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A New Trend in Selling Online – The Bid Auction - Business - Entrepreneurship
A New Trend in Selling Online â€“ The Bid AuctionÂ Â by Derek Cromwell
in Business / Entrepreneurship Â Â (submitted 2011-01-02)
It was a shock to hundreds of thousands of people in the late 90's and early part of the millennium when they discovered that people were making a full-time living through bidding and auction sites online like eBay. The search was on for many to break into this business as they tried to find and develop their own system of trading, buying and selling online through portals like eBay.
This has been hard to do for a lot of people as power sellers dominate sites like eBay and Amazon. Amazon may not be an auction site, but the low prices available there have made people rethink regular shopping trips to big box retailers. Many have flocked to these sites - especially eBay - in hopes of getting a taste of ecommerce and bid auctions but now, in recent years, the opportunities are coming from another source.
It's been a struggle for power sellers on bid auctions because there's a lot that goes into setting up a full time business on eBay. Not only do they have to do constant research to find the best products and keep their prices competitive, but they have to spend a great deal of time finding wholesale website and drop ship vendors to get the lowest cost possible on items - otherwise they're not profitable.
And it's hard to find profit sometimes in those auctions.
The majority of bid auction sites charge hefty fees on top of getting the items listed which comes directly out of the bottom line. When you're trying to turn a profit this can really hurt your business, especially for a seller that's just trying to break into the world of selling through auctions online.
There are a number of challenges to working through traditional auction sites and the profit can be slim, if there is any. Pay per bid auction sites on the other hand actually offer the opportunity to make to and three times as much profit off the same items that are struggling on sites like eBay or Amazon. People are flocking to penny bid auctions because there is a chance to get massive discounts on items and for a seller, the ability to post items for sale on a penny auction means that all of those bids come to you.
Unlike other pay per bid auction sites that list their own items, there are some sites that let you list the items on the auction block. Every bid that comes in is money in your pocket once the item sells and the auction site only keeps a small percentage of the money that's paid, typically about 10%. Because of the sheer number of bids that come in during bid wars, there is a massive potential in this type of auction for you to make a substantial profit. Far above and beyond anything you could hope to make among the other struggling power sellers on those "major auction sites" and ecommerce sites.
A smart marketer takes his product to where the client or customer is, and trends are showing us that people are flocking to penny auctions because of the savings. You should be there to greet them with your products and get those bids in your wallet.
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