Do you see yourself becoming the next powerseller on auction sites such as eBay? The truth is, anyone can be successful in e-commerce, especially on eBay. The important thing to know is not ‘who will be the next powerseller’ but ‘what do I need to do to be the next powerseller’. Here are some clear guidelines that can ensure your success in e-commerce.
First thing to do is do a comprehensive market research. It is very important that you overcome the hurdle of choosing the right product to sell. The process may be tedious but not impossible. Start with a list of potential products you plan to sell and then from there, do a thorough study of feasibility for each option you listed. Complete a market research for each item, see if these products sell and get the highest bids on auctions. Have an estimate of the number of customers who are on the lookout for these products and come up as well with an estimate of current products on current sellers’ listings. This way, you get to easily study the demand and the supply for each product. After this, look at the rates or the current prices they are being offered with. See if you can come up with a fairly competitive offer if you ever decide to go into selling the same product. Collate all these pieces of information then come up with a business decision based on what your study has come up with. Do a keyword search to learn the number of searches done every day for each particular product you are studying about.
Next thing to consider is the potential cost. Develop the habit of being able to accurately forecast the profit that you can earn before making business decisions. You can start by deducting the retail price sold from the cost of buying your items from your wholesale suppliers. This is also a great motivation so you can focus on the goal more. Remember that all of your business decisions should be based on achieving the business goal you have set. Do not make the mistake of overlooking the other overhead expenses that your business will encounter, such as eBay fees, if you ever plan to sell it via its site, delivery fees, insurance payments if there will be any, Paypal or credit/debit card fees for your chosen payment methods, packaging costs, marketing and promotion costs, just to mention a few. These unaccounted costs may be the ones that can make a dent out of your projected profit. After naming all the costs you will have to shoulder, if the projected net profit is still favorable for your business, then you will know that the product you plan to sell is worth selling.