The 3 Most Effective Psychological Pricing Tactics for eBay
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- čas přidán 19. 05. 2024
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I find it interesting that EVERY SINGLE TIME that everyone on CZcams starts saying that their sales are slow, mine have gone up. Then they will crash back down again when everyone starts saying they've picked up again. One can't help but think that eBay is throwing us tiny sellers a bone, either on purpose or by accident.
Everybody's sales go up and down I would imagine. whether or not it's at the same time or not is coincidental.
Same. I’ve had a gangbusters May compared to the previous few months. It’s garage/yard sale season, so finding good stuff to list.
I can *promise* you that the "good-will, let's help the little guy out" department at Ebay has been unstaffed since *at least* the late 1990's. 😛 But definitely could be accidental... algo switching will often shuffle results and if you happen to be rising with the tide, then... enjoy it while it lasts. 👍
The real psychological pricing haha
I'm on the same rotation as you 😂
I used your information from a previous CZcams you did. Splitting items up instead of selling it whole. I purchased a complete set of 2nd Gen Ring System at Goodwill for $7.99 (just realized they're using left digit bias). Broke it down, listed it and have sold 2 of the items in less than 24 hrs. So far I've netted $26.43. With 5 more items to sell from the box. Thank you again for giving all of us helpful information!!
Appreciate you showing the not so good flips as well - keeping it real, more encouraging.
One of my favorite books called “never split the difference” by Chris Voss explains the “exact pricing” tactic you were mentioning. In the book, he explains that using an odd number and having an abnormal number (I.e. $7.23) makes people think that your offer has been researched and calculated. This gives a lower likelihood of countering since it seems like the number has merit.
I do that with my flat rate shipping so people think it's calculated and not me trying to make a buck 😂
Whenever I leave a yard sale, I sit in my vehicle for a min and use my phone to text the info to myself: date, address, and amount spent. That way I don't have to worry losing a note, nor fogetting to keep a record of the transaction.
😊
That is genius 👏
This is probably one of the most underrated ideas I've come across online related to Ebay, business, book keeping, or anything else. The info is permanent, time stamped, shows intent to be accurate, it's indisputable and convenient. You walk into an audit with a long history of that and you're probably better equipped with proof than 98% of anyone else.
Quicker to put it in separate goodwill or other throwaway bags just write how much, etc on the outside of the plastic bag, tie it up & inventory back at home outside the heat of battle. Time is money in the yard/ garage sale wars!
I do similar except I take a pic of the group of things I just bought and write a text on the pic w/price paid for each item. 😊
I have a google sheets spreadsheet for purchases and document it on my spreadsheet when I leave the sale. I can then later access it on any of my devices.
Forgot to add: I like your videos, you come across as a good guy and you give good advice and now clip baits for your videos. I also like that you sell anything.
Agree 100%
Speaking of receiving weird messages, I sold a monster high doll (male) and the buyer sent me pictures of the doll embracing a female doll. What concerns me is if the dolls lose each other's affection prior to 30 days. I don't want a return due to non compatibility.
😂
🤭😆
😂
😂 that's hilarious
LOL! A woman bought a vintage Disney Minnie Mouse plushie from me and did return it. Her reason for the return? It did not have an entity attached to it. She thought it was haunted with a ghost for whatever reason and when no ghost popped out of my non possessed Minnie Mouse she filed IND. I checked her feedback and she did indeed buy haunted dolls on eBay from very unethical sellers for large amounts of money. My doll was just advertised as a plain old ghost free, entity free doll. Why she bought it in the fist place I will never know. People are so bizarre and annoying.
Your advice on changing the address is spot-on. You can't change the address nor can the buyer once the purchase has been made. The only way to do it is to cancel the transaction and repurchase. Otherwise, you lose all seller protection from eBay by shipping to an address that isn't listed on their account.
