When running an eBay business, it’s important to pay attention to your profit margins. Businesses with high profit margins can withstand the inevitable slow economic periods. If you choose to sell products with high profit margins, you are already ahead of most business where the profit margins are much lower.
By using Bid Infinity’s product search feature, you can increase your margins and inevitably make more money.
When you search for a product in Bid Infinity, you will learn the key price data about the product. This includes the highest price, lowest price and average price. These figures are all averaged to paint a more realistic and refined picture of the price data of the product.
You will also learn the trend, units sold for that week and revenue sold for that week.
You can filter this data to see specific time periods, conditions or countries. Let’s take a closer look how you can use this data to our advantage when buying and selling products on eBay.
How to use the lowest price figure when buying.
Like stated above the lowest price is just an average figure, so treat it more of as a guide price, when looking to buy items.
The lowest price of a product is important when you are looking to buy an item. If you are able to acquire your desired product near to the low price, you will have a greater chance of having a higher margin when selling the item.
Finding items that are selling close to the lowest price figure can be difficult, because the market can be very efficient especially for more popular items. This means, that auctions that are trading at an undervalued price can be quickly bid on by buyers, resulting in the price rising.
Buying items that have slight blemishes is a great to way to acquire products at a lower than average price. However, this means that you need to be able to restore or fix the product to a suitable standard, so that you are able to sell it later for a profit.
How to use the highest and average price when selling
When selling your product, you should be looking for the item to sell within the average and highest prices. This will ensure that you make a profit on your product.
You can increase the chances of your item selling for a higher price by using Bid Infinity’s “Best Time to Buy” feature. This feature offers the recommended time to buy and sell your product. Bid Infinity takes all the items that are sold and documents their times to provide you with this information.
Bundling additional items with your product can also increase the selling price, thereby increasing your margins. Bundle items that would typically be brought in conjunction with the primary item you are selling such as accessories.
The margins you make when selling products will always be important to your business. Use Bid Infinity’s product search feature to help you on your eBay business journey.