So far this week has been a lesson in the Psychology of Selling. To be clear, I’m not saying that I’ve figured it out; on the contrary, I don’t think I’ll ever figure it out!
But I’ve had some interesting observations with several of my items.
Here’s how the scenarios been playing out: I would list an item for $24.99 using a 7-day auction. I would get several watchers but ultimately no bids as the auction comes to end. Instead of re-listing the auction with the same format ($24.99, 7-day auction) I’ve been opting instead to use a Buy-It-Now (BIN) auction with the Goldilock Price of $39.99.
Can you guess what happened next?
Conventional wisdom suggests that the auction won’t do any better. After all, why would someone buy an item for $39.99 when no one even placed a bid when it was $24.99?
Logically, this makes perfect sense. But interestingly enough, the opposite has been happening recently. Not only have several of my items been selling for a higher price but they’ve been selling in less than 7 days so it’s a lot quicker than using the standard auction format.
I still don’t understand reasoning behind this. Is it the threat that someone else will purchase it before they do? The need for instant gratification?
Whatever it is, I’m definitely happy with the higher price!
The first two items are examples of this trend. The last item is an exciting sale that happened just this morning!
Hope your having a great week and good luck at the thrift stores!
Finds of the Week
Merrell Trail Running Shoes
Vintage Nike LWP Trainers
Adidas Croc Patent Leather Hi-Tops
Item Cost: $14.99