I had someone try that with me a week ago. He bought something and then messaged me to make sure the address was "XXXX" like I had control of that🤦♂️😂. Sure enough his package Couldn't be delivered and is now on its way back. He messaged me and expected me to reship it under a different carrier.😂
Oh..the day his package was "undeliverable" he messaged me which I told him to reach out to his local post office and have them hold it. Apparently he thought I was going to do that for him like I am a mind reader 😂🤦♂️🤷♂️
Does it hurt me if I as the seller cancel the sale? Or is this something the buyer should do??
@@jesseknowles7291 When you cancel the transaction it prompts you for a cancellation reason. It would only affect you if you selected something that was your fault, like the item is out of stock or whatever. One of the options says something like "Issue with the buyer's address". You would select that one.
@@jesseknowles7291 Depends on the issue. If its because the seller wanted to cancel then its not, but they do frown on canceling an item just to relist it for more money
@@jesseknowles7291If you have to change the address and there are messages to that effect, you can cancel the sale and repost without penalty.
Justin thank you brother! I use that precision pricing all the time, just selecting an arbitrary number (vs an even or left digit price) but that makes for the specific item. I love this tactic
I need to get more comfortable with the prestige pricing. I typically sell all my items for a deal, even those worth the pay
great content ! my understanding , if a person requests to change the shipping address it is against eBay policy , the buyer must update their account to the new address. Amazon and eBay do allow to send to another address but that is set up by the purchaser on their account so their is never a dispute of item not received .
I came here to say this. 🙂
Liked and subscribed. This is my first time watching your videos. I'm a new eBay seller, so your deep understanding of what/how to sell on eBay will be invaluable to me (and others). Thanks for making these videos. Much appreciated.
Hi there, I am following your instructions on everything eBay.
My first sale was April 15 and I am rolling right along. I inherited 95% of my inventory. I learned from watching your CZcams videos for 3 months before I felt comfortable with selling. I can’t thank you enough! I wonder if the vintage underwear is being bought by vintage peeps? 😂
Loving the look of Flipwise. Can't wait to use it in The Netherlands. Thanks for all the effort you put into your videos & sharing your knowledge.
Excellent insight and thanks for your work
It is so interesting hearing what is coming from the yard sales. The $2 instant pot! Awesome
I've sold vintage Hanes and received that exact message.. and pictures.. 🤣
Do you put any type of disclaimer about the elastic waistband? I’m always worried that it may be dry rotted and it’s in a sealed pack with no way to know the condition without opening.
Another exceptional video on psychological pricing tactics. Thank you! What percentage of your listings do you allow offers and what are your strategies for allowing offers?
I expect sales to be slow, only because of the season and kids sports. April, May, June are likely always going to be slow for me. However, these seem to be the best times to buy.
Behavioral economics/consumer psychology is definitely intriguing. I actually attended a lunch & learn on this very topic at work yesterday
Thanks Justin
As always, terrific!
Hey justin love the content, I was wondering how many items do you have listed and how much u listed stock do you have?
Hello! Thank you for your videos, they have been a huge help for me. I'm a new reseller and find myself being pretty impatient when it comes to waiting for a buyer. I send offers pretty frequently because I am anxious that I priced something too high despite my research. How often do you send offers? What items do you send offers on most often? And what criteria (if any) do you use to decide whether or not to send an offer?
Sq footage of any space on your property that is used for business.
About checking comps at garage sales. I do it and I also mention to the garage sale owner that I resell things online 9/10 it’s a great conversation. It’s lead to some cool finds of stuff that was in their house that they sold me.
I agree that 90% of the time that goes over well, but once at an estate sale I had an old lady go off on me in front of everyone for being a reseller haha. Luckily another lady came in and apologized and saved the sale before I walked away.
@@jonathangomez9187 I think people get mad about people reselling because they don’t want to take the time to do it themselves. Literally anyone can do it. It’s wild to me that people would get upset about me trying to start a small business.
I will send you photos I’m dying over here about the briefs 😂😂😂😂
Thanks for the great videos. A lot of great insights. I have a question about bundling. When is creating a bundle a good idea. I have many mens Under Armour shorts priced C$20 -$25. Would it be a good idea to bundle some?
