What Price Should I Sell At?
So far we’ve learned to look at eBay in a completely different way. Instead of using the auction site to make money, you’re going to use it to promote your business and build your mailing list, customer base and website traffic.
But apart from mentioning the need to keep your eBay sales prices low, in order to attract more customers, we haven’t really discussed the topic in cold hard numbers. How low is low? Should you be making a loss on eBay, or breaking even? What should you be charging for your products?
There are pros and cons to low prices, and we’ll cover all of these in this chapter. But the most important word to remember in this section of the book is ‘experiment’. You need to experiment with your prices when you’re looking to promote your business on eBay. Prices aren’t set in stone, and sometimes even the smallest price change can make a big difference to the number of customers you get coming through your virtual shop doorway and buying a low priced item of stock.
Before we go into more depth concerning prices, let’s find out which number you should always end your sales price in.
It’s the number seven.
Why? Well the truth is, no one really knows. People do tend to find prices that end in odd numbers more appealing than even numbered ones; hence why you more often see items in stores priced at $4.99 instead of $5. It’s perceived as being a better deal and a lower price, even though the difference is only one cent.
But why end it in a seven? Research has shown that prices ending in a seven are more attractive to customers than any other number, so even though it’s a mystery, don’t knock the research – end your prices in a seven wherever possible.
The only variation to this would be if you are selling an eBook, for example, and the vast majority of the ones that are already selling on eBay are for one cent. In this case you’d fall in line with them, instead of pricing yourself out of the market. Even if it’s just a few cents difference, people will always go for the better deal whenever they can.
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