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Advanced Secrets and Strategies for Selling on the Internet

Advanced Secrets and Strategies for Selling on the Internet. By Joel Elad. Today’s Agenda. Wholesale and dropshippers Determining what to sell on which site (eBay, Amazon, Yahoo, etc.) Opening your own store (eBay/Yahoo) How to Sell on Amazon Saving money when shopping retail

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Advanced Secrets and Strategies for Selling on the Internet

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  1. Advanced Secrets and Strategies for Selling on the Internet By Joel Elad

  2. Today’s Agenda • Wholesale and dropshippers • Determining what to sell on which site (eBay, Amazon, Yahoo, etc.) • Opening your own store (eBay/Yahoo) • How to Sell on Amazon • Saving money when shopping retail • The power of referrals • Getting noticed on the Search Engines • Getting paid on other people’s sales

  3. I’m assuming you know the following… • What eBay is and how to buy and sell • How to use an Internet web browser • Using the Internet to research prices • You’ve heard of or used the following sites: Yahoo, Google, eBay, Amazon, Overstock, Craigslist, etc. etc.

  4. Step 1Find your Products to Sell

  5. Start with what you can get… • Great place to start: storage/attic • Friends and family – Do they (or their workplace) have a product to sell? • Liquidation Auctions (Storage comp.) • Local manufacturers / distributors • Trade shows/craft fairs – HobbiesHey… what about buying wholesale?

  6. Wholesalers • Wholesaler: You buy direct from a wholesaler to get better prices, usually in large quantities and then resell the items online. They typically provide pictures and descriptions for you to use, some link to eBay. • GOOD: Better discount than going retail, you have a dependable source to get more if a product is profitable, usually have selection. • BAD: You pay up front and have to store, pack, and ship the merchandise yourself. Most wholesalers don’t take returns, so if it doesn’t sell, you have to liquidate at a loss. • DO YOUR HOMEWORK BEFORE YOU JOIN!

  7. Most wholesalers let you order through their website • Create and monitor your orders • Get product descriptions & pictures • Alert you to new products

  8. Some wholesalers use e-mail to alert you to new deals

  9. Drop-Shippers • Drop-ship: You sell the item, THEN you buy it from a wholesaler, and THEY ship out the item directly to your customer. • GOOD: No up-front investment for the item, no time needed to ship out the item. • BAD: Your reputation is on the line, and you usually never get to meet your drop-shipper to see their operations. If you’re part of a wholesale “club”, you’re competing against other members. • DO YOUR HOMEWORK BEFORE YOU JOIN!

  10. Some examples • WorldwideBrands.com - Directories • DOBA.com (Wholesale) – Annual fee • LiquidXS.com – Certain categories • Genco.com – Buy 1+ pallets of stuff! • Alibaba.com – Buy direct from China! • Liquidation.com – Business surplus • GoWholesale.com – Portal of info

  11. The Definitive Resource for Product Sourcing • Find the Products Buyers Want • Locate Legitimate Suppliers • Sell Profitably in the eBay Marketplace • eBay Certified Service Provider • Co-author Best Selling Book “What to Sell on eBay and Where to Get It” • Contributing Editor Entrepreneur Magazine Product Sourcing Radio Show • Featured Speaker 2005 & 2006 - eBay Live! Product Sourcing Panel • Monthly eBay Workshops on Product Sourcing • Featured in Top Publications and Radio Shows, Including eBay Radio

  12. Business Building Strategies • How to Find the Products Buyers Want • Translate Trends into Products™ • Tune into Trending Information through Idea Hotspots™ • Profiles of Today’s Hot Retail Niches • How to Build a Fresh Dynamic Product Line • Locate Suppliers for Any Type of Product • Strategies to Work With All Kinds of Suppliers • Use Multiple Sourcing Venues to Expand Your Product Line • Creative Selling and Marketing Strategies to Maximize Sales • Add Value to Your Products and Services • Define a Unique Selling Position • Drive Repeat Sales through Customer Retention

  13. Get the What Do I Sell.com Advantage™ Training Methodology • Subscription Based Website • Hundreds of Professional Strategies • Continually Expanding Library • All Original, Exclusive Content • Step-by-Step Techniques • LIVE Monthly Member’s Only Teleseminars • Audio and Video Training • Interactive Member’s Only Discussion forum • No Long Term Contracts http://www.whatdoisell.com/joelelad

  14. eBay Reseller Marketplace • Only available to PowerSellers • Wholesale lots • Reputable Sellers • eBay benefitshttp://www.ebay.com/reseller/

  15. Step 2Determining the Right Channel

  16. So, why should I care about different channels? • Variety of userseBay has 244 million usersYahoo has 50-60 million shoppersAmazon has 57 million shoppersCraigslist and Google have TONS • Things don’t sell as well on one channel as they might on another channel

  17. The type of good can be a dead giveaway… • Books/Media – Look at Amazon 1st • Rare/One-of-A-Kind – eBay Auction • Commodity good – Your Own Store • Heavy/hard to move – Craigslist • High-priced collectible – Niche site • Homemade/Original good – Everywhere

  18. Research to find your answer • Use the website’s search engines to see if that product sells on that site. • If it does sell, see if it’s a popular item on the site. Compare the prices the item gets vs. other sites. Was it easy to find? Are there lots of reviews associated with the item? • If it doesn’t sell, find out if it’s legal to sell on that site • Use Google or Yahoo to see where the item is popping up

  19. Shopping Comparison sites • Froogle.com • Shopzilla.com • Shopping.com • Yahoo! Shopping (shopping.yahoo.com) • PriceGrabber.com

  20. See what other eBayers are bidding on! • http://pulse.ebay.com • Seller Central • “What’s Hot” Categories Report • Most Watched Items • Merchandising Calendar • Buyer Behavior Report

  21. Look at what eBay is telling you about sales data http://pulse.ebay.com • eBay watches their sales data like a hawk, and here, they tell you: • The 10 hottest search terms per category • The 5 largest stores per category • The most watched items per category

  22. Look at what eBay has learned from their own sellers… http://pages.ebay.com/sellercentral/ • eBay gives you functions like: • Category Tips: Learn what’s In Demand through the Pulse program, read Seller’s Edge stories on category advice, or study actual Seller Profiles. • Advanced Selling - Seller OnRamp: Schedule an appointment with an eBay consultant for business selling on how you can grow your eBay business. • Best Practices: Advice on everything from Research & Pricing to Merchandise & Shipping.