I've been audited 8 times by the IRS. I would recommend getting a 🎉CPA involved early in their resell business to get organized. It is very stressful to go back and recreate mileage logs and assemble receipts so support deductions. Do it right from the beginning. A CPA will know all of your particular tax situation. The CPA will also represent you through the audit.
Please care to elaborate on “CPA”- I am watching from Germany and I am trying to understand it- thank you in advance 🎉
8 times, that sounds terrible
The notification knocks the wind out of you the 1st time. It was fairly painless. All the auditors were professional and fairly nice. It's just weird what documentation they will accept. It's almost personal preference. All of the auditors wanted receipts to prove COG. I had to set up a petty cash box. Keep it funded . Money in/money out. They really scrutinize the bank accounts and want to see money flow. I was pulling out cash every few days. I guess drug traffickers do that. They really wanted to see where that cash went. I collect receipts from garage sales. I fill them out myself and have the homeowner initial. If they don't sign then I have a receipt without verification. There "seems" to be an acceptable level of incomplete receipts. My tax accountant taught me red flags that draw audits. Boy was he right.
That is nightmare fuel. Was it for reselling every time?
@HellaBella I will say that the 8th year I was due the IRS representative said they were targeting my industry that year . Another year I had huge cash flows that they said triggered the audit.
Would love to see a video of "how to " on your flipwise with all the steps needed to use it and how to make the most of it. Is there a place to note mileage & such including what to print come tax time. A good walk thru from start to finish. Thank you for your informative videos.
I’m gunna ask for a receipt at a garage sale next time and see what they say lol
do it and report back
The person selling NWT highly saturated items....maybe try lots of the same sizes?? Like a tank that sells for $6 for one....maybe lot up 5 for $28?
Another option would try to sell them on Whatnot
Thanks for the advice. I’ve been looking yesterday and today into selling sets like shorts and a tank top, jeans and a t-shirt. I like your idea as well and think I’ll try both ways. I’m thinking of taking down 1,000 items and relisting the items in mixed lots. I’m definitely going to try your way and also top and bottom sets. So sad because it’s a well known brand and sellers are running the brand down to pennies. Even the stores are selling them much cheaper than ever before and I can’t help but think it’s because sellers are lowering the price drastically. I want to pivot to selling something else but need to get rid of about 8,000 items. I buy in very large bulk and could have 70 pairs of jeans in the same size. Any advice is greatly appreciated. Thanks so much.
@@DebM122 Good luck...I wish you lots of good sales!
I would never have a garage sale to sell something for 50 cents but I enjoy those that do! 😂 great flip!
??? Thanks for sharing the pricing strategies, very good stuff. I know you have said you don't have best offers turned on for most of your items. However, if that option is used, how important do you think those strategies/pricing are if buyers can just offer whatever they want to pay?
I'm contemplating opting-in the global program, but have some Levi's listed in my store and think I heard something about you can't sell Levi's overseas?? Any advice would be appreciated!! Thanks for sharing your wisdom!👍
Hi, not sure if you have covered this before but how do you handle returns? Do you offer returns? Thanks.
I believe it is in the T&C's for purchase protection, that the item is sent to the address that is listed under the customer's details.
Justin weekly watcher and learn quite a bit. Question about changing the address after a purchase. EBay will allow you to change the address. However, if you decide to do this EBay seller protections are voided. To maintain seller protection sold items must be sent to the address associated with the purchasing account.
Omg I remember when I had to wait for checks when people bought stuff. I started eBay in 2004 and PayPal was a thing but checks and money orders were an option and there were always those people who didn't trust using PayPal so I had to wait on their checks.
Nice vid!!!!
Do you vacuum seal clothes like when you sell a lot multiple pairs of pants when you send them for a smaller box or package or do anything special?
Enjoy the content as usual. You said you don't usually negotiate at garage sales. So you just take it or leave at the price given? Seems an interesting tactic. Could you explain a bit more?
I know the key to more sales is consistency and of course listing. I'd like to know if you saw a distinct jump in sales when you got to a certain active listings amount. I have over 500 books listed and I'm curious if you've ever seen a double in sales based on number of active listings. Or in other words, do you have twice the daily sales from when you had 500 active? Thanks for sharing all your wisdom!
