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ONLINE AUCTIONS
What is Online Auctioning?
What do I need to get started?
Buying and Selling
How much can I make from online auctions?
Wholesalers and Dropshippers
Online Auctions to join
What is online auctioning?
Online auctioning is an online marketplace for buyers and sellers. The goods can be used or new. The basic system works by a seller auctioning an item, setting a starting price and schedule, and then waiting for bids to come through from potential buyers. The person who places the highest bid at the end of the auction wins the item – it’s as simple as that. You can sell anything at online auctions, from clothes to DVD’s, Mobile Phones to toys, Electrical products to ornaments, the list is endless.
What you need to get started
Once you have established the item/s you want to sell you can get started. Firstly, you will need a tape measure to give the potential buyer accurate details of the item you wish to sell, remember he or she can’t see the product so you will have to give them as much information as possible. A good photograph is an excellent selling tool because it gives your buyers the opportunity to view what you have on offer. A digital camera is ideal. If you don’t already have one you can get a basic, inexpensive one from many retail outlets or grab yourself a bargain at eBay.co.uk. If you plan on selling on a regular basis a digital camera is an excellent investment and should pay itself off in no time at all.
You will also need packaging materials such as brown wrapping paper, sellotape and bubble wrap (for delicate items). Finally you will need a measuring device to weigh your items for postal costs. A good set of kitchen scales is adequate enough. If you take a trip to your local post office you can obtain a size guide that lists all UK prices according to size and weight. When posting your items at the end of the auction, always be sure to ask the post office for a proof of postage receipt in case the goods go missing. You can claim compensation lost items when using first or second class post. The following URL will give your details for First Class Compensation and for Second Class Compensation. If your item is worth more than this then send by Secure Delivery.
Buying and Selling
Selling at online auctions is fast becoming a great medium for home workers. Whether it’s selling items that you no longer need or unwanted gifts, it’s a great way to earn some money from the comfort of your own home. Vintage items and used designer brands, in good condition, are high in demand, so a trip to your local charity shop and/or car boot sale is well worth a visit. Or you can even buy from online auctions and resell those same items at a profit!
Many people have boasted great profits from online selling by starting up home-based businesses selling goods bought from wholesalers or drop shippers. What is drop shipping? See below for further details.
How much can you make?
That depends on what you are selling and how often you sell. You can make anything from a few pounds to hundreds or even thousands of pounds if you are completely dedicated. One thing you must remember is that people who buy from auctions are either after a bargain or a collectable item. The objective here is to make a profit so you should set your item at a price you are happy to settle with. Make sure that your starting price is reasonable and expect to sell for less than the RRP.
Online Auctioneers to join
Why not sign up with an online auctioneer today and give it a go? Registration is free. Some selected online auctions below:
eBay: the most popular online auction system. Buy and sell practically anthing. Also allows you to open your own shop too- great if you’re using drop shipping. Free sign-up.
e-Bid: Buy or sell just about anything on e-bid. Free listings, no reserve or store cost fee, 2% final value fee on Silver registrations and free on Gold. Free to join.
iBootSale is just like a car boot sale. You just add the items you want to sell to your pitch for others to browse, haggle and purchase. You make one payment for the the pitch, depending on size, and that’s it. No hidden fees or percentage costs. Pitch is currently FREE (90 day, 25 item pitch for 3 month listing). Worth taking advantage of free offer while it lasts.
QXL.Com UK online Auction since 1997. Buy and sell a variety of products and services in a comfortable and safe environment. Part of QXL Ricardo plc, which has online auction sites in 9 European countries.
DROP SHIPPING
Drop shipping is a system that allows you to buy single items – no minimum order is required, at wholesale prices to sell online at your set price. So you can place as many advertisements as you want on the online auctions and order from the drop shipper once you’ve found a buyer for the product. In effect you do not hold any stock so you have nothing to lose if the product doesn’t sell apart from your listing fees if any apply. When you’ve secured a sale you place your order with the drop shipper who can either deliver the item to you for forwarding or send it directly to your buyer by secure delivery. All you have to do is pass on your buyer’s details to the supplier, pay for the product and keep your profit. For further information about drop shipping visit the UK Wholesalers and Dropshippers
