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by
Marc Dultz
Few
sellers realize how much information can be gleaned from an
online auction site. Sure, the average merchant knows how to
call up a group of products with a click of the mouse, or scour
the site for individual items that might not fall under any one
specific category. But when it comes to retrieving hard-and-fast
data that might be of real use, many sellers seem to be
overlooking some valuable fact-filled nuggets buried beneath the
surface.
Drilling
Down
If you're familiar with sites such as eBay and Yahoo Auctions
then you're probably aware that you can find just about anything
on the virtual auction block using their handy category
listings. In many cases you can find an item by simply drilling
down through the site until you reach the proper subcategory.
Unfortunately, many sellers don't seem to bother doing any
research when it comes time to choosing a listing category.
Time and again, sellers
have been known to put up merchandise for sale in categories
with little or no traffic, or in areas where their prospective
customers would never think to look. Moreover, online auction
sites such as eBay have been creating an ever-growing array of
subcategories in recent months. While this strategy might help
you place products in the appropriate section, it also might
prevent general-interest browsers from ever finding your
listings.
The first thing you
should do before you even begin to compile a listing is to check
out where your competition hangs out online. Generally, all you
need to do is bring up an auction site's search engine type in a
suitable keyword or phrase, and see what pops up. (To ensure you
get enough results, search for both auction titles and
descriptions; after all, you never know whether a seller might
have poorly titled an auction or left out a significant
keyword.)
Of course, there's
always the possibility that your search will uncover some pretty
bizarre listings that have nothing to do with the item you plan
to sell. More often than not, however, a search will locate a
wide range of similar merchandise, in some instances turning up
the exact same item you intend to list at online auction. At
this point, it might be a good idea to actually peruse each
listing to learn more about the item in question. Make sure to
examine the way it was listed and who put it up for sale,
including the seller's feedback rating. In addition, you might
want to note where the item has been listed throughout the site
and see whether you agree with the product placement.
Finally, you should
examine the auction page's counter--that is, if the seller has
included one--to determine how many people actually have viewed
the listing. If the number is high, then you know this
particular seller has done his or her homework and placed the
item where it likely will generate the most traffic and
interest. If the auction has received multiple bids or the
current bid price exceeds the minimum asking price by a wide
margin, then you've got a good idea where to pitch your own
sales tent and how to proceed with your own listing.
Dredging
up the Past
Now, let's say you've peered into every conceivable category but
still couldn't locate anything remotely similar to your item.
Think you're done? Not by a long shot. One of the nice things
about eBay's search tool is that in addition to accessing
"live" auctions, it also can bring up a list of
auctions that ended recently. In fact, you only need to go to
the main eBay search page and click on the "Completed
Items" link. Then type in the keyword in the search field,
and away you go. Within seconds, you'll have at your disposal a
list of keyword-enabled auctions that ended within the past
three weeks.
And what can you do
with that information? Well, for starters, you can conduct some
free market research--review the closing price for each
individual auction and see whether the auction actually
attracted any bidders. Secondly, you can search for additional
completed auctions for other unrelated items that you might have
considered listing at one time or another but decided against
it. By calling up closed auctions, you quickly can determine
whether your decision was sound or perhaps hasty; and best of
all, it didn't cost you a dime to find out the results.
Where,
What, How
As an online seller, there are several distinct advantages that
come with regularly perusing online auction sites. Unlike
e-commerce sites, outside sellers can see what's hot in the
marketplace and whether things are trending up or down.
Remember, there's lots of useful information tucked away within
the highly trafficked auction sites--all you need to know is
where to look, what to look for, and how to look for it. If
you'd like to see alternative online auction sites please click
here
Back to Auction tips &
tactics
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