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Guest article by
Dennis L Prince
Without question, online sellers have recently struggled and
strained to maintain a profitable livelihood in eBay's ever-changing
marketplace. From the shrewdly shifting of fees to increased pressure
to price lower and ship for free, eBay has presented sellers with
significant challenges that have been deemed as "unfriendly" by some
long-time merchants.
Add the unpredictable marketplace where buyers are often
hesitant to purchase goods due to fickle moods or uncertainties about
the economic climate and it becomes enough to make any experienced
seller consider pulling out entirely.
Well, some sellers have taken action by looking squarely at
their own business plans and reassessing their own goals and
expectations. Since it's a periodic re-evaluation that keeps a business
going strong amid the winds of change, here are the key elements you'll
want to revisit to ensure you can meet change head on.
1. Reassess your goals
If you're like most sellers, you were drawn to eBay by a goal
to make money. Perhaps you had a bunch of stuff you simply wanted to
shed. Maybe you had an existing business (brick and mortar or online)
and you were looking for a way to reach more customers. It's possible,
too, you were eager to launch a new product, brand or service, and
wanted to utilize eBay to test your idea, premise and approach.
Today, just as the auction climate has changed, it's possible
your goals have also changed. This is a good time to take pause and
decide what you want to achieve in this new chapter of your online
endeavors.
Some folks decide it's time to refocus and reinvent their
business (or product or brand), and use this temporary lull to think up
a new approach. Others determine this is a good time to launch a new
product or new service for a new time. Some decide they're a bit weary
from all the past busyness and see this as a time to just slow down for
a bit (maybe three to six months) and reset their perspective, monitor
the trends, then jump back in with a renewed set of goals and a fully
refreshed state of mind. Now is the perfect time to reassess, realign
and reassert yourself with a revamped business plan.
2. Reassess your offerings
"Wise sellers recognize the value in keeping their sales
policies evolving with the market"
Sometimes a drop in sales stems from a decline in demand for
the goods you're selling. Consumer demand shifts at various times and
within the changing seasons of the year. It also shifts along with a
change in the overall mood, perception and outlook of the economic
situation at hand. If you've been selling "indulgent" goods, a shift to
a more practical market mindset might leave you wondering why people
aren't enjoying your items like they used to.
This doesn't mean you're doomed in your business, just that
you need to realign yourself to your customers' situation. Offer goods
that have a more practical value-and present them with a sales pitch
that illuminates their practicality. Additionally, if you usually offer
high-priced items, push those to the side for the time being and offer
a greater volume of lower-priced - that is, more affordable - goods. If
you have any inventory that seems to be collecting dust on your
shelves, consider pricing those items for quick sale, and position them
as attention-getting deals that will encourage folks to visit you to
see what else you might have in store.
Even when buyers aren't opening their wallets as freely as
before, they will still come upon a moment when they need to reward
themselves for having been so frugal and faithful to practical
economizing. Hopefully, they'll indulge among your offerings.
3. Reassess your policies
As the online marketplace continues to evolve, wise sellers
recognize the value in keeping their sales policies evolving as well.
If it's been a while since you've reviewed your terms of service, take
this opportunity to make sure you're still in touch with your
customers' needs. Check the following key elements of your sales
policies:
* Shipping and handling: Forget the pressure to offer free
shipping (unless you can do so without eroding your well-deserved
profits) and ensure the shipping fees you charge are reasonable. Forget
trying to wiggle an extra dollar or two under the guise of "handling
charges" or overcharged shipping fees. Be certain, of course, that you
can recoup your shipping expenses and that you ship in a method that is
safe and reliable for the item to arrive in good condition.
* Payment methods: Again, here's where eBay has imposed a
near-mandate that sellers only accept PayPal payments. Sellers know
that not all buyers want to pay this way, so walk the fine line and
include instructions such as "please contact me if you need to use an
alternate payment method; most are gladly accepted."
* Refunds and guarantees: More than ever, folks are looking
for assurance somewhere in an uncertain economic landscape. Include
reasonable refund and guarantee provisions that let your customers know
you'll back their purchase 100 percent. This could be all they need to
hear to begin a purchase with you. (Ed. Under recent eBay rules, you
now need to include a Returns policy anyway)
4. Reassess your presence
Lastly, be sure to take another look at your presence within
the marketplace. Now is a perfect time to determine if you're still
entertaining the proper customer set, or even if you're still not
reaching a larger audience that would be interested in your offerings.
Have you built that Web store outside of eBay? Have you added enticing
features and information that will complement what you sell? Have you
ensured you've made it easy to find you and your goods online (through
use of embedded meta-data on your site, active participation in social
networks and so on)?
Perform the usual search-and-find methods you use when you're
looking for something, but check to see if your business is showing up
in the results. If it's not, there's no better time to make sure folks
can find you when they're searching for the best value for their dollar.
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