Understanding Auction Formats and Benefits
Did you know that eBay had started with auctions? Although over the years fixed-price listings have gained its own popularity, auctions have still not lost their touch! Listing in auction-style format works well if you want to let buyers decide what your item is worth. When you list an item for sale in an eBay auction, you choose a starting price, and interested buyers place bids. When the auction ends, you sell to the highest bidder. Remember – starting price is the minimum price at which you are willing to sell the item – so you need to make sure that you set it right. Benefits of auction format: Under the auction format you can choose whether your auction should run for 1, 3, 5, 7, or 10 days Unsold auctions may be automatically relisted You can add a Buy It Now price to an auction listing, and it will be shown until the first bid is placed Auctions allow you to set a reserve price - Setting a reserve price means that unless bids reach the reserve price, there is no sale. If the highest bid does not meet this price, you're under no obligation to sell the item to the high bidder. Want to know more about listing formats – then visit our seller center by clicking the following link: https://sellglobal.ebay.in/seller-center/listing-types-durations/ Regards, eBay INCBT TeamKnow about listing types and duration
If you want to ensure that your listing gets the most possible views and results in successful sales, you need must ensure that you: Choose the right type/format for your listings; and Choose the right duration for your listings; and Price your items competitively. So let’s understand the Listing types and durations that are available to you for your listings on the eBay marketplace: Overview You can choose from two listing types when creating a listing: an “Auction-Style” listing; and a “Fixed Price” listing Auction-Style listings - and duration It is best to use an “Auction” listing when: You are selling a unique or a very rare item; Your item is in high demand and selling very fast; or You are unsure of what price to set for the item Points to note in an Auction Style listing: Buyers will bid for the item, and the item will go to whomever is the highest bidder when the auction ends You will set a minimum price at which you are willing to sell the product – this is called as the “Starting Price” If you know an exact price which you would like to receive, then you can also set a “Buy It Now” price. This gives buyers the option purchase the item immediately / skip the bidding process. Do remember that the Buy It Now price must be be at least as high as the “Reserve Price” You can also choose to add a “Reserve Price”. This will stay hidden from buyers. The listing will not end in a sale unless the winning bid is alteast as high as the Reserve Price With the “Auction-Style” listing you can choose a listing duration of 1, 3, 5, 7 and 10 days. If the item is not sold during that period, once the period expires the listing will be moved to “Unsold” section of your account. Fixed Price listings and duration It is best to use an “Fixed Price” listing when: Your know an exact item price; It is rare for the pricing of that type of item vary significantly; or You have large quantities or multiple variations of an item. Fixed Price listings are the simplest and easiest way to set the price of items. Under this listing type buyers can make and act upon a purchase decision right away. The default duration under Fixed Price listing is set to Good ’Til Canceled. This means that your item will be relisted on eBay every month until it sells or until you end the listing. For more details: Click here to read about Selling through auctions Click here to read about Selling with Buy It Now Regards, eBay INCBT Team