  23. What else can Seller Central tell me? • What’s Hot – eBay tells you which specific subcategories have the greatest amount of growth • Merchandising Calendar – Find out when eBay is promoting specific products on the home page • News and Updates – Find out about listing sales, item specifics changes, etc.

  24. What is the Buyer Behavior Report? • This report is a first in a series of detailed eBay usage reports highlights how buyers use eBay. (Go to Advanced Selling, Data & Research) Use this information to better understand eBay Buyer Behavior, refine your listing & merchandising strategies. • This report covers the following topics… • Number of unique visitors to eBay.com per month • Visit patterns (by day of week, category, and time spent) • Typical user paths through eBay.com • Visitor demographics • Market research on active eBay buyers

  25. Advanced Research throughData Analysis! • Study pricing data for the last month, quarter, or year! • Terapeak – www.terapeak.com • PowerDesk – www.hammertap.com • eBay Marketplace Research • Prices range from FREE to $25/month

  26. What can Data Analysis tell me? • The performance of a category over time • How a “seasonal” category performs over a year • Average rates of returns and sell-through ratios

  27. How precise can my eBay listings be with Data Analysis?

  28. Step 3 Build your own Storefront • eBay Store • Inventory Listings • Using Auctions to draw Attention • Cross-Promotion • Reports and features • Steady sales

  29. Why get an eBay Store? • All your items in one place • Fixed URL web address • You can create up to 300 custom categories • Advanced FREE reporting options • Advanced marketing techniques • Great cross-promotion options • Buyers can search only YOUR listings!

  30. What options are there? • Basic store - $15.95/month • Free telephone support • Unified storefront for unlimited items • Featured store - $49.95/month • Free Selling Manager Pro ($15.99/mo value) • More marketing options • Anchor store - $299.95/month • In addition, you pay up to 10% of monthly sales as Final Value Fees

  31. What does an eBay Store look like?

  32. How do I manage my eBay Store?

  33. Should you use Yahoo for your e-commerce store? • 1 in 8 stores on the ‘Net is a Yahoo! store • Full range of tools offered • Easy to use • Starts at $39.95 per month

  34. Why Yahoo? • You own your own domain name • They provide 300+ templates, shopping carts, and website tools • They provide powerful reporting features • You get discounts on popular marketing programs (credit towards Search Engine ads) • Free telephone support and advice during 1st 60 days of operation

  35. Yahoo provides lots of different functionality

  36. Yahoo Merchant Solutions • Starter- $39.95/month + 1.5% • Standard - $99.95/month + 1.0% • Professional - $299.95/month + .75%

  37. Other Website Solutions • GoDaddy: $9.99-29.99/month • 1and1: $9.99 and up/month • ProStores: $6.95/month (<10 items) • Free websites – They own ads • Your ISP – get some space? • PayPal Shopping Cart/Buttons - free

  38. Why should you want your own website? • Unlimited number/type of products • Independence • Focus • Lower cost • Build repeat business • Create a brand – your website is the center of that brand

  39. What can you sell? • Products • OPP – Other People’s Products • Advertisements! (Google) • Information • Your own branded products (CafePress)

  40. What do you need to open your online store? • Storefront provider (Yahoo, etc.) • Merchant Credit Card account (PayPal) • Business paperwork (Permits/licenses) • Set of policies (Privacy, Return, etc.) • Contact Information (Skype, eFax) • A plan!

  41. Coming Feb 2008 – Web Stores Do-It-Yourself for Dummies • Step by Step guide • Yahoo, ProStores, 1&1 case studies • Build, launch, and promote your online store • $24.99 retail

  42. Selling on Amazon • Earth’s Biggest Bookstore • Today, 43 product categories • As of last year, over 925,000 people sell on Amazon57 million shoppers, less than a million sellers? • 30-37% of Amazon’s sales is from third-party people like you!

  43. How can you sell on Amazon? • Marketplace • Books • DVDs • Music • Consumer Electronics • Computers & Video Games • Musical Instruments • Cameras & Cell phones • Everything Else! (not in their main catalog) • Auctions

  44. Why sell on Amazon? • List something in under 60 seconds • In most cases, no photography, no lengthy description • Buyers are coming specifically to shop, not browse like eBay • No upfront listing fees – pay only when it sells • They ensure you get paid every time

  45. Cost of using Amazon • Books, DVD’s, Music – 15% + .99 • Everything Else – 10% + .99 • Electronics – 8% + .99 • Computers – 6% + .99 • Payment processing is included • Get paid every 2 wks from Amazon • Pro Merchant - $39.99/month (No .99/item) • Shipping profit

  46. How do you sell something on Amazon? Look for the Sell Yours Here button!

  47. Step 1 – Select Condition & Write some comments

  48. Step 2 – Pick a price and Shipping Locations

  49. Step 3 – Review my Sales Information

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