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If you’ve dabbled with making money as a side-line to your main source of income and want to go further, we're here to help empower you with the knowledge and strategies you need to do just that. Our online auctions provide the perfect platform to source and sell stock, and in this blog, we will walk you through the process of maximising your success!
The huge rise in popularity of online auctions has made it much easier for sellers to both source excellent stock and reach a large, eager audience of keen bidders when it comes to listing their items. Our platform connects buyers and sellers, creating a vibrant marketplace with a wide range of auction categories live at any one time.
As an online seller, finding your niche is the key to success. What products align with your passion and expertise? What unique items can you offer that will attract buyers? Discovering your niche will help you curate an inventory that stands out in the competitive market. If you have skills at fixing for example electricals, you’re well placed to buy pallets of raw returns in the appliances category with a view to fixing any that aren’t in full working order. Whatever your area of interest, it’s wise to do your research and see what the demand is and how readily available the stock will be.
Now, let's focus on sourcing stock for your venture. If you’re unsure of what you should concentrate on, retail returns can be a great source of inventory. You can source desirable products from big name brands at a fraction of their original RRPs. Of course, you don’t know what condition they will be in until you open up your delivery, but the money-making potential is here and we have many regular buyers of these type of pallets who separate the items and ultimately go on to resell these individually.
If returns don’t take your fancy, you may have a personal collection that can kickstart your business without incurring any upfront costs, or perhaps you have creative talents you can harness to sell handmade or crafted pieces.
Once you've sourced your stock, it's time to list and sell your items. Here's how to optimise your listings for success:
• Write detailed and compelling product descriptions that highlight the features and benefits of your items. Be transparent about item conditions to build trust with buyers.
• Ensure you have high quality images that showcase your products from multiple angles. Visual appeal plays a significant role in attracting buyers. If there is any damage to an item, be sure to show it.
• Research similar items on our site and set competitive prices. You might want to consider holding auctions with no reserve prices as these always prove popular but if not, set realist reserves to generate interest and bidding competition.
• Opt for appropriate auction durations that create a sense of urgency without rushing buyers. Longer auctions give buyers more time to bid, while shorter durations create excitement. We advise at least two weeks as a minimum.
• Consider a marketing budget. Selling on our site is free of charge but if you allocate a small amount of money towards a marketing package, our team will put together a tailored plan to reach a large amount of your perfect target customers.
• Remember to handle the post-sale process, especially shipping the goods in a timely manner and deal with buyers in a helpful and friendly way so you can start to build up a bank of repeat buyers.
You are now equipped with the knowledge and strategies to source and sell stock successfully! As you explore different sourcing methods and fine-tune your selling techniques, remember to stay true to your niche and provide exceptional customer service. Happy sourcing and selling and may your journey from hobby to hustle and beyond be a truly rewarding experience!