How To Make Money Using Online Auction Sites

Online auction sites mean big business and have helped many small enterprises increase their annual turnover. Registration with bidding sites is easy, and providing you are sales savvy you can also give your profits a boost selling goods using online auction sites?

BIDDING FOR BUSINESS

Companies using online auctions sites consistently earn higher returns than they do through conventional trading methods. In recent years, some business owners have attributed turnovers of -£1m to bidding sites. As a result the boom in the “Clicks not Bricks” philosophy is changing the way business owners set up their premises in order to save on utility bills, rent and travel expenses.

It’s no secret that internet shopping is becoming the preferred method of consumerism - the tide is well and truly turning away from the high street in search for broadband bargains. Essentially, online bidding sites have opened up a whole new playing field which enables small businesses to compete with the established high street chain stores.

GETTING STARTED

Not all small business owners are tech savvy and they find the internet too confusing. Nor does simply having something to sell and advertising it online necessarily mean it will sell like proverbial hotcakes. There is a knack to selling products through online sources and it will be worth your while doing a little research before getting started.

First of all you have to register with an online auction. There are several and you can choose whichever one you feel most attracted to - and if all goes well, you can register with the others as well. Once you have opened your account and set up your PayPal details to receive payment, the next step is to advertise your products.

Products on auction sites always sell better if there is an accompanying photograph. It will therefore save you time if you make a list of all the products you intend to start with and take a picture using a digital camera. This will make it easier when you come to advertising your goods and uploading your photos. Remember to label your photographs clearly as the thumbnails are small and it-´s difficult to make out the picture.

ADVERTISING PRODUCTS ONLINE

Your products also need a description which lists the features and describes the benefits. The description can be as simple as you like, but it must be honest otherwise you will receive negative feedback which will be damaging to future sales. The way to make money on bid shopping sites is to attract as many bidders as possible, therefore the heading of your product description needs to be enticing and the description needs to convince bidders your product is better than the products your rivals are advertising.

To do this, conduct some competitor analysis. Research similar products you have and take note of the types of words that are used in the description. What is it about the advert that attracts or repels you? Take inspiration from other sellers then re-write your own product descriptions in a unique and appealing way. By understanding the thought process behind bid shoppingon sites like Bid Grid, and other technical aspects too, you can ensure you maximise the profit potential from such platforms.

The author started life as a small business owner but is now an international company thanks to his success using online auction sites. His success was mostly achieved by learning how to advertise on bid shopping sites whilst they were still in their infancy and urges any small business owner with big ambitions to exploit emerging markets.