Welcome to this edition of Adam Ginsberg's "Insiders" Newsletter. Each issue is designed to provide you with insights, tips, secrets and overall strategies on how you can build your online auctions business. I'm sure you love this issue! Also, be sure to check Adam's Blog for the latest in money making news online including recent posts on "How to Buy on eBay" AND "How to Sell on eBay"!
Update: Have you seen the video that is taking the Internet and eBay world by storm? Video 1 was just released - Video 2 will be available by the end of the week. If you missed it, here is the link: http://www.adamginsberg.com/adformatnew |
eBay Auction User Reports:
Why You Can't Afford to Follow the eBay Herd
eBay publishes a report on how buyers use eBay. I found some interesting facts in it I think you'll find exciting. I won't make you wade through the whole report. I'll skip right to the meat.
Good News
I found great news for eBay sellers. Just over one third of all Internet users in the U.S. visit eBay each month! No other eCommerce site can say that. The top month of the report showed nearly 60 million monthly visitors to eBay. That's a lot of buyers.
Here's another huge statistic:
Visitors spend more time on eBay than on competitor sites. The report showed an average of up to 110 minutes spent per visitor every month! The closest competitor was amazon.com at 30 minutes per month. And typically, where people spend their time they spend their money too.
Another Shocker
Who's using eBay? You might think since the younger generation has taken to the Internet like fish to water that they'd make up much of those on eBay. Not so. Only 7% of eBay visitors are between 18 and 24 years old. A whopping 76% of eBay visitors are 35 or older.
If They've Got It, They Can Spend It
Here's where I was blown away. I assumed a large portion of the folks buying on eBay were bargain-hunters. While that may be true, it isn't because eBay shoppers don't make good money.
Only 5% of eBay shoppers make $25,000 per year or less! 41% of eBay shoppers make more than $75,000 per year! With that kind of income, it's no secret that you'd spend more than those who earn less. eBay shoppers make way above average income. Great news for those selling on eBay.
Which Generalizations Can Cost You? A myth created by eBay itself!
In this report eBay also tells you the heaviest traffic days are on Sundays and Mondays. It's their data, so I'm sure it's accurate. But here's the problem.
Based on this information, eBay makes the conclusion that since there's more traffic on Sunday and Monday, you should time your listings to end on one of those days. If I didn't know about auction research, I'd have to go with their recommendation.
In reality, you can pick up almost any eBay book and read about the "best times to end your auction". The challenge is that EVERY item is different - and if you use the same strategies regardless of what you sell, you're losing potential profits.
Let's Test eBay's Conclusion
Let's see if eBay's generalization about closing on a Sunday or Monday holds for various products. I picked quite literally the first three things that came to my mind: sony televisions, hoover vacuums, and plush toys.
Sony Televisions
In Figure 1 to the right, we see that eBay's advice to end your auction on a Sunday or Monday improves your chance to sell or the Auction Success Rate. This is also called the ASR. In this example, closing on Monday does in fact result in the best Auction Success Rate.
However, if you're one of us who wants to make more on the products you sell (and who doesn't), take another look. The Average Selling Price (also called ASP) on Monday is actually the WORST day to sell price-wise.
Closing your auction on Thursday actually would have made you $218 more on average! And it didn't cost you one dime more in listing fees. Without auction research, you'd have never known you cheated yourself out of over two hundred dollars. |
Figure 1 - Sony Televisions |
Hoover Vacuums
Figure 2 on the right shows how here again eBay's advice pays off in the best Auction Success Rate. This time around, Sunday ranks best for maximizing your chance to sell.
But again, closing on Sunday isn't your best day for price. Closing on Saturday increases the selling price by $39.7%. You make a bonus $15.92 on every item. Again, the only difference was in simply knowing more than your competition.
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Figure 2 - Hoover Vacuums |
Let's look at one last product. Where the first two examples were electronic appliances, I wanted to pick something as different as possible. I picked plush toys.
Plush Toys
In Figure 3 to the right we see a case where closing on Sunday or Monday not only are among the worst days for Average Selling Price, but also among the worst for Auction Success Rate.
The only day worse than Sunday or Monday for Auction Success Rate was Wednesday. With plush toys, we're only talking about $2.24 difference between the best and worst price.
But let's say you find a source for a hundred plush toys you want to sell on eBay. That's $224 more you'd make using auction research. |
Figure 3 - Plush Toys |
Conclusion
So am I saying not to trust eBay's conclusions? Absolutely not. Does it mean that every book written that teaches about optimimum times to list or end an auction are wrong? No. I'm just saying that you have to put it in context.
First, these comments are based on generalizations - and are not specific to your product. Second, with today's technology it makes it easy and simple to get the results you need to increase your eBay profits.
If you didn't know about auction research, you'd be crazy not to follow their advice. After all, they're auction experts. But with real data and auction research as your guide, you don't have to rely on rules of thumb and generic advice which can steal your eBay profits.
AuctionOptimizer Makes Predicting Your Success Quick and Easy
With AuctionOptimizer, you get the information you need to increase your chances to sell for more in less than a minute. Armed with real data, Kathy may get an extra dollar or two for the boots and bears. She may make as much as ten dollars more for the calculator. And it only took a couple of minutes to earn several bonus dollars.
If she earns an extra dollar or two per minute for the research she does, that sounds like some great extra income to me.
Why are You Still Taking Chances?
The greatest thing about AuctionOptimizer is how it takes the guesswork out of selling on eBay. When you know how to tune up your eBay listings for the most profit, you will:
- Have more successful auctions
- You reduce your risk
- You make more on the items you sell
- You sell more often
Are You Ready to Start Making the Most of Your Auctions?
Try AuctionOptimizer Risk-Free for 10 Days
Beyond finding the best end day for your auctions, AuctionOptimizer helps you discover:
- Which Listing Features are stealing your eBay profits
- The perfect Starting Price to fan the flames of a bidding frenzy
- The Auction Type that's right for your listing
As a bonus, you'll receive the 10 Lesson Course "Ten Ways to Maximize Up Your Auctions."
You owe it to yourself to take the guesswork and risk out of your listings. Try AuctionOptimizer absolutely risk-free for 10 days. If you are not absolutely sure you'll increase your eBay profits by far more than the $50/month, you're free to cancel and never pay a cent. It costs you nothing to prove to yourself there's a more profitable way to eBay - and you can get access for less than .35 cents/day.
Click HERE to See How AuctionOptimizer Gives You the Tools to Find Products and Sell Them on eBay with Confidence
Until the next issue...
Knowing No Boundaries
Adam Ginsberg
AdamGinsberg.com
Make Money Online
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Student Websites:
I'm taking this opportunity to spotlight students who are taking their online business to the next level.
Each student has participated in the new Auction Cash Flow Secrets Intensive - a 3 day, hands on program intended to launch your online business. In each newsletter we will highlight the top new student websites!
Many incorporate eBay affiliate programs, ClickBank and Google adSense. Please feel free to visit these links to support your fellow students. |
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