eBay is an online eCommerce shopping platform that is best known for its auctions and consumer to consumer sales. With 23 international eBay marketplaces and a presence in 100 countries worldwide, eBay serves as a great sales channel for both merchants, as well as for buyers who can purchase products from across the globe. Opening an eBay account is free, and users can choose to sell as well as purchase products. Users can choose to either sign up for a personal account or a business account. Personal accounts are recommended for more casual sellers, whereas Business accounts are recommended for users planning to sell/resell large quantities of products. Alternatively, users can choose to open their own eBay store for a small monthly fee of $4.95.
Consumers can opt to purchase products nationally, as well as internationally through any of the international eBay sites. Since its creation in 1995, eBay has become a household name. This is because you can buy and sell nearly anything, with millions of transactions conducted every single day throughout eBay’s worldwide sites. This has made eBay the go-to place for collectors, who can easily find products that would be impossible to find locally. Due to the capitalist nature of eBay, an item is worth exactly what a consumer is willing to pay for it. When listing a product on eBay, a seller has two options. Option one is an auction, where the seller only accepts bids for the item. Option two is a buy it now option, which allows buyers to purchase the item for a fixed price set by the seller. This has resulted in high prices for highly sought after products such as vintage or unusual items, and low prices for more common, readily available products.
Before selling your first product on eBay, you have to set yourself up for success by utilizing eBay Marketplace product research tools. At Algopix, our eBay Global market research tool enables sellers with the ability to analyze products individually or in bulk (up to 200 products), across 7 international marketplaces. It all starts with a product identifier, such as a UPC or EAN. Simply enter the product identifier into our system, and Algopix will analyze the data for each market selected, using our proprietary algorithms. Our system will provide valuable insights regarding expenses, competition, and demand as well as a recommendation based on all the data collected. When it comes to expenses, Algopix will provide a detailed analysis of the expenses related to selling your products. These expenses include items such as insertion fees, Final Value fees, Paypal fees and taxes and makes calculating margins significantly easier. Algopix provides information on the level of competition based on the number of sellers who offer the product for each selected market. Algopix provides the demand level based on the volume of sales of the product from the last month, in each market selected. eBay marketplace research lets you as a seller know what products to sell, at what price, and in what market, which results in lower risks and higher profits, setting you up to have a successful eBay business.