Price monitoring for eBay — a way to build a marketplace advantage
- 05 September 2023
eBay is the second most popular marketplace platform in the world. If you are selling online and not taking advantage of this market, you are losing a lot. From the following article, you will learn how to get started successfully on eBay by conducting effective price monitoring – both on your account and your competitors.
Selling on eBay – an overview of this promising market
eBay is an American platform that has been in continuous operation since 1995. You need to know that this marketplace is one of the first of its kind in the world.
Initially, the company operated exclusively in the USA. Today, 22 local sites in many countries around the world operate under the eBay brand. It makes selling on eBay a prospect to reach customers from all over the world. Therefore, it is worth exploiting this potential.
Both individuals and companies can sell on eBay. However, if you are considering profitable sales here, you should set up a company account. Registering your business on the eBay platform is simple and takes a while.
Remember, it doesn’t matter which version of eBay you set up your account on — eBay.com, eBay.de or eBay.pl. Registering on each opens up the field for you to reach customers from all over the world who visit eBay.
Pave the way to be an eBay successful seller: effective strategies
A successful launch on this platform requires a well-thought-out plan. Detailed market analysis in many aspects is the first step that will open the door to an effective business on eBay.
Here are a few areas to explore before your business takes off.
Product categories worth your attention
At the outset, consider whether your products are in demand on the platform. You don’t have to do it manually. The platform owners offer software that gives you an insight into the statistics of sales-related eBay metrics. Of course, you have to take into account the eBay price analysis. Another tool we will mention later in this article will help you in these activities.
The first tool to screen the market on eBay is Terapak. When you create a business account on eBay, you will get access to TeraPeak. With this software, you will find out how your competitors operate in the marketplace. This knowledge will be extremely important once you develop your sales strategy.
Remember that there are several hundred categories on eBay in which you can place your products. Familiarise yourself carefully with the thematic structure of the categories to choose the one that best suits your products.
Integrations to increase efficiency on eBay
If you start selling on eBay, you need to harness the power of integration with external tools. Such a move will increase your effectiveness in many fields.
You can start linking your eBay account by integrating it with your shop. It doesn’t matter whether your shop uses Shopify or WordPress. You can integrate your eBay shop with almost any e-commerce software.
Another essential software for selling on eBay is a tool that allows you to manage sales on multiple marketplaces in one panel. An example of this type of application is BaseLinker, a tool developed by a Polish company that facilitates the management of products in multichannel e-commerce.
Pricing of an eBay-based e-commerce business
Many sellers wonder how much it costs to sell on eBay. We do not have good news for those who want to run free sales on the platform.
The eBay price list is transparent and easy to understand. The platform owners charge sellers 2 types of fees.
- The first is charged when you list your products,
- The second is when you manage to sell your goods.
In addition, if you decide to set up a shop on eBay, then you will have to pay a monthly subscription fee.
Shop owners on eBay receive a free pool of 250 products to list each month. They only get charged when they list more. The downside is that listing the same product in two different categories incurs a double fee.
Price monitoring on eBay – a way to increase your market advantage
We have already mentioned that sellers have access to the TeraPeak tool, which allows them to analyze the supply and demand situation on the platform. Despite all the benefits of this application, it is not 100% sufficient. This solution does not allow for in-depth analysis regarding prices.
Competitor analysis with emphasis on price screening
An in-depth analysis of prevailing prices on eBay allows you to create a data-driven pricing strategy. The better you know the prices prevailing in the market, the better you can tailor your offer to buyers’ expectations.
Such analysis will ensure that you increase your revenue, are able to react in real-time to market changes, and constantly monitor the profitability of your business.
Dynamic Pricing — Saving time, increasing sales
You surely read the part of the article on price analysis and were horrified by the thought of having to manually monitor and change the price list of products.
Fortunately, there is no need for this. Everything can be done for you by price-monitoring automation software. The tool that takes the tedious work out of your hands is Dealavo.
The power of Dealavo lies in its ability to set rules based on logical conditions. You can set up rules that will adapt the pricing of your products to changes in the market. If most of your competitors are raising prices, you can set up a rule in Dealavo that will also make a similar move in your shop. The presence of this system in your toolkit is even a priority on eBay.
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Price monitoring for eBay — a way to build marketplace advantage [Summary]
Do you already see the potential that lies within the eBay platform and want to start effective global-scale selling? Create a company account on the platform, choose appropriate products, conduct a detailed analysis of eBay competitors’ prices, and enjoy good sales.