Selling Coins on Ebay: The Data Backed Secrets You Don't Know

14
SELLING COINS ON EBAY: A CASE STUDY

description

We collected data on hundreds of coins, with dozens of variables, looking for what makes coins on Ebay sell faster, and for more money. We've uncovered 5 data-backed selling strategies which we share here. These strategies can make you thousands, if you follow the data. Will you?

Transcript of Selling Coins on Ebay: The Data Backed Secrets You Don't Know

  • 1. SELLING COINS ON EBAY: A CASE STUDY

2. ABOUT THE STUDY Based on 200 coins with auctions ending within minutes of each other Data checked twice and verified Interpret however youd like Appstorechronicle.com 3. AUCTION STARTING PRICES 0% 20% 40% 60% 80% 100% >$1 $0-1 Didn't Sell Sold Appstorechronicle.com 4. AUCTION STARTING PRICES Low Starting Bids Take Advantage of Psychological principles Pricing Psychology ($.99) Social Proof Items starting at $.99 often sell higher than items starting at $100 Appstorechronicle.com 5. CASE STUDY: 1909 UNCIRCULATED PENNY Book Value: Around $310 Starting Price: 99 Cents Selling price: Well over $400 Appstorechronicle.com 6. BID COUNTS: What causes a high bid counts? Photo Auctioneer Starting Price Listing Appstorechronicle.com 7. AUCTIONEERS Established accounts have a following Trusted sellers with feedback can get bid counts into the 30s. Unless your item is exceptional, you cant. Appstorechronicle.com 8. BID COUNT: COLOR Background Color has a huge impact Black was the most successful Gives a premium feel Contrasts the coins Looks professional Appstorechronicle.com 9. MOST SUCCESSFUL BACKGROUND COLORS 0 2 4 6 8 10 12 Average Bids Average Bids Appstorechronicle.com 10. COLOR ANALYSIS We excluded all 0 Bid Coins Surprisingly, Black outperformed even graded coins. Despite coin slips being good for care, theyre bad for the bid count White is by far the most commonly used, but ranks a mere 3rd Appstorechronicle.com 11. OTHER PHOTO TIPS Closeups. Make sure we see the coin, and very little else High def. Even the cameras off of many smartphones can take better photos than some of the ones listed. Take good photos if you want to make good money Pro Tip: Many computer scanners actually take decent coin pictures, in high definition Lighting: Make it even. Dont be that guy with the weirdly lit coin. The more light, the better. Unfortunately, this was just too subjective to test. Appstorechronicle.com 12. MORE REASONS TO START LOW From our original data set, we picked the highs and lows Most expensive coin sold. $665. Starting price: 99 Cents Highest starting price: $783. Didnt sell. Lowest starting price: $.01. Sold for $2.09. Pricing that low is not advisable. The majority of coins sold, starting at $.99, sold at, near, or beyond book value. The majority of coins above that price didnt sell at all. Dont waste your life. Appstorechronicle.com 13. BONUS: FREE SHIPPING Yes, that was a pun. Should you offer free shipping? We tested, with a new set of data. Coins with free shipping sell around 20% more often Higher conversions, but higher cost Better for higher-yield coins 80% of Low Yield Coins require paid shipping 43% of highest end coins require paid shipping Appstorechronicle.com 14. GOT QUESTIONS? SHOOT US AN EMAIL Visit our blog, at Appstorechronicle.com for more great tips Ask us your question here Hire us here