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How much do you know about Online Auctions?
Online auctions are different from their real-world
counterparts. You are free to take your time browsing the
listings and bidding takes place over a period of days rather
than minutes. Online Auctions offer good opportunity for anyone
wishing to start an online business for a number of reasons. If
you feel you have the persistence necessary to run your own
successful business, this is one opportunity you should
consider.
There are thousands of online auctions on the Internet with more
popping up everyday. People love them because they can usually
find great bargains. Businesses are now also seeing the benefits
of online auctions. Some of them:
You could sell your excess or discontinued products at an
online auction. It's an effective way to make extra income
without any loss for your business. Thus you can make a profit
depending on how much people will bid for your excess inventory.
Also excessive inventory can be cleared off cost effectively.
An easy way to test new product prices is to see what people
will bid for them at an online auction. First, sell your product
at three different online auctions. Next, calculate the average
selling bid from all three auctions and that will be your
selling price for your new product. Hence we can know the exact
selling price of the product.
There are numerous auction sites for bidding any product. Some
of the auction sites draw over millions of hits a year. The key
to being successful is to sell your product at multiple online
auctions at the same time. Suppose if we sell a product at one
hundred online auction sites that would be one hundred sales a
day! This way we can increase our sales at one time.
Online auctions is the best place if you're looking for a
collectible or thinking about selling an antique We've seen the
benefits of online auctions but there are some common mistakes
to be avoided in online auctions:
1. Listing an item with wrong auction expiration time. It's a
known fact that more buyers browse auction sites on Sunday
evenings than any other time during the week.
2. Not giving your listing the attention it deserves - Lots of
people place items without photos and even good description.
Some people use all kinds of flashing animation, multicolored
text and other bells and whistles in an attempt to entice
bidders. Listings like these are distracting, hard to read, and
will always discourage people from bidding, resulting in a lower
final sales price. So just give the description of the article
upto the mark.
3. Using a reserve price - Use the fixed to guarantee that one
will get a minimum price for an item. This also ensures the good
quality of the product. People will not bid on "Reserve"
auctions, as they don't want to get "Reserve not yet met"
message.
4. Not planning your business activities - It is always better
to create business plan and start implementing it. Some
businesses require procedures to be done everyday so plan it
thoroughly.
5. Not selecting several good drop shippers - Your business
should be stable. Drop shippers can quit and also they can kill
your business by not meeting your expectations. So keep rotating
them until you get several good ones for your business.
Online Auctions offer good opportunity for anyone wishing to
start an online business for a number of reasons. If you feel
you have the persistence necessary to run your own successful
business, this is one opportunity you should consider.
About the author:
Pradeep Aggarwal is the creator of the Auction Spectrum. This
site is dedicated to helping people start and run a successful
online auction business. Visit his site to get a free report and
articles on Online Auctions. http://www.Auctionspectrum.com