Aspiring entrepreneurs would do well to consider online auction sites and marketplaces. The initial costs of starting a business there are minimal. You need a computer, internet connection and, of course, items to sell. There are no costs associated with a traditional brick-and-mortar business. You do not even have to worry about the costs of maintaining your own Internet presence and of driving the traffic to it. The site does that. It also handles a lot of routine ecommerce tasks for you. It provides the trading platform, the web site, the software needed to transact online. And since you sell directly to your customers, without a middleman, you get the best reward for your merchandise.
Even businesses that have a “real-life” presence or their own e-commerce web site will benefit from selling on an established online auction site, because they gain instant access to a vast base of customers.
Selling on an online auction site offers great flexibility. You work when you want to. You may sell from time to time, part time or full time. Your time-table is up to you. You can work in the middle of the night or during the day. You can sell the items lying around your house, or you can sell items you bought for re-sale.
The thrill of seeing bidders compete for your item is the high point of a procedure that involves a number of routine steps, briefly outlined here.
Know the site: Make sure to familiarise yourself thoroughly with the rules of the online auction site you intend to sell on. Calculate all the fees associated with listing and selling your item and incorporate them into your costs.
What to sell: You can sell practically anything on online auction sites, from a comic book to a car, as long as it is legal. If in doubt, do your research first, or contact the online marketplace customer support centre.
How to sell: Register as a seller and proceed to upload your listing. Provide good images of your item, preferably from several angles. Be scrupulous in the description, stating any and all defects your item may have.
How to price you item: When you are selling in an auction format, you are allowing the market forces to determine the value of your merchandise. You may start from R1 if you know that there is a high demand for your item, if you want to test the water before buying bulk quantities for re-sale, or if you are feeling brave. Otherwise set an opening bid at a level at which you would not be sorry to see your item change hands.
Receiving payment from buyers: When setting up a listing for your item, you need to specify the modes of payment you accept: credit card, Internet payment, cash deposit, and so on. When the highest bidder proceeds to complete the purchase, he or she will choose one of the payments from the list you created.
Shipping and delivery: Your items will be visible to online shoppers everywhere, which means that you need to decide whether you will deliver nationally or internationally. Then provide the charges to be added for shipping.
Dispatching the item: Once you have received the payment, pack the product carefully and ship it to your buyer (unless of course the buyer has arranged to pick up the item directly from you).
Talk to your fellow sellers: Whenever in doubt, turn to other members. An online auction site is not only about selling and buying. It is also about the social interaction. More experienced users are always ready to extend a helping hand to novices.
bidorbuy.co.za is South Africa’s largest online marketplace. Buyers and sellers come to bidorbuy to buy and sell virtually anything in auction format or at fixed prices. Contact details: bidorbuy Marketing Department; email promotion@bidorbuy.co.za, web site www.bidorbuy.co.za
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