A repository of acronyms, jargon, and useful definitions perfect for eCommerce founders & marketers like yourself.
Founded in 1995 by Pierre Omidyar, eBay is a multinational eCommerce company that gives individuals and businesses a platform to sell their goods and services to buyers across the globe. The platform is available in 190 markets worldwide.
While it doesn’t cost buyers anything to use the platform, sellers are obligated to pay certain fees for listing and selling their products.
To sell on eBay you can choose to either make a personal or business account according to your needs. People who are looking to sell their old belongings and other unwanted items can opt for a personal account, whereas those looking to sell for business purposes can opt for a business account.
Once you’ve made your account you can start selling by creating a listing. Your product listing will have a description of your item, its specific features, its condition, and photos. You will also need to decide what shipping options will be offered to buyers along with the return policy and payment mode.
When it comes to pricing eBay offers two options – auction format and fixed-price format. With the auction format, you can choose a starting price and a time period for the auction and let buyers place their bids for the product before deciding on a final price to sell it at. With fixed-price listings, there is no negotiation. The price is included with the listing and buyers know exactly what they need to pay for it if they want to buy.
eBay also has a ‘Buy It Now’ option that is included with the auction format. Sellers can add a buy-it-now price that is at least 30% higher than the auction price and buyers can choose to either purchase it immediately at that price or place a bid.