E-commerce has taken the business industry by the storm, and there is no stopping it; it is only increasing day by day. The numbers from 2017 show approximately $2.3 trillion in sales through e-commerce, and another report shows sales to hit $4.6 billion. Over the years, e-commerce has evolved; eBay, Amazon, Shopify, and PayPal are there to stay. No matter the name of the platform, the foundation of e-commerce is rock solid, so now is the best time to open up an online store and run an online business.
One of the well-reputed and most notable e-commerce platforms is eBay, to date this platform has more than 182 million buyers. A report shows that this year’s second quarter was profitable for eBay as an average there were approximately 1.8 billion site visits. Does it not make eBay a great start towards a stable e-commerce career?
Though eBay considers its sellers’ and buyers’ convenience as its priority, still starting a business on eBay demands skills, planning, determination, and the right information. So if you have a knack for the antiquates, passionate about the 60s to 80s rock vinyl and want to share the art with the world, then you can make a decent living by running an eBay store. With the right information, you can build an empire.
We are here to shed light on how you can open an eBay store step by step, tips on selling the products, everything there is to know about running and managing a stellar eBay business. By the time you are going through the cheat sheet and tip at the end of this guide, we are certain you will consider yourself as the master of the eBay business.
When should I open an eBay store?
Before we dive into the ins and outs of opening an eBay store, let us get one misconception out of the way. Most small business owners are of the view that eBay offers ready to take over businesses. But this is not true! Consider eBay as the venue where sell approach buyers and offer their services. eBay is just a platform, you can’t sit on the couch and collect all the money. Think of your online business at eBay like a rented store at a famous mall. Where the store owner him or himself is responsible for stocking all the items, attracting all the customers, and implementing profit inducing strategies.
Now that misconception is out of the way, let us explore the ideal time for opening an eBay store and what factors one must consider?
eBay happens to be the safest choice as this platform already has market value. On the contrary, some consider it a risk because here you have to abide by someone else’s rules. The liberty level is not the same. Moving back to the ideal time for an eBay store: you have to consider factors such as budget, branding, and promotion.
The store subscription costs less money than another store. It depends on the total number of listings and the monthly and annual revenue of the lender. The key is to choose the best and most ideal store subscription.
To run a profitable business, branding is important. Global companies such as Pepsi and Coke spend millions of bucks on brand retention. If you think you can’t take care of the branding, then eBay is the perfect platform.
Half of the promotion is done by the eBay, use social media channels to promote your products and you will be able to get enough customers attention. At least on eBay, you don’t have to generate traffic from the start. So you don’t have to start fresh.
Consider these options and make a solid decision. Following are the benefits of the eBay, and these benefits depict that an eBay is a more commercial move.
- If you can generate $500 or more in the first two or three months, then eBay is a perfect option for you. An online store provides more accountability and in this way you will saves some dollars on the fees.
- Even if you are not selling hundreds of products online every day, an eBay store can help you at least some money and you can use that money to stock up on the inventory.
- Let us assume you earning more than $3,000 per month; an eBay store can help you save at least $250.
If you decide to open an eBay store, you must choose the perfect subscription for your business. Currently, eBay is offering 4 types of the store:
Each type has its different monthly and yearly renewal fee. Choose the subscription package that suits well with your store’s listing. If your listings are going up to the thousand, then you the starter store type is not the best type for you. Calculate all the numbers and do thorough research before picking the store.
But before you run an eBay store you have to make an official account, below is the step by step guide:
- Choose the type of account.
When you will visit the official website, click on the ‘register’ button. Create the account and choose between the following:
Personal account: perfect for selling casual stuff.
Business account: perfect for selling large quantity products.
Register your business name and customize your store and work on your branding. Next step is to enter important information such as legal business name, email, and phone.
- Change and update the setting of your account.
After logging in you alter the setting according to the needs of your account. Go to the ‘Account settings’ and change the shipping information, enter your current address, and most importantly select the repayment method, you can choose from the debit card, credit card, PayPal.
- Add your products.
The next and final step is to add the products to your store. Either you can add your products by using the quick listing form or using the advanced listing form. If you want to give an in-depth overview of your products to the customers, choose the advance listing tool.
