Loving the "Dollar Store" Strategy

Blogging from my Blackberry tonight because my toddler is hogging my computer. He likes to watch Special Agent Oso on there before falling asleep, and I like having fifteen minutes to myself after work, so I guess it works out!

I am one hundred percent convinced that the 99 cent strategy is driving my recent sales streak. I put Buy It Now on an item last night and it sold this morning, and the three other listings I've got going on all have watchers and bidders. I was telling a coworker you really have to hang on to you b*lls to list an item that way, but at the same time if you do things properly - end the listing at the right time, use a decent title and picture and in general avoid sounding shady in the item description - auction items always go for their market value. The important thing to do before listing an item though is to do your research. Make sure there is a market for your item that is big enough for you to recoup your shipping costs and fees.

Speaking of not doing your research, you know that item I sold today for the BIN price? After I sold it so quickly, I kind of started wondering whether I'd set the price properly. Looking into it, I discovered that the item was a limited edition garment that is no longer available, and I sold it for about a tenth of the original retail price. Granted, it's not in immaculate shape and I told buyers as much. I actually think I sold it for a fair price considering the shape it's in. However, the little moneygrubber inside me couldn't help but feel like I screwed up.

I finally reconciled my sensible self with my moneygrubbing self by reminding both of mes of the following: the secret to ebay success is not to get greedy. People go to eBay to find great deals, and my competitive advantage until now has been that my inventory has already outlived its useful life to me and my family, so no matter what I get for my items my margin is close to 100 percent. That means I can undercut the competiton on price, especially sellers who get GREEDY.

Anyhow, it looks like Oso is about to end so I'm going to have to talk to you later. There's one more topic I want to discuss tonight, if we get the chance. Speak soon!