Hey thrifters, happy Wednesday. I hope you had an amazing Memorial Day weekend with your family and friends!
Savers was holding a 50% sale during the weekend and I know that some of you – actually, A LOT – were able to find some amazing stuff judging by the pictures that you shared over the weekend.
Congrats and I hope you get top dollar for all your items!
I actually stayed away during the sale on Sunday and Monday (not a fan of the large crowds, I need my “elbow room” when shopping) so I did my customary pre-sale visit strategy on Saturday night and I was able to find some amazing stuff as well. It wasn’t for 50% off, but 30% off is just as good!
Adjusting to eBay Life After the Latest Seller Update
It’s been almost a month since eBay enacted their latest seller update.
For the record, I wasn’t happy with it. Specifically with their decision to charge a listing fee for using an auction format.
It’s no secret that I’m a huge fan of the auction-format. In fact, prior to the seller update, I upgraded both of my eBay stores from the Basic model (150 free listings, $15.95 per month) to the Premium model (500 free listings, $49.95) so that I can take advantage of even more free auction-style listings.
So much for that idea. Now that we’re being charged for auction-formats, eBay basically eliminated the sole reason why I upgraded in the first place. You can bet that I’m going to downgrade both of my accounts the SECOND that I’m able to! It’s just not worth it anymore.
The silver lining is that the listing fee will be credited if the item sells. However, my auction items don’t sell 100% of the time and that just means more eBay fees being paid at the end of the month.
But oh well. Life goes on, right?
And my plan of attack in this new environment was to test and see what strategy works the best. It’s obvious that eBay wants sellers to use more Buy-it-Now (BIN) auctions, so does that spell the end of my HUGELY successful Sunday Blitz strategy?
In a word: NO!!
I’ve been experimenting with more BIN auctions this month but compared to auctions they’re just not as effective at generating sales and moving inventory.
Here’s a pic of my some of my sales over Memorial Day weekend (more payments arrived after the pics were taken):
And here’s the breakdown of sales: BIN = 6, Auction = 44
It’s hard for me to argue against the results. To be fair, there are instances where I’ve had amazing success with BIN auctions, but for the most part this past weekend is indicative of the results that I’ve had with both formats.
Yeah I hate paying the additional listing fees and I am able to get higher ending prices for BIN auctions, I’ll give it that. However, in my experience BIN auctions violate 2 things that I value in my business: speed and volume.
I want to sell things quickly and I want to sell a lot of them. With BIN, you get the price that you want but it comes at the expense of speed and volume. It may take forever to find the “right” buyer and it could end up sitting in storage for weeks and months. That’s just something that I’m not willing to do.
The extra $10-$15 that I’m currently paying for auctions is worth the additional hundreds and – over the course of a month – thousands that I generate using auctions versus BIN.
What’s the “Best” eBay Strategy?
I’m not saying that you should abandon BIN altogether and adopt my strategies. That’s not what I’m saying. We all have different eBay preferences, goals, and items for sale, and at the end of the day these factors will affect the pricing and format strategies that we use.
All I’m doing is showing you my results and what I’ve learned from them.
If there’s something in their that resonates with you and it will make your business more successful then by all means please implement them. If you’re current strategy is working for you, then please continue to do what you’ve been doing.
In the end, the best strategy is the one that works!
Hope you’re having a great week so far!