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