Why You Should Start Your Auctions at 99 Cents
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January 9, 2008
Start the bidding at 99 cents and you will see a much higher ending price for your item!
It may seem wrong, or a little risky but it is absolutely true. If you start your auction at 99 cents you will find that in the end you will get way more money for your auction than you would if you were to set the price near the retail sales price.
Here is the psychology behind it. People that shop on eBay want a deal, if they wanted to pay full price for something the would have gone to a brick and mortar store to purchase the item at the full retail price. People that are hunting for items on eBay will ignore any auction where the price is close to retail price. The typical eBay bargain hunter will do a search for the item they are looking and then adjust the search options to "price: lowest first" This is where they begin shopping. They will view the lowest priced auction and will more than likely put the item in their eBay watch list so that they can bid closer to the end of the auction. Some will bid as soon as they find the auction, but most will bid later.
This method does require some will power though, as you will not see many bids during the first few days of the auction, and the instinct will be to remove your auction and start over again. This is wrong. As the auction reaches near the end you will start to see these bargain hunters begin the bidding war. They will bid and they will be aggressive. They have already told themselves that the item is a bargain, and have convinced themselves that the item already belongs to them. Now they will not let anyone else have their item, they must be the winner. This is the point where the aggressive human nature pays off in your favour, these bidders will do anything they can to out bid everyone else and make sure they get the deal.
Now you may not think that this works, and it may seem risky to some, but if in the end it is well worth it. Just remember to research your item to the fullest and have a look at what other sellers are doing and learn what listing techniques are successful, and which ones are not. This strategy works best for items that are in high demand and have some competition. If you are dealing with unique, original, or items with little demand you may be better off using the Buy It Now option.
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