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There
is one critical ingredient you must have if you want to make the
leap from small seller to medium seller or even PowerSeller. You
need an inventory. You also need to be able to replenish it once
you've sold big chunks of it. Not to worry, because here are
some timesaving tactics to help keep your living room or office
filled with boxes and your online auction business in the black.
The
Right Tools
If you want to build an inventory with lots of goods, you need
the right software and tools to do it. Unless you sell goods
that don't need pictures, you should invest in a digital camera
or scanner. To keep track of all the items you are adding to
your stock and simultaneously selling, it's prudent to isolate
the software you would like to use for your database. For most,
Microsoft Word or Excel do the job. In addition, be sure to use
your auction site's personal page and email notification systems
so that you can keep track of auctions near their close.
Supply
and Demand
In your areas of specialty, be aware of what items are scarce
and what collectibles are available en masse. Unless the item
has excellent resale potential (despite its availability), you
may not want to add it to your inventory. These are definitely
words to remember when dealing with the fickle collectible or
computer markets, where the wind can quickly change directions,
and what was hot yesterday is suddenly, well, not. Before you
bid extravagantly at that Dutch auction to ensure getting those
ten Kicks the Bear Beanie Babies, make sure there is still a
demand for them at a suitably high price.
New
Releases
Keep abreast of the latest products coming out in your areas of
expertise. Know what they are selling for at retail, and be able
to look at an auction in progress and analyze if it is likely
going to surpass the retail price. This way you won't waste time
watching items that will be too expensive to resell. After all,
would you buy something at auction that you could buy for the
same price at GoodGuys without having to pay for shipping,
handling, and insurance? We didn't think so.
Cross-Collectible
When you're looking for goods online, at retail, or at live
auctions, it's a good idea, whenever possible, to buy items that
are "cross-collectibles." In other words, these are
items that can be possibly listed in more than one category.
This is a bonus because it allows you to list an item in a
category where there doesn't appear to be a high supply of that
item. Additionally, it creates a larger audience for your item.
Brand
Names
There's a reason why manufacturers try to establish brands for
their products: People remember them and buy more of them when
they are given more than one choice. With that in mind, try to
fill your inventory with brand-name products, which will have a
high level of visibility when you list them. In other words, let
the brand--which the manufacturer spent so much money to
build--do the work for you. For example, while you don't want to
miss a steal of a deal on that hot new 3D board, it's probably
wiser to buy that RIVA TNT 2 board from STB, not Skywell.
Think
Bigger
Although it's more painful in the short run, don't waste your
time buying scores of low-priced items to build your inventory,
which will generate only a small profit. It's better to buy
items that will bring in bigger returns. It might take more
research and digging, but you'll make more money, and you won't
have to stock and ship as much. It's better to turn $100 into
$200 on one purchase than it is to spend $50 on 25 purchases
that net only $150.
Out
in the Field
If there are large chain stores in your area that cater to your
specialty, you may want to pay a visit and do some
comparison-pricing to see how retail prices stack up against
auction prices. You may also find some blowout deals that will
be good for future Dutch auctions
Back to Auction tips &
tactics
by Vendio Services
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