The world may be in lockdown but even the threat of a deadly pandemic can’t quell that shopping spirit. Stores are closed and online is on the up and up. Postal services are reporting a boom in parcel traffic that’s “bigger than Christmas” as we stock up on bread makers, dried goods and craft items to keep the kids occupied and out of mischief.
An even larger online audience
It is hard to believe, but there are many people who are experiencing online retail for the first time in their lives. eBay reported a 2% increase in active buyers – up to 174 million globally. That’s an extra 3.5 million customers. The trick now will be how to keep them online as restrictions ease and bricks-and-mortar stores re-open.
Want to ride, or even extend your sales on that big ecommerce wave? It couldn’t be easier. Hitch it onto eBay, a trusted platform, a global marketplace and now an even busier shopping destination with millions of eager customers who could be browsing your merchandise right now.
Inside information to drive sales
Before you dive in, get onto ShelfTrend, a powerful analytics product with live data from over a billion listings on eBay. Get the inside scoop on the type of numbers to expect from selling on the world’s largest online marketplace.
1. Do your homework
ShelfTrend’s insights give you the power to observe the actions of your customers and your competition and tailor your offering in a way that is smart and responsive to the market. Measure out how key retail categories are performing on eBay.
Build any combination of criteria for running a report to gain broad insights into market performance or drill down into how other sellers are performing in your category and your products. This will help you understand the competitive landscape you’re operating in and give you valuable insights.
Run reports to get an idea on:
What products are trending.
How to best price the product to sell.
How much sales, on average, are coming through on a weekly basis for a product, product type or category.
Who else is also selling the same thing.
Even which of your competitor’s products is their best seller at any given time.
2. Keep an eye on the competition
Benchmark yourself against the market at large or a specific competitor to know how you are placing in the field and whether you need to step up your game. If you are lagging behind, troubleshoot the problem causing you to lose to the competition.
Run a ShelfTrend Average Weekly Sales Report. It’s a massive report built from data points from thousands of product listings. Explore the data and go through the helpful charts and graphs to gain clear insights on where you can make a dent in the market. Monitor competitors by running ShelfTrend reports against their eBay seller ID. This is unique to ShelfTrend - so take advantage of this feature.
Track your competitor’s new releases entering the market by using ShelfTrend’s New Listings report. Don’t be taken by surprise by their ingenuity, expansion plans or new product ranges.
3. Find a good role model
Inevitably one competitor will stand out as being more impressive than the rest. They’re quicker to market, smarter in their product choices and cleverer in their product positioning and promotions. Watch that competitor closely. Learn from what they do and model their selling practice. If they are the Beyonce of your sector, become Beyonce’s understudy. Having a muse will inspire and motivate you, teach you and keep you on your toes.
4. Adjust to market demands
Three months ago, online sellers selling dried goods, household supplies or bread makers on eBay would never have guessed that they were primed for the world’s largest humanitarian crisis. Sure, this could never have been predicted, but with ShelfTrend’s Top 500 Live Listings report, you can monitor moving trends and changing market forces. This live market report pulls the top eBay Best Match ranked listings for any keyword or category of your choice which can help you:
Identify the trending products based on customer search and purchasing behaviour.
Watch the report over time to see how trends change – or not.
Develop an effective pricing strategy based on how eBay is merchandising products to buyers right now.
Spot trending products early so you can jump on board before the trend peaks. For existing businesses, this is a great tool to inform seasonal refreshes of your product range and keep your customers engaged and shopping.
5. Find product gaps
Even if you’ve identified a solid market niche, you might be surprised to find a niche within a niche: a seam of gold where the real profit lies. Explore how customers are responding to the wider range offered on eBay. Drill down into the detail of what is on offer, how much supply is available and what customers are buying.
To do this, run a ShelfTrend Supply Demand Report on your chosen search terms, You can see not only what the most popular products and price points are but also where the supply isn’t matching demand. For example, where a product is selling really well at a high price point but with very few suppliers offering it – leaving an opportunity for you to capture some of those sales. Work with the data more by refining the data to see the price points with the least amount of supply and a fair indication of sales. There are buyers out there and not enough selection. Time to pounce.
Access free data for your business.
Get basic access to these reports with ShelfTrend’s FREE subscription. You’ll receive:
Basic top level data visualisation of live eBay data covering more than 20 global markets
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Detailed competitor insights.
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