Auctions have been around for many years now, and there are quite a few different types of them. What are some of the different types of auctions that you might see? Here’s a few of the more popular types that you’ll run across:
English Auction—this type of auction is arguably the most common form of auction that are used today. People attending this type of auction bid openly against one another, and every new bid is required to be higher than the previous bid (this type of auction is also known as an open ascending price auction). The English auction is commonly used for selling goods (most prominently antiques, art, real estate, etc.).
Dutch Auction—with this type of auction, the auctioneer begins with a high asking price for some quantity of items that are the same. The price is lowered until a bidder is willing to accept the auctioneer’s price for some quantity of the goods in the lot (it doesn’t have to be all the items) or until the seller’s reserve price is met. This type of auction has also been used for perishable items like fish and tobacco.
Sealed first-price auction—with this type of auction, all of the bidders that are participating will submit sealed bids at the same time. This is so that no bidder knows the bid of anyone that’s there. The bidder that submits the highest price will win the auction.
This is only some of the types of auctions that you will find. What are some of the other types that you have seen?
I wanted to wish everyone a MERRY CHRISTMAS!
I hope that Santa brings you everything that you wished for and that you have a fun filled day with the entire family!
One of the questions that you will ask yourself whenever you are selling online can stop you in your tracks—how long is too long to list an item?
From my own personal experiences, you can list the item from one to four months (that’s depending on the site you are on). These sites will charge you a small fee not only to list the item but to renew the listing as well. The renewal fees itself can add up pretty fast, cutting into your profits once the item sells.
What I do is I look at the listing to see what I can change—a better description or title and even different pictures can go a long way to help sell the item. There have been quite a few of the items that I have sold online that I have done these tricks too that help sell them.
The next thing that I do is I look at the price and lower it a little if I feel that will help. Don’t lower the price too much—it could mean that you would take a loss on it when you make a sale.
I usually don’t let any listing that I have online be renewed more than five or six times. After renewing that many times, I take the listing down and I will combine it with something else to help sell it faster. If I have a set of Tupperware measuring cups that looks like they are not going to sell by themselves, I will take that listing down and combine those measuring cups with something like a set of Tupperware measuring spoons.
One other thing that you might want to consider is switching the listing to offer free shipping if your profits are high enough on the listing.
How long the listing is active also depends on what the item is (like a car or furniture) or how expensive it is. Both may play into how long the listing is active.
What do you do to help sell the items you have up for sale?
When you are buying items to sell either online or in your shop, getting a little out of your comfort zone can be a good thing.
What do I exactly mean by this? This could be considering an item when you know absolutely nothing about it. If it’s cheap enough, you could go ahead and buy it so that you can learn something and earn a little of a profit when you sell it.
It could be anything, really. It could be a book, a piece of Fiesta pottery, a Fenton glassware piece or even an advertising piece.
When I started to sell items, I knew absolutely nothing about clothing (except for what I found at Walmart). After a while, I had a decent working knowledge of what brand names are out on the market. Not only that, I now offer a wide variety of clothing from earrings and necklaces to prom dresses and even designer shoes.
So keep an eye out—you may find something today that you can learn from! What kinds of items have you run across like this?