The world is full of choices, and to make matters worse some of those choices don't necessarily have a "best answer". The same thing applies in regard to your online auction business; there might not be a best answer. However, there might be an answer which works best for you. For example, choosing between a fixed price listing and a regular auction listing on eBay can be enough to create a few grey hairs in some people. Is one better than the other, is one type more profitable, or do customers prefer one over the other? This article will help you come up with your own best answer to these questions, and maybe the process will help you make choices in other areas of your life as well.
So is one type of listing really better than another? I guess you could say the answer really depends on what you expect a particular listing to accomplish. What will happen if you use a fixed price listing, will it make for a quick sale and let the customer get the item they want more quickly? Or on the other hand, will it limit the number of people who develop an interest in your auction products? Then what about running a regular auction, will it create excitement about your product and possibly lead to additional sales through second-chance offers? Will you be able to lead the extra bidders to your web site for off-eBay sales? Will these things sacrifice your customer's ability to get the item right now, when they want it, without waiting for an auction to close?
How about profits, is one type of listing more profitable than the other? A regular auction listing might not bid as high as you would like to sell your item for, but what if the bids could go higher than you listed a fixed-price item for? What if you put your fixed-price too high, how will you know what the item would have sold for if nobody bids? As you can imagine, the possible outcomes will vary with each item and the way each item is listed.
What do your customers prefer? This might be the easiest question to answer, but it still requires some thought. You might do well with fixed price items, and assume your customers prefer to receive the item right away without waiting for an auction to close. But have you done anything to test your guesses? Or if you think your customers like the bidding process so they can get the lowest price possible, are you certain they wouldn't pay a little more to get the item right away?'
You might be saying to yourself, "Now I'm more confused than when I started. You really haven't told me anything." If you say that, you are right. But if you're truly asking yourself the right questions, and seeking the answers as they apply to your own situation, you're doing more to improve your auction business than I could ever tell you. Ask yourself the questions, test the answers, and then ask yourself new questions. You should know your business better than anyone else, and if you do then your answers will be better than anyone else can give you.
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