Do you sell any jewelry and if so do to take it somewhere to authenticate or appraise?
Hey I like the way you do ebay so tk u for sharing. I have about 3 K items that I got from family and thrifting..regular mall brands..Im finding hard check every single brand STR… can u suggest a 3 tier pricing strategy for me ( Ex: a-excellent b -very good c good) so I can speed up the process? selling for $2 -$5 net is not my business model…but I have enough of itesm to liquidate/auction in hopes to please the algorythms… tk u! Super hoping hearing back from u!!!!🙌🙌🙌🙌🙌
I priced a lot of my inventory low to clear it out, but it did not sell. So, I re-listed them at double the price & yes, a lot of it sold. I guess the price does give a perceived value. Thanks.
My wife and I are fairly new resellers on eBay only into our first year and I’m only keeping track of inventory by list for bins on paper and when you mentioned taxes for purchase prices that was a red flag for me because I have not been keeping track. I have just over 200 items and could probably remember how much I payed at this point. I’ve been watching you channel now for 6 months or so weekly, I find your channel very helpful and well your voice doesn’t make me want to turn you off because everything you say has purpose. You said on a past video that you were taking on Canadian trials for Flip Wise to work out the bugs and such, is this still something available for us to try out, I don’t mind paying for the program but just wanting to know if it’s available here in Canada yet?
Unfortunately, the "can you send the item to another address?" is used as a scam a lot of the time. The item will be sent and the buyer will claim they never received the item as you sent it to a different address than the one on their account. NEVER send a purchase to a different address. You will most likely lose the item and have to issue a refund.
A few videos back, you mentioned a quick way (e.g. a control command) to search eBay sold listings in a new browser tab. I can’t find that info again, would you or someone else remind repeating what that trick is?
I am just new to all of this. I would like to know if I need to keep all my pictures at least until the item it totally gone to the buyer and isn’t coming back or will I need them for tax purposes?
Have you gone over in other videos on how you determine the price to sell? Like in these videos where you showed what you sold and the best ROIs for the week, can you also make a quick mention on "i priced it at for xyz reason"?
I have a video on that! czcams.com/video/7F7FWekaLeA/video.html
Hey Justin! I resell a lot of clothing and wanted to have your opinion on washing before selling. Some people think it’s gross to sell dirty clothes, but I figured the buyer will wash them before wearing anyways. Am I wrong?
Hey Justin! Funnily enough my eBay store I sell only Football Shirts/Soccer Jersey's, which is really successful for me. In my case, what do you thinks works better for reselling: Having a specialised niche where you have a lot of knowledge in it and can know the ins and outs, or a "jack of all trades" where you have a broader knowledge on more items? Would love to hear your feedback
I just started going to garage sales about a month ago and I also feel so uncomfortable to check comps on my phone with everybody sitting on their chair or standing right next to you watching you. Plus some of the garage sales I've been going to are quite high priced so I don't want to take a chance because they're asking a lot of money. Most of the items I've been getting are just at the thrift stores and free giveaways in town. Someone on my street this weekend I had a whole lot of books for a dollar each. I looked at quite a lot of them but nothing was really interesting me, he finally said take whatever you want for free.
Justin-I resell vintage toys and have primarily done whatnot the last 2 years but ave also sold on ebay and am considering shifting more of my business to ebay. My questions are:
1. Have you sold on whatnot? Thoughts
2. Any suggestions for someone with a more niche resell business setting up on ebay?
I have some electronics to sell but no idea of how to test them. How should I sell these items?
Justin, if you buy items that later find out aren’t worth listening on eBay and you donate those items back to a charity do you keep a record of that and deduct it from your taxes. Thanks in advance.
How much testing do you do with any electronics you buy at garage sales before you flip them? The instant pot for example has multiple ways to use it. How much testing did you run it through before you posted it?
This is also my question. You said it looked new. I would be concerned that they tried it and it was a dud and it was too late for them to return it.
