posted on April 15, 2003 02:05:04 PM
Your input will be greatly appreciated on when to use a BIN. It goes along with the outages that eBay has been having and the agony we sellers go through.
If I put an item on for $4.99 and it doesn't get bids UNTIL the sniping starts at the end of the auction. I know that the item I put on will never go any higher than $5.99 so am I better off using the BIN for $5.50 and save that agony of not either getting bids because of eBay outages and relist the item? This will give a buyer a chance to get the item immediately and not wait for 7 days.
I guess this goes along with what replaymedia states about the fixed prices he/she is using.
I have only used the BIN for selling a few times and have had mixed luck with it. If the BIN is near the starting price and it is set at a fair value for the item, it seems to work very well. If the BIN is, say twice the starting amount or more, then the item seems to get no bids at all until the very end and usually sells near the starting price.
As a buyer, I love BIN. I have gotten some great deals from sellers who have placed too low a price on their items. It is also great when I find an item that I need ASAP.
Just make sure your price is what you can live with, both the starting price and the BIN, you can't unring the bell.
posted on April 15, 2003 02:17:01 PM
I don't use BIN very often, but if I have an item will sell at a certain price & will never go above it, then I will use BIN. i.e. I have a widget that has been selling for 19.95, then I will put BIN at $20.00 & sell it over night. I only do this when I can do a search for like widgets & see what they are selling for.
[ edited by sanmar on Apr 15, 2003 02:19 PM ]
posted on April 15, 2003 02:32:46 PM
I've found BIN is mostly a waste of a nickel (Or is it a dime?) Once in a while, you'll get something that someone is a real hurry to buy, but most people will opt for "taking a chance" on winning the auction at a lower price.
With fixed price, it's take-it-or-leave-it. It all depends on how close your fixed price is to the competitions low bid.
Even though I advocated fixed-price in the other thread, I haven't made any long term decisions. I'll also definitely admit it's not good for everything. If you have lots of competition or a super price-sensitive item, an auction is probably better. Same with collectibles or rare items.
posted on April 15, 2003 02:48:03 PM
For me, BIN is a fantastic option! I offer it on probably 90% of my listings. I start most items around $9.00 with a BIN of $16 and sell maybe 25% right away via BIN. I sell plus size clothing and there are a few competitors with the same line so this works well for me. I am also considering experimenting with fixed price listings.
posted on April 15, 2003 02:57:59 PM
I have an interesting story on buy it now.
I offer a cheap item and I have a competitor that offers the exact same items. It is mainly just us who offer them. They are all dutch auctions and he uses buy it now for them and I only offer the auction format. I wanted to do a buy it now as I felt he was going to get a leg up on me, but I don't have time each day to deal with ending auctions and since most people (about 75%) of my buyers buy more than one different item, I wanted to be able to process all invoices at once each week on the weekend. I was pretty rattled when I saw the competitor offer all on buy it now. But I started keeping track and I still sell more consistently each week. About 25% more. It doesn't make sense but I think people enjoy the 'auction format'. We both, as sellers, offer the same shipping, same layout (almost) and about the same amount of feedback (actually he has a bit more and just slightly better rating.)
So, I think I will keep it the same on auctions and doing less work a week.
Thank goodness.
posted on April 15, 2003 04:45:34 PM
I buy Cds from my supplier each week and post a bunch on E-bay starting at $3.50 some of them get bid up. I take the rest along with the ones that don't sell to the Flea Market and then buy a new load Monday morning.I would rather do the auction format than the BIN because many of my customers buy several CDs and drive the prices up.Same on books,most bidders bid on more than one book. If I have several of an item I don't mind doing a BIN.
posted on April 15, 2003 05:44:01 PM
The jury is still out on BIN for me. I've tried it a couple of times for low-end collectibles but no luck. I definitely think collectible buyers like the auction format because they have a hunch, which is very often true, that they can get the item for less than it's really worth. Again, though, the stuff I sell is 99% collectible; if I were selling widgets week after week, I might try BIN more often.
Edited to say: The only time I've used BIN as a buyer was for bubble envelopes; the price was at the low-end of what they were going for, I liked the shipping, and I needed the item right away. With collectibles, it's hard for the buyer to do comparison shopping.
[ edited by Roadsmith on Apr 15, 2003 05:45 PM ]
posted on April 16, 2003 04:38:40 AM
we use it on items that have been on several times also it rases fast cash, we put them on they pay with payPal. the money is there fast.
posted on April 16, 2003 07:18:12 AM
I've used BIN when it was an eBay freebie with mixed results. I sell postcards and the ones that sold right away using BIN were probably good deals..the rest just sat there until end of the auction - I sold some and some I didnt. I think buyers are reluctant to be the ones to place the first bid BELOW the BIN which will remove the feature, so they don't bid whereas they might have bid at the starting list price had there been no BIN feature.
I don't like to use BIN or FP listings because many of my auctions get bid up WAY beyond my expectations - even on the relists. It's those auctions that keep me excited about my business!
However, last night I received an email from a man who wanted me to end an auction on an item I had listed for $9.99 - he said he would pay $25. I thought about 2 seconds and ended the auction (no bids) and relisted with BIN and sent him the link. He purchased it right away. I never will know the potential of that auction but I am happy and he is happy and I guess that's all that matters.
I always use BIN when people contact me after an auction closes about buying an unsold item. The relist is free and I can use my post sale management to track the transaction.
Otherwise, for me, I don't think BIN is worth the price.
posted on April 16, 2003 07:56:58 AM
Okay last night I put on three different auction types. BIN, Reserve price and auction. Now I am going to see what happens.
Thanks for all the replys. They were interesting....
posted on April 16, 2003 12:03:47 PM
Neglus: I *really* like your idea of relisting as BIN the unsold items someone now wants to purchase! I can see the value, even if you pay fees, to doing it that way so that you can track it AND both can get feedbacks, too.
posted on April 16, 2003 12:51:35 PM
The BIN option on regular auctions works very well on common auction goods. It's amazing at how many ebayers use the BIN to buy stuff rather than go through the iffy bidding process. It's worth the extra nickel for a chance to sell an item at a higher price than the starting price.
The world of full of impatient people and ebay is no exception.
