Awhile back I wrote about using eBay to declutter and make a little extra cash. Well, now I'd like to revisit eBay and mention a few ways you can lose money.
Here are three ways you can lose money on eBay:
#1 Miscalculate shipping. The other day I was shipping several packages and I entered the wrong weight when creating my shipping label. By the time I realized my mistake, I had already paid twice as much to ship the item. Another common mistake is miscalculating the shipping when posting the item online. The buyer is responsible for paying for shipping, but it's the seller's responsibility to accurately calculate it.
#2 Undervalue your product. I sometimes post items for $0.99 when I know they are worth more because I'm counting on a bidding war (the higher your asking bid the more it costs to post on eBay). However, if the item only receives one bid I really have to let go of the item for less than it's worth. Before posting, be sure you can really live with your asking bid.
#3 Spend more time on eBay than it's worth. You know what they say, time is money. And, now that I'm back at work, I know my free time is more valuable spent with my family than on eBay. That's why I've decided to take a hiatus from eBay for awhile.
I'd like to add #4, Spend all your profits online shopping, but that's a good way to lose money any way you look at it (not just on eBay).
photo by stuartpilbrow
1 comment:
How True How True!
I did want to add that I find posting on a local free site first, before listing on EBay, is great too! I have often posted things on Craigslist, where I don't have to pay a listing fee or shipping, sell the item and I profit more just by staying local :)
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