For the Peloton Shoes, did you have them in mens shoes or in sports category? I have a new in box pair and have had them listed since december. Thanks.
Looks like these were in Sporting Goods > Cycling > Cycling Shoes & Shoe Covers. Try adjusting your price!
Amen. I started in 98. Way easier now
Massimo Vignelli designed the famous NYC subway system maps in the 70's!! What a find!!
At 12:23. That’s not a lie. eBay doesn’t let you change the address. In fact, they warn about this type of message. The only way to do it is to cancel and redo.
I have a favor to ask. I am a new eBay seller however we are liquidating an industrial business so my sales are much higher however not in the ball park I expected them to be. Could you take a look at my store and give me some pointers on what I’m doing wrong.
How do you ck str's at thrift stores?
I always tell the seller, " Can I send A picture to my wife and make sure she doesn't kill me if I buy this?" Then I open up eBay picture look up and boom fast and non sus. But yes, most of the time, if you say you resell, they will be more willing to help.
Interesting take - really know your numbers. I like watching your videos. Cheers.
Re: addresses and ebay change of address if you are both a seller and a buyer who is moving there's not just 1 address you must provide, but 5.
Nope, address changers are scamming the seller. I just tell them that they have to log into their account and put the correct address, as that's the ONLY one I'll ship to. 99.9% of the time I get the "ok, nevermind" reply and then I ship it unless they cancel the order.
Some people at garage sales figure they are going to just donate everything if it don't sell, so they just don't care. I bought a hockey jersey, and they told me the value on ebay and when I asked why they don't sell it there they said they didn't want to deal with it. It took 4 months but in the end it was a $5 jersey that sold for $250. I love garage sales for that reason but there are plenty as well that have looked everything up and want a premium as well.
Another strategy a reseller uses but I don’t know what the term is, she does her comps and sets her price, adds 30% to the cost and then lists the item with the higher price on sale for 30% off. Interesting! a sale bias strategy?
I think it’s called “running a fake sale” in reseller-speak.
The space Interpreter, Thomas müeller. That’s a great find, he’s a germany and Bayern Munich legend!
Does eBay automatically send you the form you need for tax time ?
Love from Djibouti
Hey Justin, you scared me for a second there, because the photo of the Peloton shoes that you used in your youtube thumbnail is actually THE PAIR that I sold myself! haha. I recognized my photo and thought "uh oh, did Justin just roast my listing?" Luckily mine already sold and I shipped it out. (I DID in fact use the .99 tactic too!)
Also hi, it feels weird to talk to you on youtube and not your flipwise discord, lol
that's funny! I just snagged a random photo.
12:44 you’re not lying, I learned that you lose seller protection if you ship to a different address
can I bulk edit on flipwise? I have like 300 items that I didn't pay anything for and would hate to have to enter cost of goods as 0 for each of them manually
no bulk editing yet, but coming soon. for now, email me at support@flipwise.app and I can update your costs for you on the backend
Answer me this anybody. I contacted eBay about tax stuff and what I needed for that. Well I was told if I bought privately off someone (yard sale or fb marketplace) and listed it that I didn’t have the proper documentation and that they couldn’t write me a receipt for what I bought. Based off the into from the very first question I feel like I was told wrong. Am I able to buy privately as long as I keep track of what I paid for it or do they need to “write” me a receipt?
Your best bet is to ask a CPA for a definitive answer!
I loved the orange theme intro, it had simplicity and I felt like it fitted your narrative style
I'd love to know why vintage tighty whiteys sell for so much more than current NWT underwear. Can you explain the demand, please? Great video. Thanks!
Hypothetical thought to get your opinion
Your part time ebay(with a full time job) listing 7-10 a day and selling 55 a week (about 1 to1) and you loose the 9-5
Now you are able to ramp up your efforts on eBay and you start listing 40 a day… how long (and it’s a guess I know cause no one really knows) do you think it would take for your sales to catch your listing effort assuming you find average and better listing
I enjoy your videos! Do you have a CPA do your store taxes or is there something like an Ebay TurboTax? Thanks
I haven’t sold a single thing since May 14th 😭
Ouch!
