Bidding Techniques For Better Profit

To profit in any business (either online or offline), there are some tools, techniques and strategies which you must have at your beck and call. Failure to get these, you will only be reading the testimonials of others while you will think that online magic does not work for you.

1. Study to know the market properly. Know the dos and the don’ts of the market. EBay is a global platform and has its policies link in all its pages. Go through patiently and understand every aspect of it. You may be far from profitable bidding if you are not bidding according to the rules.

2. When there is a product you want to bid for, get the details of the product. The brand name, the model, year of manufacture, the manufacturer, the current market price for new one, the level of depreciation on the product, what the market price for the product based on the number of years of usage. When you know all these, you will be armed with enough information to bid profitably. It is absurd to bid for a second hand product and buy same at a price higher than what the new one goes for in the market.

3. If the details on the items are not sufficient or not clear enough, get in touch with the merchant (seller). You may be shooting yourself in the leg if you are bidden on a product you are mistaken for another. Knowing the market value of the product may be impossible if the identity is wrongly perceived.

4. Study to know the duration of the auction. Knowing the beginning and the ending periods for the auction is essential to help you take correct decision.

5. Visit other online auctions to know whether you can get the same product at a cheaper rate. In addition, the merchant may auction the product in other platforms. Because of the unpopular nature of those other platforms, you may get it at a cheaper price. However, you must balance this with the security such markets provide.

6. I told you to know the duration of the bid because at the last minute you may place a last minute bid to beat earlier bidders who may not check at such a time.

7. Despite the fact that it is necessary to place a last minute bid, it is still imperative that you place an early bid so that your interest in the bid will be known to all and sundry. As you are getting out bidden, don’t forget to place higher bid until your maximum is reached.

8. Another important detail not mentioned above is the warranty or money back guarantee provided by the merchant. You may not bid for a product which does not have this since you may not inspect the physical product before the transaction is sealed. If you then discover that the product is of a lower quality as portrayed in the auction, you may have no alternative to return same to the merchant.

9. Does the merchant accept credit card or check? Do you need the product urgently; you must look for a merchant who accepts credit card to meet your urgent demand. However, if you are not in haste, you may patronise a merchant who accepts only check or money order since it will take longer time for these to clear and you product is being shipped.

10. Closely related to above is the location of the merchant. If the merchant is located far from your locality, it may take longer time for the product to reach you.

11. It will be advisable to patronise an established merchant with a clean historical records. If the records are there check properly to know whether the merchant have been criticised of poor performance in the past.

12. You must know the type of bid on which the product is placed. Lack of this knowledge will make you to lose out.