Are auctions still a viable selling method ?

[chameleon54]

I,m doing my  23/24 taxation lodgment at the moment and one figure that jumped out was that over 20 % of my sales are still coming from auction. ( nearly 25% on my largest selling ID ) 

Every new listing gets a 3 day run at auction with the starting price being my BIN price. Auctions put time pressure on buyers to bid before the auction closes, forcing the sale rather than buyers  just watching and dithering. The other advantage of auctions is that you often get another bid or two over the starting price meaning you get more for the item than you expected  or were willing to sell it for. 

Around once a week, I go into unsold items and bulk relist unsold auction items with the BIN price being my auction start price. It only takes a minute or two. The data shows it clearly has a place in a sales program ( depending on what you sell ) .

Its worth noting many of my items are unusual or specific collectibles, more suited to auction than generic items.

Does anyone else still have success with auctions and any tips or tricks?

[chameleon54]

Just noticed another thing. I am currently running two selling accounts in my name and another account on behalf of a charity. The charity account appears to be treated separately to my accounts ( doesnt pay commission fees etc. ) in ebay's systems so doesnt count but I have long suspected my own selling accounts are internally linked.

ANYWAY - This financial year I have put much more effort into my minor account, increasing sales on that one at the expense of major account so some major changes.

Just did total sales numbers for 23/24 for both my accounts and added the numbers together. Then did the total sales for first nine months of this financial year and made adjustments to get expected sales numbers for this full year. 

RESULT - there was 0.6 % difference from this years expected combined account sales numbers compared to last year combined account sales and that was after major changes to account structures and galloping inflation. I have noted the same thing many, many times before and stated it in a number of posts over the years. ie. Total sales track within 0.6 % over the long term, regardless of how many listings I run and how much effort I put in etc. ( and yes have noted the 0.6% sales variation figure in multiple posts over several years ) . COINCIDENCE ? ? ? 

[twyngwyn]

coincidence….I’d say purposeful 

I find changing categories also helps (if you can)

[chameleon54]

I sell in approx. 10 - 12 different categories, but probably stick mainly to those.

It doesnt fill me with confidence that I can increase sales with extra effort.

[chameleon54]

Just checked past posts and this one came up nearly 12 months ago in the Tax Tips thread dated 11/5/24.

Seems I,m living in groundhog day. 

" On the same topic, I just ran my numbers from July 1st 2022 - June 30 2023 and compared them to May 11 / 23 - May 10 / 24 and the difference in sales over a mid 5 figure sum where 0.6% different. ie my sales where almost identical to within a few dollars ( less than a single days average sales ) ............." 

[siddieswans]

I too sell collectables – vintage, antique items. All my items originally start at auction, but where I differ is that I run 10 day auctions. Why? Because not everyone is watching eBay all day every day, especially people looking from overseas. AND all my items always get 2 goes at auction, before they go into my store, usually with 10% increase as the BIN price. (Auction start is always lowest I will accept.) Often things will sell second time around at auction, sometimes even with a little bidding war. My repeat buyers stay fairly steady at 15-20% - they know when my auctions start (Thurs / Sat 4pm every week)  - I have always started and finished auctions at a time that suits me. Apparently (and I have never bothered to look before) auction sales accounted for about 45% of my $ earnings last calendar year.

I don’t have any tips / tricks to offer; I will continue to start everything at auction because I have NO IDEA of the true value of what I sell. I am fairly knowledgeable in a few areas, but thank goodness for Google Image Search!

There is a very well-known antiques etc dealer / seller who still starts everything at 99 cents, as they did when I first started on eBay 22 years ago (Yipes! Time flies when you're having fun 😁) I was never game enough to do the same (though eBay told me to), but they no doubt continue to achieve the prices they do because they have an ENORMOUS following, and sell quality items. I do miss the old bidding wars, and many items just sell at opening bid, but the occasional sleeper that takes off makes auctions worthwhile IMO.