I had a buyer ask me to place some depends he purchased in a box rather than a poly bag in fear that the people living with him would feel the bag and guess what was inside. I told him the increased weight of the box would increase the shipping price and he was glad to pay it.
Last I heard, if you ship to a different address you lose eBay's seller protection. I never do it. Cancel the order and change their address if they want it sent somewhere else. I used to use "precision pricing" on our annual budget. Our budget was $18 million, plus or minus 10%. It cost way too much to get more precise. But the accountants would demand precision. OK. So we would submit a budget of $18,113,247. All of a sudden, they would not challenge our number.
Have you ever blocked a buyer on Ebay and if so why?
What video editing software do you use?
I use Final Cut Pro.
Do they have dates on the underwear packages? How do you tell it’s vintage?
Yep, they usually have dates.
I follow other resellers and everyone has had a rough couple of weeks. Ebay has been screwing with their website. It seems they are playing favoritism and if you were selling well, you have been throttled for other sellers that haven't. I have moved over to other platforms and cross listing over there and getting traffic on items that have been on eBay for weeks and haven't gotten views at all! I have also stopped my constant listings with ebay. Im not going to feed the machine if its not going to pay out🤷♂️
I've been selling for a little over a year. I made under $3k. I've decided to continue to sell with hopes of making more. How can I deduct my cost of goods when I am a sole entrepreneur?
Are all of your flips of the week "buy it now" sales? It'd be interesting to know if any of them were auctions. Thanks
I have a separate video on that topic: czcams.com/video/-O32DfKrQy0/video.html
@@justinresells Thank you
The ROI number is kind of meaningless because it does not include the cost of the labor and it is not annualized. You need to calculate it in this way for it to be useful in making a decision regarding what investments to make and what not to make, or what items to resell and what not to resell.
I think the name of the player made the shirt sell very quickly as Muller is a very known player.
I wonder how you think about eking more money out of people. Your insta pot for example, it sold in 2 days so you maybe could have left it longer at a more expensive price just to see
You as the seller can't change the mailing address. You do have to cancel and relist for them to buy with the correect address.
Do you ever send offers or reduce your price? Or promote your listings?
got a whole other video on that topic: czcams.com/video/Kef1xouVphA/video.html
I'd be interested to see some research on left digit bias. I struggle to imagine it having any impact, I've never met anyone who sees $49.99 and says anything other than 50 when they say what price it is. I think it works for companies just because people understand that the ask is $50 and are willing to pay $50.
journals.sagepub.com/doi/full/10.1177/0022243720932532
My husband is a perfect example of someone this pricing works on lol 🤪🫣😂 He will always say the rounded DOWN number. In fact, he sometimes will say something was "about 40 dollars" if it was 49! Ha ha 😂
I used to sell on Etsy and was trying to decide on good pricing for eBay. Etsy and eBay buyers just aren’t the same. I read somewhere that eBay buyers actually prefer whole numbers because it feels more honest. I also read that a lot of higher end companies sell in whole numbers because .99 is seen as cheap. While I suppose cheaper is better in some regard, whole numbers signify better quality and in turn happier customers. I prefer the whole number for the particular niche I sell in.
So does the Poshmark platform. Everything in whole dollars, just another of their many dumb-it-down/ K.I.S.S. strategies…
I also recall seeing somewhere recently that there was a WSJ study on negotiating and it concluded that people preferred to the dollar (no odd cents) when receiving an offer from a seller. Does anyone else know of or heard about this or a similar study?
how do you word your titles they seem full of rich seo keywords
Umbro are good soccer jerseys are good
Are you able to display the sell through rate with your comps in these videos?
That is a great request! I hope he can do this!
Oh I’m so sick to hear about the glass percolated coffee. I didn’t look at the comps and gave it to an auction house (along with other similar items) overall got $13.00…so mad at myself
I gotta shake my head people are selling in a category where they KNOW its a race to the bottom to get sales. What a waste of time, money and effort.