Over half a million Americans who make money on eBay list it as their primary income. If you expand that globally, approximately 1.3 million people worldwide derive their primary income from eBay.
Ok, so those numbers are extrapolated from an AC Nielson survey in 2006, but the figure is not far off and shows that there is huge potential for the world’s largest marketplace which is currently being exploited.
The scale of eBay is startling. Consider the fact that a pair of shoes is sold on eBay is sold every 3 seconds. That’s 20 pairs a minute or 600 an hour. Compare that to opening a shop on the high street. The market you serve would be infinitesimally smaller.
Consider also that sometimes within minutes of being listed you can make money on eBay from new customers who find your listing ranked highly in search engines. Compare this now to starting your own website and trying to compete against all the other websites in your niche, sometimes in the millions.
Take the above facts and you begin to see what an excellent opportunity there is to make money on eBay. And lots of it. To make money on eBay is as easy as finding a product, opening an account, and displaying your item in front of 180 million registered users. No website, no payment system and virtually no up front costs. That’s it. You can make money on eBay in your spare time, work anywhere, be your own boss and even make your fortune. All this can be achieved from the comfort of an armchair in your own living room. eBay takes only a percentage of the sale price, and with Billions of pounds pouring through the site from buyers to sellers every year there is plenty of scope for a canny seller to make a profitable business, just like so many Americans already do today.
With so many categories, products and listings (90 million listings online at any one time in over 50,000 categories) the key to success and to make money on eBay is to specialize. Do one thing well. Be the first, offer something different, make an offer that outdoes the competition, or simply find a source that can supply an item cheaper or of a better quality. It’s easier to say than do, but then in so many ways when you make money on eBay the principles are no different to running any other kind of business where you need to innovate and work hard to beat your competitors.
That said, many inventive and lucrative methods could be employed to make money on eBay. Some of these include:
-Drop shipping, where you sell on behalf of a supplier and pocket the difference between wholesale and final sale price
-Buying low priced items and reselling them
-Actively searching for misspelled items and bidding for them in the knowledge that they will be hard for other bidders to find and bid on
Some techniques are more legitimate than others. It simply isn’t worth trying to break the rules as getting banned will end any chance you have to make money on eBay. Shill bidding, false descriptions, second hand goods sold as new and fake products are all highly discouraged and will lead to negative feedback and potential bans. You might even face prosecution, so keep within both the law and the rules of the site.
If you do succeed in making money on eBay then you can potentially take your winning formula to another item or category and attempt to conquer market after market. Work hard or smart enough and you could find yourself being the next eBay millionaire…
In addition to an interest in Business, Ryan can show you how to be a smart internet marketer at http://www.RyanEven.com