posted on February 5, 2001 12:41:27 PM new
Heya Reddeer --
I think the $1 thing has a slightly addicting affect...almost like gambling, hence, it's a hard habit to break.
But, I'm just as addicted to $/profits , so I might do what you suggested. I was thinking I could even market it and put a blurb in my auctions like, "Please see my other auctions for a selection of $1 auctions, for those who like the auction format, and BIN auctions, for those who want their goodies immediately."
That might be the way to go...I can stay competitive, and still offer the "thrill" to those who want it.
posted on February 5, 2001 12:50:51 PM new
Hiya Julesy
One thing I've noticed on my $1 no reserve auctions, the early bidders, are seldom the final bidders. Many of the bidders are simply tossing a low ball bid in, then leaving the minute the action gets anywhere near the "realistic" value.
I have just as many bidding wars on items started at $50-100, as I do $1.
I use BIN on commen items for 2 reasons.
1. To encourage early bidders to place a bid & kill the BIN.
posted on February 5, 2001 12:57:00 PM new
I think alot of people don't understand the BIN option, including me.
I sell a lot of glassware so I'm always in those categories checking things out. When I see auctions that are ending soon with a BIN of $45 and an opening bid of $5.00 and no bids at all, it makes me wonder.
If I bid $5.00 will I get it for that? $5.00 is quit a stretch from the $45.00 that they want.
If I did bid and get it for $5.00, I'd feel guilty that the seller got cheated somehow.
Anyway a'm I making any sense on this?
I think most people are seeing the BIN as an open reserve.
posted on February 5, 2001 01:05:10 PM new
I see the same thing, too, Reddeer. Only rarely does the early bidder end up winning.
I think also, because there are a ton of counterfiets in my category, that when a buyer see's my $1 auction against another seller's BIN auction, the "too good to be true" mentality comes into play, and they go for the BIN seller cause it give's them more piece of mind. Sad, but true.
I saw one BIN seller turnover the same item, 3 times in one day. Each time she listed it, it was scooped up. It was amazing. Meanwhile, it took me five days to sell just one of the same item, at only a slightly higher profit.
Yes, if no other bidders came in, your $5 bid would win the prize.
The seller was simply trying to get someone to pay the price for getting the item fast.
You might be surprised at how many shoppers don't like sitting around for days on end waiting to see if they "might" win an auction.
The BIN option gives those shoppers the opportunity to get in & make a quick purchase. Most sellers make them pay a "bit" extra for that privilege.
Julesy
Good for you for watching the competition so closely! The mark of a smart ebay seller IMO.
One can never get too comfortable in how they sell on eBay.
posted on February 5, 2001 05:02:05 PM new
mildreds, your Ming Dynasty vase example is PERFECT! I have seen that type of thing over and over and over again in my many years of auction-going. It takes TWO interested and knowledgeable bidders to make an auction!
Here's why I won't go with the $1.00 NR thingie, even though I probably comfortably could. Those darn eBay GLITCHES, HICCUPS AND "ISSUES"! The "we're sorry for any inconvenience, but we're not extending auctions because we were only down for 45 minutes." Yeah, the last 45 minutes of MY auctions! I cannot start things at $1.00 and depend on the last-minute sniping when I never know if eBay is going to suddenly have some "issues" with search or bid or whatever. So I start my items at a price I am comfortable accepting. I rarely use reserves, but sometimes have to when the item is valuable.
posted on February 5, 2001 09:43:38 PM new
Julesy, your comment:
I think the $1 thing has a slightly addicting affect...almost like gambling, hence, it's a hard habit to break.
this hits home for me and I believe it's completely true. In fact, this is the primary reason I sell on eBay. I wouldn't enjoy it, or even bother otherwise.
Like reddeer says, it depends on what you sell. But it also depends on the seller, and just like the stock market it depends on each individuals risk tolerance. If the thought scares you too much, you probably shouldn't do it.
Personally, I beleive in 'no pain, no gain' and gladly take the risk.
Like Packer says, you can't go by the results of just one auction, you have to look at overall sales. My experience is that the low opener, no reserve auction is the most profitable and efficient method over the long haul, and the thrill of it all keeps me very addicted.
posted on February 5, 2001 10:45:40 PM new
I have had great success with the $1 NR thing too. I have to agree with Redeer though, it does depend on what you sell. I come across a lot of items that I know will sell with one bid and it might take a relist or 2 to do it. those get started out at the price I need for them. Everything else is $1 NR or sometimes $9.99 NR. I started out doing it to save on fees, but I quickly realized that it had the added effect of really boosting my sales.
I also agree that the first bidder is rarely the winner. But those early bids are great, they attract more attention to the auction.
Also, birdwatcher made a really good point. I lost a lot of money during the last round of functionality issues.
posted on February 6, 2001 08:26:18 PM new
Ok Here is the result.
Auction 1 ended at $8.00. I'm ok with that.
Auction 2 ended at $1.00 I don't care about the merchandise but I would rather throw it away than have to do emails, packaging and post office runs. My usual minimun is $9.99.
Auction 3 is the one I panicked about with the .25 increments ended at $51.00 !!! So I feel kinda sheepish. It was at $32.00 about 6 hours before close.
So I panicked too early...
Thanks for all of the great discussion and thoughts. Decisions about where to start the bidding, reserve or no reserve, are always the hardest part of putting an item up for auction for me.
posted on February 7, 2001 06:26:18 AM new
Hi, Mildreds - I'm glad things turned out okay for you - when you wrap and mail the one dollar item, you'll have to keep thinking about the one that went for $51.00
And thanks for starting an interesting discussion!
posted on February 7, 2001 07:08:29 AM new
I am total believer in the 1.00 N/R. Bidding slowed down on items priced at lowest I could take auctions, I decided to give the 1.00 N/R thing a try, relisted some items that previously hadn't sold just to give it a try and get rid of some stuff.
Well, I couldn't believe what an effect it had, the items that had no previous activity went crazy with bids, granted they were low in the beginning, but did well above my expectations!!
From then on I do 1.00 no reserve and have actually gained a following, people do actually look for you "stuff" just to see what today's possible deals are I am now getting lots of repeat bidders. I know the day is coming for a losing situation on an item, but have yet to lose on item. I am prepared for that as the profits now far outweigh any loss one item.
, so I might do what you suggested. I was thinking I could even market it and put a blurb in my auctions like, "Please see my other auctions for a selection of $1 auctions, for those who like the auction format, and BIN auctions, for those who want their goodies immediately."
kudzurose