Selling on eBay is largely a numbers game and if you’re not paying to these four metrics, then you’re missing out big-time. And just what little nuggets does SellerExpress have in store for you? Well, the kind that can bring in more money for you, of course!
Metric 1: Selling Costs
We see this happen way too many times: you sign up for a bank account and don’t pay attention to all the little fees they milk from you. Or maybe your favourite foods are being packaged in smaller sizes, but you’re still paying the same price for them. Whatever the case may be, there are plenty of instances where people aren’t aware of just where their money is going.
Don’t let that happen to you with your eBay account by regularly logging into your seller hub and monitoring how much you’re paying. And further than that, keep track of all expenses that go into building your eBay business, things like marketing and advertising, supplies, shipping costs, customs and tariffs, and anything else you’re spending money on.
Metric 2: What Your Competitors Prices Are
We’ve spoken of this more times than we can remember, but you absolutely need to be knowing what your competitors are pricing their wares at. But before you go through every single listing and write it down by hand, let eBay seller hub do the work for you. Use this metric to monitor competing prices so you can tweak yours to be ultra competitive.
Or, better yet, just use RepricerExpress‘ eBay repricing software and let it do the work for you.
Metric 3: What Your Click-Through Rate Is
This one’s simple: people click on your site, they become interested, and then they buy. But how do you know which items are more interesting than others? Purchase numbers alone won’t tell you how many times a person has clicked on it — and besides, having high click numbers but low sell numbers can be a strong indication you need to be fixing something in order to capitalise on conversions, which brings us to our next point…
Metric 3: Your Conversion Rate
We saved the best, or rather the most important, for last. It’s also one that gets sadly ignored by eBay sellers far more often than it should. We don’t really know why, as it tells you just how many of those clicks are being turned into purchases. Remember this mantra and repeat it to yourself often: ‘The number of sales transactions divided by the number of listing page views is my conversion rate, and I shall check it regularly to stay competitive and successful.’
It’s ridiculously easy to check (it’s the second-from-right metric in your seller hub), and it tells you you’re either doing things just fine or need to improve. There’s no subjectivity or bias there, just black-and-white data that tells you exactly where you stand.
Plus, there’s a magic number you should keep in mind when repeating your mantra: 1.35%. That’s the average conversion rate of the average eBay seller, so make it your goal to best it as often as possible.
And if that’s not motivation enough to keep upping your conversion rate, then how about this: eBay makes money when you make money by selling an item, so it’s in their best interests to promote listings/businesses that have a proven track record of doing well. If you want to rank high in eBay searches and keep bringing in the dough, get crackin’ on that conversion rate!
*This article first appeared on RepricerExpress