4th quarter is the busiest time of year for most online retailers. With that in mind, we grabbed StreetPricer founder Cardy Chung for his top retail selling tips. As a highly successful eBay seller, we knew Cardy would offer unique insights, and we were not disappointed.
Cardy Chung created StreetPricer to make a seller’s life both lucrative and easier. Now you may be wondering who really is this man, and why is he so keen on helping eBay sellers? Let’s dive in to discover more about Mr. Chung and why he created a service specifically for eBay sellers.
Mr. Chung was one of the very early pioneers to sell on eBay way back in the early 2000s. Then he started to realize what was hindering him from online success, and that it was the competition! Now you may be thinking about how obvious this seems; how did he not realize? But, in reality, it was more the pricing of the competition and not the competition itself. Why were people not buying a product from Mr. Chung, instead turning to some other seller? That is when it dawned on him to start changing my prices, but this he wouldn’t be able to do on his own.
Really, the only way to beat this competition “electronic warfare.” At the time, Mr. Chung was studying Artificial Intelligence at university, so he wrote a program that was jokingly called “SLD,” and stood for Search, Lock, and Destroy! And it actually worked! This software drove the competition out of business and his items started to really sell! That was the precursor of what is now called StreetPricer.
In 2017, Mr. Chung. decided to commercialize my “SLD” program, it became StreetPricer, and the rest is history. We now have users from over 50 countries using our Amazon & eBay repricing tool. In fact, last year eBay USA introduced us to 45,000 sellers in the US, which supercharged our growth even more.
Having worked on eBay for most of his professional career, Mr. Chung has understood one universal truth. Selling on eBay is all about Product and Pricing. As a seller, you have to choose very carefully what to put in your store and understand the positioning of your Products. For example, are your products fast-moving or slow-moving? Do you hold inventory, or are you drop-shipping? Do you own the brand? Or do you have competitors selling exactly the same product as yours?
There is no formula for success on eBay. There are people who sell ultra-fast-moving items with a wafer-thin margin, and they dominate on a massive scale. On the other end of the spectrum, there are low-volume sellers who sell niche items that no one has ever heard of, and they make a very handsome profit from those products. It’s all about strategy!
Once you have figured out the strategy, pricing is absolutely critical. In fact, it is what makes or breaks a business. If you price too high – buyers will go elsewhere, and you lose sales. But, if you price too low – you won’t be making any money. If you have over several hundred items, you won’t have time to set pricing individually – therefore, over time, you are surely going to lose control of the market.
You won’t know if your competitors are undercutting you or if you could have made more money from your products– unless you have an automated pricing tool to help you run your eBay store. And this is where StreetPricer steps in.
We have reached the end of the first part of our interview with Mr. Chung. To figure out exactly what our tool does and how it is going to grow your business stayed tuned for the next one.