[Practical Tips] When opening a store on eBay, how should you set your prices to become a winner in life?

No matter which sales method you choose on eBay, the most important thing to increase sales and make more money is to price your products appropriately.

If you go the auction route, then the starting price should at least not be lower than the cost of the item plus the eBay and PayPal fees. This way, even if the price doesn’t go up during the auction, at least you won’t lose money.

If it is a "buy it now" listing, or a sales method on eBay, where there is no auction process, then the price must reflect the cost and ensure a certain profit.

So how can we set a reasonable price and make the shoppers feel that the purchase is worth it? Take a look at the following four tips.

1. Search eBay's closed auctions to see what other sellers sold similar items for.

Log in to your eBay account and click on the "Advanced" option next to the search bar.

Once the Advanced page loads, enter the name of the item you want to sell in the search bar, then scroll down and check the Completed listings option.

Find the "Sort by" menu, select "Price: highest first", and then click the "Search" button;

Wait for the results to load. You will see all the items sold on eBay in the past 15 days that match your search criteria;

Scroll through the search results to see the entire price range. Pay attention to factors such as the condition of the item, which may affect the final transaction price;

If you plan to do an auction, you can click into the auction to see what the starting price of the product is. Sometimes you should set the starting price lower so that you can attract more bids and eventually drive up the price. Sometimes, similar products are not popular and there are not many bids, so the starting price should be set slightly higher to avoid losing money;

Find the seller with the highest sales volume, see what the highest price of his similar products is, and price the product accordingly.

2. Use eBay’s “What’s It Worth” feature to see the average selling price.

Click the "Sell" button on the eBay homepage;

Wait for the page to load, enter the product name in the box labeled "What's It Worth?" and click the "Look It Up" button;

The search results will show the number of similar items sold on eBay in the past 15 days, the average selling price, and the highest and lowest price range;

Use the average selling price as a benchmark and adjust your expected selling price up or down based on the condition of the item you're selling.

3. If you can't find the item you want to sell on eBay, you can search on the Internet to see what prices other sellers are asking.

If the item you are selling is rare, you may not be able to find it on eBay, especially if it is an antique. At this time, you should search the entire Internet to see if there is anyone selling it elsewhere;

When you find similar products on other websites and are satisfied with the price the seller is asking, you can paste the URL on your eBay listing page to give customers a reference.

4. If you are worried that the product cannot be sold at a high price, you can set a reserve price during the auction. This way, even if the final transaction price is lower than your psychological bottom line, you can prevent the product from being sold.

If the auction price does not reach the set reserve price, the seller can choose to sell the item to the highest bidder, or choose to keep the item and try again later;

Before you set a reserve price, check out similar items on eBay to see if this auction format is a good fit for your target market. Setting a reserve price on certain types of items can make bidders less likely to bid.