Online Bidding Process

By Author: vikas gupta
Total Articles: 34
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The process involved in on-line bidding varies depending upon the products andservices procured. Generally speaking however, the process is as follows:
Select your site. First of all, you have to think about which online auction site you want to use. cons is the obvious choice because of its reputation and the amount of traffic it receives. But different auction sites tend to cater to different markets. To determine which site is best for your product, check out the top three or four in your field--look at specialized auction sites as well as the big ones mentioned above. There are hundreds of specialized online auctions that cover the spectrum from antique books to business liquidations.Check out item quantities and bid lists to see how much demand there is for your product. While you're there, you might even want to try bidding on a few items to get a feel for the process and the competition involved. (But don't ever bid on an item you don't plan to buy

Choose your products. Are you going to sell unique, one-of-a-kind products item by item? Or do you have a product you can sell in quantity? Is there a demand for ...
... your product? (This is less of an issue for one-of-a-kind items.) What kind of profit margin do you expect to be making? (This can determine whether or not you'll have to sell in quantity.)In the world of online auctions, niche markets are responsible for 43 percent of total sales. Not bad, hey? But don't disregard the remaining 57 percent that covers non-niche markets! The bottom line is, you can make money with both.Collectibles are the bestselling items at auction sites, with computer hardware and event tickets in second place, and toys and books hovering around third. But while popular items may be easy for you to sell, you could also make a killing on a unique item with a high profit margin. Believe it or nor, people are making money hand over fist from specialty items like cigars and lobster.

Regular listings. A regular listing is just that--you pick your category and your product gets listed in it. While this is the most common (and really the least effective) way to list your product, you should definitely start with this option. You'll want to see how your product does before you decide to spend money on featured listings.

Choose your category. Explore the product categories on the various auction sites to broaden your perspective of what goes where. While you're doing this, check out the competition in different categories and have a look at how much bidding is going on. Then do a search on similar and related products, determine which ones sell best, and see which categories they're in. You'll usually be able to pick one main category and one sub-category--use this method for both. And be sure to check to see how easily your product can be found using the site's search tools before you settle on a category.

Create your ad. Once you've decided how and where to list your product, you need to turn your attention toward selling it. And that means you need excellent advertising. So think about your target market--who's going to buy your product and, perhaps more importantly, why. You need to grab their attention and motivate them to buy from you.

Each bidder will be able to submit as many new bids as they wish up to the closing time of the e-Auction the rankings will be revised accordingly.

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