I have to say it... sometimes even yell it from the roof tops, "stop giving your stuff away!" I see it over and over and over again, eBay sellers who do not value their time. Even if you acquire your inventory for free you still have an investment. It takes time to list, photo, and ultimately package and ship the items you sell. Are you worth minimum wage or less? I hope you did not answer in the affirmative!
Supply and demand are a curious thing. Even if yesterday there were 15 purple widgets for sale at $14.99 each or less, but they all sell and now you are the only one with a purple widget guess what? You don't have to sell yours at $14.99 you get to charge more! Perhaps $19.99 because until someone else is able to source and list some more purple widgets you got the only one (yes I know that was bad grammar but it's how I talk!)
The more unique, rare or hard to find the item you are selling is, the higher you can put the price. Now I am all for staying within a reasonable expected selling price, but stop cheating yourself out of healthy profits. If the going rate for, let's say, True Religion jeans is $50, why on earth would you price yours at $25? I know I know, you saw some other seller price them that low and sell. Well guess what? They sold for that because that's all they asked!
Honestly, this is one of the hardest concepts I find eBay sellers struggling with...pricing. The fear is that if you price high no one will buy it. Guess what? That happens! The beauty of it is you can ALWAYS come down but once you sell it to cheap you don't get a second chance. There are no do overs for things sold too cheaply! Here's my pricing advice and the way I've been doing it for years:
- Sort completed results by highest first and see what the highest realized prices are for your item or similar
- Check active listings to see who else has your item or like item for sale and at what price
- Price your item in the top 10 percentile - not the highest (unless you are the only one) and definitely no where near the bottom!
- Check apples to apples - in other words are they offering similar value added services such as Free Shipping, Best Offer, 1 day handling (ps... did you know there is a new app in the eBay app center just for this? Check out the Profit Predictor.
One of the fastest ways to increase your ASP, your profits and lighten your workload is to make sure you are pricing your items in such a way as to remain competitive but not be the cheapest seller out there for any particular item. Nothing upsets me more than to see a "race to the bottom" mentality in pricing. There are good customers out there who perceive value by price. Don't let them pass you buy and go looking for a "better" seller!