It seems making sense to sell online.
Now the second consideration, why you've to choose online auction?
Firstly, we have to see what kind of online advertising channels available in Singapore.
1. Online auction - sell directly on online auction website, you can choose to pay or choose free of charge online auction sites
2. Online classified ads - you can choose to post advertisements on certain online classified ads websites, same again, you can choose to pay or choose free of charge one.
3. Online forum - some seller posts their ads on some popular online forums. Sometimes, it may not be trade advertisement directly. It may be in the form of mass order (i.e. with a host to purchase goods directly from Overseas and certain participants to share the cost). Or post something like private deal.
4. Own website (including blog sites) - you can put up your own website (some sellers may prefer a blog as look more personal touch than trading website). You can list all your products there. Have your website be listed on the search engine and wait for customers to come. In theory, higher ranking of your sites will generate more traffic and eventually, more sales to you. There are a lot of way to increase your website ranking and a lot of consultants are now providing such service. Or simply way is ppc (pay per click) advertisements.
5. Bulk mails - sellers may choose to sell direct emails to potential buyers. However, it is not easy today due to Anti-spam Act.
6. Others - i.e. selling on some social networks.
After we have found out most online marketing channels available, then why online auction will be the best popular channels?
I think it is because
1. Online auction provides a rating mechanism for users to judge how trust worthy of your trading partner
The rating (some call it feedback) mechanism will provide some idea on how trust worthy of a user. For example, if there are 2 users who sell the exactly the same item at the same time and at exactly the same price. Will you trade with user A if he is new with 0 rating score. Or will you prefer user B if he has 2,000 good ratings scores. Of course, you'll choose user B because you know that he has successfully deal with at least 2,000 different users and those are happy with him.
2. Online auction provides a transparent mechanism for users to fix the market price of a product
As a seller, sometimes I may list a product at very low start price. For example, I used to list some gadgets which might be S$ 0.99 as start price. But after bidders bid on the auction item, it might become many times of the original selling price.
Some recent case was that I tried to sell a HDMI to HDMI cable with a start price of S$ 5.99 (Since my company deal with wholesales and I sometimes list the product at wholesales price of 100 pieces to attract people). The successful bid price may be S$ 14 when the auction closed. The reason for it is simply because of supply and demand. Cause many users may upgrade their TV to LCD TV recently. They may need a HDMI cable to connect their PS3 player to the LCD TV. But the market price for a HDMI cable may range from S$ 20 to over S$ 100. If you see someone is selling a HDMI cable at such a low price, since you also need one, for sure you'll bid. Eventually, it push up the price to S$ 14.
This is the happiest situation that I love to see. Because all users are happy. Seller can sell at higher than his expectation. Buyer can save money because the final price is still far cheaper than market retails price.
The seller may therefore increase his start price on his next auction listing to a higher price, say S$ 13 and it will still have customers to buy.
3. Online auction provides a fun way to try your luck
A buyer prefers online auction than others may also be because of the way to buy. For example, someone put up an auction listing to sell a Nokia N95 at S$ 0.99 It will be very attractive deal and even I don't need a phone, I'll place a bid to try my luck. I'll simply place S$ 0.99 with the hope that if no one has seen this auction, I'll be the winner and I'll get a Nokia N95 at S$ 0.99
It really happen to me a few times in my past 6 years experience. Luckily, it was at lower price items as otherwise I had closed my business long ago.
(to be continued when have time)
All copyright of this tutorial belong to Mr. Kent Kwok (one of the founder of 99auction.com). Please do not use, quote, copy, hyperlink, screen capture or similar without the prior consent from the copyright owner. Thank you.
Now the second consideration, why you've to choose online auction?
Firstly, we have to see what kind of online advertising channels available in Singapore.
1. Online auction - sell directly on online auction website, you can choose to pay or choose free of charge online auction sites
2. Online classified ads - you can choose to post advertisements on certain online classified ads websites, same again, you can choose to pay or choose free of charge one.
3. Online forum - some seller posts their ads on some popular online forums. Sometimes, it may not be trade advertisement directly. It may be in the form of mass order (i.e. with a host to purchase goods directly from Overseas and certain participants to share the cost). Or post something like private deal.
4. Own website (including blog sites) - you can put up your own website (some sellers may prefer a blog as look more personal touch than trading website). You can list all your products there. Have your website be listed on the search engine and wait for customers to come. In theory, higher ranking of your sites will generate more traffic and eventually, more sales to you. There are a lot of way to increase your website ranking and a lot of consultants are now providing such service. Or simply way is ppc (pay per click) advertisements.
5. Bulk mails - sellers may choose to sell direct emails to potential buyers. However, it is not easy today due to Anti-spam Act.
6. Others - i.e. selling on some social networks.
After we have found out most online marketing channels available, then why online auction will be the best popular channels?
I think it is because
1. Online auction provides a rating mechanism for users to judge how trust worthy of your trading partner
The rating (some call it feedback) mechanism will provide some idea on how trust worthy of a user. For example, if there are 2 users who sell the exactly the same item at the same time and at exactly the same price. Will you trade with user A if he is new with 0 rating score. Or will you prefer user B if he has 2,000 good ratings scores. Of course, you'll choose user B because you know that he has successfully deal with at least 2,000 different users and those are happy with him.
2. Online auction provides a transparent mechanism for users to fix the market price of a product
As a seller, sometimes I may list a product at very low start price. For example, I used to list some gadgets which might be S$ 0.99 as start price. But after bidders bid on the auction item, it might become many times of the original selling price.
Some recent case was that I tried to sell a HDMI to HDMI cable with a start price of S$ 5.99 (Since my company deal with wholesales and I sometimes list the product at wholesales price of 100 pieces to attract people). The successful bid price may be S$ 14 when the auction closed. The reason for it is simply because of supply and demand. Cause many users may upgrade their TV to LCD TV recently. They may need a HDMI cable to connect their PS3 player to the LCD TV. But the market price for a HDMI cable may range from S$ 20 to over S$ 100. If you see someone is selling a HDMI cable at such a low price, since you also need one, for sure you'll bid. Eventually, it push up the price to S$ 14.
This is the happiest situation that I love to see. Because all users are happy. Seller can sell at higher than his expectation. Buyer can save money because the final price is still far cheaper than market retails price.
The seller may therefore increase his start price on his next auction listing to a higher price, say S$ 13 and it will still have customers to buy.
3. Online auction provides a fun way to try your luck
A buyer prefers online auction than others may also be because of the way to buy. For example, someone put up an auction listing to sell a Nokia N95 at S$ 0.99 It will be very attractive deal and even I don't need a phone, I'll place a bid to try my luck. I'll simply place S$ 0.99 with the hope that if no one has seen this auction, I'll be the winner and I'll get a Nokia N95 at S$ 0.99
It really happen to me a few times in my past 6 years experience. Luckily, it was at lower price items as otherwise I had closed my business long ago.
(to be continued when have time)
All copyright of this tutorial belong to Mr. Kent Kwok (one of the founder of 99auction.com). Please do not use, quote, copy, hyperlink, screen capture or similar without the prior consent from the copyright owner. Thank you.
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