Chapter 3) Market Research – How to decide what to sell and choose a lucrative market on the internet.
Now let’s go to Ebay!
When I go to ebay, I use the same technique we used on the last page to search for items, but I also check out ads, bids, seller information, headlines, etc and try to find a winning market. Some people call this spying on the competition. I call it good research.
Above you have the opportunity to choose a specific Category, or type in a specific item you’re looking for. If you want even more specific results, you can go over to the right hand upper side of the page and click advanced.
Now after you’ve clicked advanced, another screen will pop up that allows you to narrow down your specific search criteria even more. It will look like the image below.
The advanced search option above allows you to set a price, title and description listings, sold listings, completed listings, buying format, (whether it’s an auction, buy it now item, or classified ad) and also allows you to type in keywords. What a great benefit this built in Ebay tool can be! I’m not even sure most people are aware of it? It can be really helpful.
Ok, next I want to go do some research. I’m going to fill out my advanced search specifications and see what happens. I chose the category Jewelry and Watches. In the keywords box I used Jewelry, black hills gold, and sterling silver. I checked the box that said show items that were sold. For the price I put $0-$1000 dollars, and for the “buying format”, I chose auction. I can choose sellers, location, best match, how many items or results I want to display per page, etc. I can play around a little until I find something exciting. Let’s see what kind of results we can get! I might need to play with these advanced features or options for a while before stumbling upon any valuable marketing information.
I decided to look up Jewelry, but narrowed my search down to only items that had sold or had bids on them. Jewelry is currently a hot item for some people, but we have a lot more research and investigating to do.
In the picture above we are looking only at Jewelry that has bids. There are specific things that we always want to look for when we’re looking for a good Market. Some of those things would include the item itself, it’s condition, is it vintage, what does the headline do to peak our interest, what does the description itself or ad look like, how many similar items has this seller sold, what do the images look like, what are the item specifics, etc.
We may want to find out who sells Jewelry in their spare time and who sells Jewelry for a living? It’s never guaranteed that we’re going to sell anything, but we can learn a lot from headlines, viewing a sellers other items, paying attention to their ads or ad copy, paying attention to the number of bids an item has, and searching for sellers who’ve sold a lot of items.
In the above item description we can see that the seller has 1050 feedback, the price, other items they sell and more. So they’ve sold at least 1000 items. That’s ok, but let’s see if we can find a real professional! Ok, so I found someone with over 68,000 feedback. This is someone who sells a lot of items on Ebay! I looked at the headline, which was very specific. I looked at the images, which were very nice. The description was so well written that the buyer knew exactly what they were getting even though they couldn’t hold it, and only had an image and description to look at.
You need to be as descriptive as possible about what you’re selling so that there’s no confusion. The better your headline and pictures look, the better your odds of selling your item! Who do you want to study? The professionals and people who are selling lots of items of course!
In the above image I whited out the sellers Ebay name to protect their identity. What’s important about this image is the “feedback” number. A huge feedback number is a good indication of how many products or items a seller has sold.
You may not be able to see it, but this seller has sold 68,000+ items on Ebay. I’m going to go through his/her previous items, the feedback, study their headlines, take a look at their descriptions, view their pictures, etc and try to get a very good idea of how they do it.
You might be asking yourself, yeah but where do I find wholesale Jewelry to sell? I used to go through a company that I was very lucky to find that sold closeout Jewelry. I could buy things that were originally $60-$150 dollars for $2.50-$5.00 a piece. I stocked up, because I knew I couldn’t lose money! You may have to search for a very long time, and it may take a while. Then again, you could find a supplier like my old one, who offers unbelievable deals, if you’ll just search long enough! Remember earlier when we were talking about being as descriptive as possible when you do a search?
Well if you were looking for cheap Jewelry, you could get pretty specific. Understand that you may browse through hundreds of web pages before you find the deals you’re hoping for. Just be creative, and try searching for different terms such as wholesale jewelry, wholesale sterling silver, black hills gold, affordable necklaces, wholesale rings, bargain jewelry, closeout jewelry, jewelry dropshipper, discount jewelry, affordable jewelry, etc, etc, etc. If it takes a month to find a profitable market, that’s better than wasting a month in the wrong market, or doing things the wrong way.
Ask yourself these questions-
Have I studied items that sell regularly?
Did I study the ads, to see what works?
Do I understand how to write a good Headline?
Was I descriptive enough? Does the buyer know exactly what’s going to arrive at their door?
Are my pictures/images professional looking? (I don’t recommend trying to hide flaws, it’s bad business.)
Did I study specific sellers to get an idea of what works for them?
Can I find the product or item I want to sell for a profitable price?
Is it worth the work? Mailing off 20 items a day for $20 dollars may be more work than it’s worth. Profit margin matters.
Did you cover all of your bases? You definitely don’t want to lose money!
Did I do enough investigative research? Am I confident in my item or product?
The more you can narrow it down to a science, the less you’ll have to worry about! If you can cover all of your bases you should be good to go.
Thanks for visiting!