Starting an online business in the UK is never an easy job. What’s even less easy is running the business in such a manner that the result leads to sustainable company formation in the UK.
Thankfully, we’re here to guide you through the process and ensure you don’t get lost in the labyrinth of the online business sector. A crucial part of this process involves creating a platform for the actual selling and buying of goods. One platform for you to get started with is eBay.
What Is eBay And How Does It Work?
eBay, just like your regular buying and selling website, is a multinational e-commerce platform specifically for business-consumer and consumer-consumer trading activities. In other words, it’s a place where you can sell your goods off either on a personal level or as a business venture.
On eBay, you create an inventory of items for sale, stating their descriptions, price, availability, mode of usage, and so on. The listing could be in the form of an auction to get the highest bid or an instant buy-it-now option where customers purchase and pay immediately.
It sounds simple, doesn’t it? But as you already know, nothing is ever so simple in the world of business, and it’s very easy to get into complications along the way.
That’s why we’ve come up with 7 insights on how to run an eBay account. This will highlight all the core aspects of the e-commerce platform and provide you with tips on getting the best out of eBay.
Getting Started On Your eBay Account: 7 TIPS YOU NEED TO KNOW
Learning how to run your business on eBay is as vital as remembering how to register a business name in the UK. What do we mean? Simply put, it’s very important to get it right because it has great effects on the trajectory of your online business.
So now that you’re in tune with the concept of eBay and its relevance, it’s time to answer that question that’s been on your mind for The past few paragraphs, “ How do I set up my eBay account?”
Here is a 7-part answer to your question:
1. Set Up A Business Account
Just like the first step in any company formation in the UK, running your online store on an eBay account is kick-started by setting up your account.
There are two options available when selecting the type of account: Personal and Business. Therefore, when registering, be sure to select the correct option, provide all important details(business/company name, location, type, etc.), and finally, register. It’s relatively easy when you look at it
2. Build Your Inventory
The next step on this list is creating a list of categories of products you want to be selling on your platform. This is a piece of cake for you since you already have this defined even before setting up the eBay account.
But where things really get serious is when you have to run a check on your items to ensure that your products are not problematic. Thus, it’s important to get the right supplies, cross-check on goods in stock and before delivery, making sure the products themselves are in good shape before selling.
No buyer wants to buy something fake off the net so ensure you don’t get carried away and offer substandard or fake items to avoid severe repercussions from eBay.
3. Learn How To Price Your Items
It should be noted that pricing on eBay is quite different from the outside world. Before posting your products for people to see, it’s necessary to get a lowdown on how pricing works and learn the most profitable way of product pricing.
4. Learn More About eBay Policies
After setting up, it’s important to familiarize yourself with the policies that govern trading on eBay. This implies you treat your eBay account exactly how you’d treat a branch of a company. Take note of licenses, tax implications, product return policies, selling policies, and so on.
Also, go one step further to create your policies so that customers know what to expect when they shop with you. One important policy to note is the return policy. Customers on eBay are guaranteed this policy regardless of whether you like it or not.
Rather than fuss about it, create a fair return policy that gives the customer a bit of assurance which also helps build trust. What’s more, eBay rewards sellers who offer a fair return policy.
5. Improve Feedback Score
Remember that other retailers use eBay to sell their products. With this in mind, work towards improving your total feedback score. This score helps boost your reputation in the eyes of the buyers and lets you stand out among your competitors.
This score is based on both your selling and buying actions on the platform. So, associate with other buyers, trade reviews with each other, and work towards improving customer experience to boost their review of your services.
With so many stores on eBay, it’s very difficult to attract customers with a low feedback score.
6. Choose The Right Type Of Listing
This entails you to pick between fixed price and auction price, depending on which method benefits your business more.
Knowing which of these to use depends on your view on both.
Fixed price listings take longer but offers higher prices for sales once the right buyer comes. Auction lets you start small and build up till the highest bidder but doesn’t guarantee a high price.
7. Improve Your Customer Reach And Service
No business guide is complete without stressing the need to develop a marketing strategy that pulls the customer traffic to your destination. While you’re at it, work towards improving the experience of your loyal customers to prevent any efflux of customers.
Do this by engaging with them, responding to their positive and negative reviews, and striving towards improving their experience when they visit your inventory. Customers on eBay are like gold and should be treated as such.
CONCLUSION
eBay, even though it has been set up to make your dream of a sustainable company in the UK more attainable, is not the easiest thing to run. Added to the seven guidelines already listed above, you should consider factors like selling limits and/or quality of shipping supplies.
When you combine your wits with a well-defined business plan, it’s a path to success in online business in the UK that lies before you. And the guidelines listed out above are what you need to drive down this path without landing in the ditches.