Don’t forget to mention the important details such as selling information, shipping information, payment information, and return information along with every possible detail about the products.
Tips for running an eBay business
We care for you, and we want you to run a successful eBay business so we have penned down a couple of tips.
- Do your research
It is advised to do some research before signing up for the store; learn how to sell and buy the products and how to take feedback from the customers. When applying, make sure you have all the financial information on hand – your bank account information, credit card information, tax ID number, and your social security number. In addition to this, study all the subscription packages before choosing one.
- Choose a niche and a unique store name.
The chances of you running a successful eBay store are higher when you identify with one niche. For example, if you are selling vintage musical instruments, then you retain more customers if you are sticking only to the instruments other than selling handmade cushions along with it. So, pick a niche and stick to it.
Another tip is that you must select a unique and different name for your business. Choose it wisely, and it must be something that resonates with the audience as well. Remember that the name of your eBay store will become its URL.
- Make offers!
Most people are attracted to the items can say “free shipping.” Give something to the audience that they can’t ignore. Use psychology to gain more attention. Moreover, by adding the ‘Global shipping program’ you can gain customers from around the world.
- The more, the merrier!
Make sure the customer is not texting you, again and again, to ask about the product. We know that visuals have significance, but a detailed description can help a confused buyer. Make sure your listings are keyword-based, and you can use the SEO strategies to optimize your content. In addition to this, you can also take advantage of eBay’s Beast Match algorithm.
- Have a stellar seller profile.
The goal is to have an engaging profile; get positive reviews from the customers and display them proudly on your profile. Positive reviews and stars tend to more appealing to buyers. A good profile can also help you with more listings on your eBay store subscription package.
Additional Tip: High ratings means lower fees!
- Connect with other.
eBay is an ideal platform to meet with the merchants from all around the world. This platform has an eBay community page that is designed to offer tips and tricks to the merchants so that they can run a successful business. Most of the sellers and even sharing their experiences. So take a note of all these hacks as this a great place to learn every detail about an eBay business.
- The return’s policy
Return policy from the buyer side can go a long way! No need to apply this policy on every listing, but consider in one to every 20 listings. Buyers want to build a trusting relationship, and this is the best way to establish that bond.
Moreover, keep your door open for some returns! Make sure you are listening to concerns of the customers and making a quick decision regarding the return.
- Be ready for a mishap!
Go through the policies of eBay and handle mishaps or unfortunate incidents instantly and professionally. Incidents such as packages getting lost, or the customer receiving the wrong package must be dealt wisely.
- Research sales price
Before setting the price on the item, do a quick scan at the sale price of that particular item. For example, if X is selling that vase for $14 and Y and Z are selling it for $25. Who would you pick?
So, study the market and set the fair price.
- One step at a time!
The last and the most important tip, is that you start small. Don’t spend a huge amount of money and stock on inventory in the initial days. The best way is to start small and once you have made a mark, gradually take another step.
Select your niche, build your brand, experiment with pictures, juggle with descriptions and listings and handle the operations of e-commerce responsibly.
Now that you know the basics of opening and managing the store on eBay along with some handy tips, let us briefly go over how you to become the best seller on eBay and how to take engaging quality pictures of your items.
Cheat Sheet of becoming the best eBay seller
- Professionally respond to every question coming from the buyer. Excellent customer service is the key!
- When listing your items, do research!
- Weigh the estimated cost of the items on your list including the shipping cost.
- Set the lowest price to increase the bidding. It is all about supply and demand.
- Learn eBay guidelines by heart.
Cheat Sheet of taking A-grade pictures of eBay items
- Make sure your item is crystal clear and spotless.
- A solid background is a must!
- Lightning – it is a game-changer!
- Each detail should be visible to the buyer.
We hope now you have all the necessary information to run a business on eBay. Consider this a nudge in the right direction, now all you got to do is get up, make an account, and sell the items to buyers. For more tips and tricks on running an online small business and eBay business, you can follow us on Facebook and Twitter (@Onlinecheck). If you have any question, feel free to call us on our toll-free number at (833) 827-4412; we will help you every step of the way.