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When you start listing on eBay, you might find yourself plucking prices out of thin air and not making any sales. Or at the other end of the spectrum – starting all your listings on 99p auctions and not being happy they only receive one bid and go for that amount.
As with everything on eBay, it’s all about experimenting, trial and error and finding out what works for you. That said, there are a few things you might want to consider when it comes to how to decide on a selling price for eBay.
Your first port of call, when deciding how to price your item, should be to look at the sold listings. If you’re not sure where to find these, I wrote a post about it here.
Searching sold listings will give you the best idea not only of the price you are likely to achieve, but the demand that there is for that item as you will be able to see how regularly similar items have sold.
If you find there are a lot of results, you could filter by ‘Buy It Now’ under the listing format – these are likely to be the better prices and removes all the low starting auctions that might only receive one bid.
If there is not a sold listing for your item or anything similar, have a quick search online to find out how much you can buy it for new. It’s no good thinking, “right it’s £50 new, so I’ll list it for £40 because that’s a good deal” if it turns out that you can actually snap it up on Amazon for £25.
See what the cheapest price you can find it for is, and set your price lower – depending on the condition of the item. What you don’t want is someone messaging you saying ‘but I can buy this new on such and such’ – something I see resellers regularly sharing on Instagram.
If someone is searching for the item on eBay – they are looking for a deal. Shaving a couple of quid of full price, just because you only wore it once does not guarantee a sale – clothing in particularly massively depreciates in value once it’s worn – unless it’s a sold out item or a popular design.
If neither of the above methods yield results, have a think about how much you would be happy with and work backwards. I have gone into detail about this in this post but basically start with the money you want in your pocket, add extra for fees (which you can work out using this calculator), and 10%-20% for offers.
Once you have an idea of how much you’d like to achieve on an item, it could be worth listing it ‘Buy it now’ with best offer enabled and preparing to accept offers of 10-20% off – depending on how long you’ve been trying to sell it and how desperate you are to get rid.
Some buyers will send stupid offers – you can counter with a more realistic offer or outright decline. You can also set the listing to auto-decline offers under a certain value.
EBay now have a tool called ‘easy pricing’ which you can turn on on your listings. What this means is that if you item doesn’t sell, eBay will automatically reduce the price for you. Starting 10 days after listing, they will lower the price (by 5% every 5 days) until the item sells or gets to £x. They will also notify any buyers who showed interest each time the price drops.
This feature has received mixed reviews from sellers – some think it’s a great tool and others think it’s just encouraging buyers to wait until the prices drops. Personally, I am not a fan – I’ve run it on a few listing cycles and not made a sale, and then relisted and the item has sold for full price. So I prefer to just have the best offer feature enabled.
You might also enjoy…The A-Z Guide of Clothing Brands That Sell Well on Ebay
Whatever ebay pricing strategies you use, hopefully you will start achieving sales. If you’re item isn’t selling you can try a different format (eg auction instead of buy it now) or you can relist with a lower price. Whatever happens, play around with it and persevere – you will start making those sales!
I started Katie Saves while on Maternity Leave to document our adjustment to living on less. Now back in work - I blog about all things money with a little life organisation thrown in for good measure. Join me!