posted on December 24, 2000 07:52:57 PM
I have listed quite a few items using this new features and got a few bites (I should have set the BIN higher)! I was wondering if anyone has had experiences where people equate BIN to a reserve price and don't bid.
Thanks!
posted on December 24, 2000 07:59:44 PM
I've listed some items tonight and, for the first time, decided to use BIN. I set my BIN price 5% or so above my reserve. The items are mostly re-lists, but are in the $200-$800 range. As a buyer, I've used BIN, but only on non-reserve auctions. It seems silly to use on reserve auctions (but maybe my bidders will prove me wrong!).
posted on December 24, 2000 09:53:02 PM
I dont know if bin witha reserve is a good Idea or not as there are people out there bidding on reserve auctions just for kicks some times to bid up the item pretty sure they wont hit the Reserve price you are bound to snag one who got within 5% of your reserve at some point over time.
These people some times only half heartedly bidding winning a BIN price might cause a None paying bid.
posted on December 24, 2000 11:00:01 PM
Please let me clarify. I meant, do bidders see a BIN amount and automatically perceive that to be the sellers "reserve" price? Personally, I rarely bid on reserve price auctions. I don't want to scare away bidders by listing a BIN which would be what I would like for an item even though I would accept less. That's why I was asking. Thanks a lot!
Running Linux is like living in a teepee: no Gates, no Windows, Apache inside!
posted on December 24, 2000 11:19:52 PM
I may be unenlightened, but if you have BIN, doesn't that amount meet your reserve?..or is it above?...I won't bid on BIN unless I find the $$ within what I am willing to pay...If you are running a BIN/reserve auction, you are wasting money!!!!
Keith
I assume full responsibility for my actions, except
the ones that are someone else's fault.
posted on December 25, 2000 03:04:30 AM
To answer your initial question. I don't think so. It seems there are a lot of people, me included who are looking specifically for BIN sales. If I can buy a lot that looks good without being afraid of being outbid, it's mine. I have seen quite a few BIN sales that are priced way too low IMHO. It is definitely causing earlier bids and fewer watchers. The ones who are really interested go ahead and bid early, to stop the BIN feature.
IMHO, sellers who are putting BIN price close to opening bid are doing themselves a disservice at times. I think they would get more setting BIN higher and let the bidding go.
posted on December 25, 2000 10:15:46 AM
I'm still trying to learn when, where and how to use BIN but I'll share a few of my thoughts.
There is a wide range among bidders in how any presentation is preceived. One hundred viewers of any listing will come away with several different opinions so the answer to your question is "Some will think it is the reserve, some not and others wouldn't even know what it means."
If you think it is important to clarify your usage you might consider adding a paragraph stating there is a reserve and a BIN price which is above the reserve.
Many will not read and/or understand what you are saying and the BIN will disappear if someone makes an opening bid below the BIN.
The added eBay restriction that BIN buyers show evidence of a credit card before being allowed to complete the bid provides both some safeguards and elimates some bidders.
I used BIN pricing during the gift buying season on stock where I had long term experience in the realized price range of previous sales.
I set the BIN at or slightly above the high end of previous sales and started at a opening bid that would be acceptable if I had only one offer. I did not use reserves.
I did see this approach as giving buyers the option of immediatly completing a purchase and paying what searching completed auctions would show as "usual" cost while offering the chance of making a lower bid but waiting out the listing duration.
This worked well during the past 6 weeks but I expect the movations will change greatly as we enter a time when people are buying for themselves and more interested in bargains than quickness.
The nature of the item and the dollars involved are also a major factor. I might pay a dollar or two more to be certain I get something of interest. I would hesitate paying an extra hundred dollars if I thought a little patience would provide the opportunity for substancial savings.
I don't think eBay has a clue how it will work, most sellers are just trying different approaches, anything will have occasional positive results and long term consistant results will not be known for months.
Some sellers have experience with a form of BIN from their selling on Amazon and YAHOO. While asking on the threads for those venues might garner some insights the eBay market place is so different that most of us will just have to experiment.
The marketplace for preowned items is so variable, even from week to week, that just showing up and doing anything seems like as good a plan as any.
Thus the answer to your question is Yes, No, Maybe, Didn't even notice and Don't know what you mean. Frustrating to the more sane and logical sellers but it makes the rest of us feel right at home.
posted on December 25, 2000 07:17:27 PM
To followup on my earlier post, 4 of my 6 auctions now have bids and no one emailed about BIN. I assume from their bids my BIN price (which was set above my reserve) was too rich for them. I'm not willing to pay eBay more money for using BIN, so wanted to try it while it was still free. So far, I don't think it's had an effect on my auctions.
I think BIN in combination with a non-reserve auction makes the best sense.
