Successful eBay sellers know that price is a key factor in attracting buyers. So, what pricing strategy is right for your products on eBay? How do I price to be competitive while maximizing profit?
According to Omni-Channel Retailing, 87% of Americans confirm that price is very or extremely important. People are more willing to buy an item if they perceive that the value matches or exceeds the price. It’s all about the customer. How to I price to catch their eye, make them feel they’re getting a great deal, and click to buy.
For instance, if we are selling a pair of leather gloves on eBay but another vendor is offering the same gloves at even a few cents less, buyers will give the seller with the less expensive gloves their hard-earned money. A few cents may seem trivial but shoppers love a deal. The bottom line is price matters and yes even a few cents.
Jim “The Griff” Griffith, host of eBay’s own podcast, recently remarked “ If you(sellers) are not seeing click through and sales, it’s usually price.”. So, clearly price matters on eBay. However, it’s daunting to know exactly what price to put on products with the many competitor sellers on eBay. The task of pricing seems next to impossible and very time consuming.
Thankfully, our friend technology has stepped in and has blessed us with the ability to use eBay-repricing software. StreetPricer scans the eBay website to find competitors for your listings and their pricing. Although, StreetPricer seeks out listings with matching product identifiers, you the seller can add keyword descriptors to find similar products.
StreetPricer can be set up to automatically compete with specific sellers. So, you don’t have to worry about your prices being undercut. Just set the floor and ceiling prices and let StreetPricer work. For those who sell unique items such as collectibles, StreetPricer makes it simple to reprice by buying and selling trends instead of forcing you to constantly change prices yourself. Software like this helps eBay sellers persuade buyers to purchase their listings.
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As sellers, remember what it’s like to be a buyer. We all appreciate value and a good deal. We don’t like overpaying for a product when we can buy it cheaper somewhere else. Using StreetPricer eBay sellers can easily customize a winning eBay pricing strategy that attracts buyers and maximizes your sales. More eBay sales, now isn’t that music to your ears, sellers?