Everyone knows eBay. This online company’s formula for success is as simple as it is effective. Post a product on the site and have people bid on that product. The bidding is for a fixed time frame, so any interested party has up to the deadline to decide if he or she really wants that product and at what price.
The owner of the product can also specify how much he wants so if anyone really wants that item, no bidding is necessary. The buyer agrees to pay the asking price. The deal is sealed, payment is made and delivery is arranged.
There have been attempts to imitate the eBay formula to varying degrees of success.
Your online store can copy the formula without having to be a poor man’s version of eBay. You simply select one or two products of the week or month, and open the door to bidders. If, for example, you sell men’s clothes, you can have bids for the extra large leather jackets you have in your inventory for one month, then move to pastel colored golf shirts the next, then on to silk neckties the following month.
If your online store sells women’s shoes and handbags, you can have bids on single items only such as that last small pair of red pumps. If you have single items up for bids, your turnover could be faster than if you offered several similar items.
Also, adding an interesting detail can make an ordinary product more attractive. If the basketball shoes you sell are the same kind that President Barack Obama or Tom Hanks uses when he plays, then say so. Such details can be enough to clinch a sale sometimes.
The deal is sealed, payment is made and delivery is arranged.
Posted by: Ting Wu | August 01, 2011 at 06:33 PM