One way to dramatically increase profits on eBay is to strategically relist items after the first unsuccessful auction. Many sellers fail to use this option and simply delete their auctions after the first unsuccessful attempt. This is a big mistake. You should always test the market on eBay by relisting because it gives you information that will help you to survive in the long run. Relisting, using a few basic strategies, will give you the information you need to increase sales.
Instructions
Strategic Pricing
1. Relist the item at the same price. Doing so will give you about a 50 percent chance of selling the item on the second try. EBay makes this easy by simply giving you a relist button to click. You do not have to re-enter all the auction information, nor do you have to redescribe the item, and, as eBay Training Blog notes, persistence helps.
2. Relist the item at a lower price. Doing so might get you more bidders because of the price reduction. But some buyers wait to see if a seller will drop his prices after an unsuccessful auction. If there are few bidders, buyers can afford to play the waiting game. If you find, over time, that your item sells well with one bidder at the lower price, consider sticking to the original, higher price. You will get the sale if you have an original item.
3. Relist the item at a higher price. Especially if you have an item that is relatively rare, showing the market that you know the item's value can actually garner huge sales. Sometimes, raising the price and relisting the item as a store item also garners sales. Why is a mystery, but it probably has something to do with the fact that some people like to buy at a fixed price and don't even look at the original auction.
4. Relist the item at one penny. This is a risky move, but it does tend to get more bidders. People will jump in, hoping for a deal, and the fast-paced bidding creates excitement. Bidders are stimulated by competition and the price will rise. You should only use this strategy, however, if you are willing to sell the item for one penny. Sometimes, with the kind of item that only gets one bidder, this will happen. Before you use this strategy, look at other auctions for similar items to see how many bidders usually show interest.
5. Record the results of your study. These results will differ depending on what the item is, so be sure not to make overgeneralizations based on your experience selling one product. The next kind of product that you sell will demand completely different tactics.
