Before becoming large marketplaces, platforms like eBay or Mercado Libre started as auction sites, and in this sense it is important resume certain formats and sales options that can generate profit and profit For Your Business.
Auctions or “Buy it now!” are formats to increase sales on marketplaces
Currently, marketplaces have become major e-commerce channels where There are several sales options such as auctions or the “Buy it now!” format.which was gradually gaining importance with sellers and buyers on these platforms, showing different advantages over auctions.
For businesses selling rare, hard-to-find, special, and discontinued items, use the auction format., as rarity increases the original price of the product. Examples of this type of sale that can be found on eBay range from old coins, the vinyl of ‘Juan Gabriel at the Palace of Fine Arts’, to an original drawing by Andy Warhol for 1 million pesos.
“Auctions brought to e-commerce are full of emotions for both buyer and seller; however, they should be used strategically. On the one hand, the seller can see how his product gradually achieves a higher than expected value, even up to six figures; on the other hand, the buyer must choose correctly to bid at the right time and win the auctionsaid Raúl Bustamente, Marketing and Communications Manager for eBay Latin America.
Learn more about some features of marketplace auctions
Auctions can be conducted through different platformsone of them is eBay, as long as they have the tools to any seller posts their ad and a group of interested buyers bid on each other from anywhere in the world.
this format usually lasts 10 daysduring this time, buyers offer multiple bids until they reach the highest one and take the item, however, the reach of the product may be minimal since the number of days it appears online is limited.
High-demand products work best with the “Buy Now” option when selling on marketplaces
When the product is in high demand and the stock is sufficient it is recommended that the store comply with buyers and sell the item in the “Buy it now!” format, the strategy of which responds to the immediacy of obtaining the product that current buyers are looking for.
‘Buy it now!’, also known as Buy Direct or BINhas the ability to display the product with a Fixed pricehowever, it is important to determine the sale price taking into account factors such as value, rarity and general demand for the product. Another major advantage is thatThe seller will benefit from receiving payment immediately.
Both marketplace selling options require effort from the seller
The two selling options on marketplaces can generate significant profits for companiesand although they have advantages and benefits, both require the seller to put in the effort and offer quality products, with adequate photographs, up-to-date inventories, places of publication, in addition to following the potential buyers until the sale is completed.
“Both strategies can be used freely in the same way with favorable results as long as prices and demand in the market are taken into consideration. Within a global marketplace, sellers will have alternatives like these to position themselves and reach select buyers such as collectors or fans of the world surrounding the item for sale.“, explained Raúl Bustamante.
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