posted on May 3, 2007 06:20:46 PM new
I'm thinking of adding BIN option to auction listings. I don't want to deal with best offers. Is $2 above a starting price of $8 enough of an incentive to Buy It Now? I won't use it for items with high upside potential.
posted on May 3, 2007 06:55:07 PM new
I'm so glad you asked that question because I had thought of doing it as well on some auctions but wasn't sure how much to make it above Initial asking price.
posted on May 4, 2007 08:26:56 AM new
Aren't the fees a little pricey doing that?
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posted on May 4, 2007 08:45:16 AM new
MAH ... It's not too expensive. Depends on how much it is. Usually for mine, it's only 5 or 10 cents extra and worth it. Many times, bidders just BIN instead of bidding.
posted on May 4, 2007 09:50:07 AM new
When you put a BIN on an auction listing, there are three possible outcomes:
1) Someone buys using BIN.
2) Someone bids, thus removing the BIN option.
3) No one buys or bids.
In two out of three outcomes, the BIN fee you paid is wasted.
Before implementing the BIN strategy it would be smart to do a break-even analysis to figure out how many BINs must be bought out of each 100 auctions in order to turn a profit. This will put you ahead of, oh, about 98.8% of eBay sellers.
posted on May 5, 2007 12:47:05 PM new
I'm testing 10 listings with BIN. So far, one has sold, which pays for the test. I never thought BIN appropriate for collectibles but think more shoppers shop the way I do - I find an auction I want to bid on, put the listing on my watch list, and then go to eBay stores to see if I can find the same item cheaper. If an auction has a BIN, I'm much more inclined to at least bid instead of putting it on my watch list so noone else can snatch it.
posted on May 6, 2007 04:55:59 AM new
Adding BIN lets me get a potentially higher price for 1 bidder items. Many of my listings have multiple bids but only one bidder. I know they are willing to pay higher, now I'm giving them a chance to do so. Just sold three more - guess I'm a convert.
