posted on January 19, 2001 10:49:53 PM
I keep picking up the term, "true auction" in the threads. Would someone mind explaining it to me and what success you have had with it. From what I have picked up on I gather it is starting your auctions at $1.00 ~ or is it just starting your auctions at a low price? For those of you that have done this, does it work well for you?
posted on January 19, 2001 11:08:57 PM
A true auction, to me, is when you let the bidders decide the value.
I do this with new, high-end leather goods. Most of my items range in retail value from $75-$300, but all my auctions begin at $9.99 or less, without reserves. My items get an average of 15 bids each, and everything sells the first time around. I have a high percentage of repeat bidders/buyers and have carved out a comfortable niche for myself.
I would only recommend doing this type of thing, regularly, with items that are somewhat desireable, and which appeal to a large audience. It's also important to really know what you are selling, and stay on top of your category. The stakes are pretty high, so you can't get lax about what you are offering.
posted on January 19, 2001 11:35:43 PM
I got tired of the retail look of eBay- and took the plunge, listing almost all of my auctions as $1 No Reserve about 10 days ago. I'd tried this in the past on selected items, with good success.
About 40 have closed thus far- I've done well on some, and lost a bit on a few. Overall, probably came out ahead considering that listing fees are lower, and all auctions close with bids.
Bidding seems to increase as I continue this over several days- folks find these auctions in categories they frequent, and come back for more.
posted on January 20, 2001 07:27:11 AM
Really seems like the way to go. All the time I see auctions that start at $1 or .01 that go much higher than items that have a reserve slightly below what the items usually sells for. People want to get a bargain and then others jump on because of the interest already showed in the auction. You have to love ebay!
