those you see how many of an item sold
companies, in turn, created tools recently and how long they were
to interpret that data and spot listed before selling. Look at
trends and patterns in it. the supply and demand. If there
According to Anthony Sukow, CEO is too much supply or not enough
of market research giant href="http://Terapeak.com" products to sell.
title="http://Terapeak.com"
target="_blank">Is this the best time to
color="#001000" sell this product?
size="-2">http://Terapeak.comnt>, “Having access to eBay these are fairly intuitive. But
data empowers you with respect to sometimes market data reveals
the market.” surprising trends: black iPods
may be outselling white ones by
What Can Market Research Tell more than double. A celebrity may
Me? have gotten some PR that sent the
You never want to sell a product value of their merchandise
without researching it first — soaring.
it’s like taking a test without
studying. Only instead of getting • What can I get for this
product? account when deciding how to list
Market research shows you the your own items — why waste money
average price people are getting on features that don’t bring in
for an item. As you begin better prices?
recognizing the value of various
products, you’ll know whether • Who’s buying this
something’s a good deal and what product?
it will bring on eBay. You don’t Market research gives you the
want to get caught with a product demographics of all the people
you can’t make a profit on — or who’ve purchased the product
worse, end up taking a loss. you’re selling — genders, ages,
and geographical regions. Knowing
• How should I list this exactly who you’re selling to
product? lets you can plan your marketing
Market research tells you what strategy accordingly. Even the
set of optional listing terminology you use to list an
characteristics brought the best item will vary from group to
prices for a particular product. group.
You can see what an item went for
in an auction versus what it sold States Sukow, “Understanding your
for at set prices. You can see market is fundamental for any
which features were used — bold, smart business. Use knowledge to
highlight, gallery, etc. — and empower your purchasing
what final prices they brought. decisions.”
You want to take all this into
About the Author:
Product Sourcing Radio is Created and Hosted by Chris Malta and Rob Cowie of WorldwideBrands.com, Home of OneSource: The Internet's Largest Source of Genuine, Factory-Direct Wholesalers for online sellers. Click Here for FREE E-Biz & Product Sourcing info!
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