Indeed almost everyone has thought that it would be nice to open a cozy little store and sell their own handmade things, or perhaps stuff that they no longer use but is still in good condition. Perhaps you would like to own a vintage store like that one on the first floor of a stunning residential complex downtown. Surely, in our vast world, there are people who will want to buy your niche products.
In times such as these, however, the question arises, “How do I find these customers?” There is not a hundred percent guarantee that when you open a store, these particular people will see the sign and decide to go in and check out what’s inside. And there is certainly no guarantee that these people live in your city or even in the country. Well, it is not for nothing that the 21st century is called the age of technology when any global action can be done simply by pressing a couple of buttons on your computer or mobile device.
Today opening a store on eBay is as relevant as it ever was. It’s a wonderful opportunity to create your own perfect place during the tough time of the pandemic and sell any item remotely.
Let’s start from the very beginning by explaining what eBay is and why it is so popular today. eBay is an international e-commerce company established back in 1995 and serves as an online sales platform. eBay garnered over 180 million buyers and more than 1 billion listings throughout this time. It was ranked in first place among the most popular online marketplaces according to U.S. online sellers in 2020.
Moreover, if we take a look at the annual net revenue of eBay from 2013 to 2020, it becomes pretty evident that numbers are stable from year to year and, more importantly, they continue to grow:
Summing up all of the above, it should be noted that eBay is a worthy competitor in the online arena and provides its users with convenient conditions of use. We’ll give the most accessible and comprehensible guide on how to sell on eBay, and the answers to various questions started with “How”, “What”, and, the most prominent one, “Is it worth it?”
Let’s start our journey click by click.
Click 1. Registration
It is essential to make sure that you are familiar with and following the policy of eBay to create the store of your dreams. This will help you to be more flexible, and you’ll be prepared in advance. eBay’s Rules and Policies include information concerning prohibited items, listing policies, eBay Money Back Guarantee policy, payment policies, etc.
If you already have an eBay account – use it. Because of the accumulated feedback, you will be more trustworthy not only to potential buyers but also to eBay. You can use it to your advantage.
When registering on eBay, you will be offered two options: creating either a personal or business account. The difference between these two is not that significant. The personal account is for more casual selling and buying, while the business account is a good option if:
- You are a business;
- You are a nonprofit;
- You regularly sell a large number of goods.
! Tip: you will be able to make a business account out of your personal account in the settings after the registration, so don’t worry if you can’t decide right now which account is right for you.
After filling out the questions such as your email address (if you decided to create a personal account) or business name, type, and address (if you are creating a business account), you will have access to your eBay Selling overview (My eBay – Selling) and be able to make your first sell. Welcome!
! Tip: after your first sale, you will gain access to your eBay Seller hub, a more updated version of the Selling overview.
Click 2. Choose your payment method
You need to set up a specific payment method to pay all the required fees on eBay. You can choose a debit or credit card or a linked payout bank account. You will receive monthly invoices that will include details of your seller fees, including eBay fees for listings, sales, subscriptions, refunds made to buyers, and shipping label charges.
But instead of preparing yourself to spend sleepless nights with a pile of papers, you can do all the manual work with the help of accounting software! We recommend these three smart steps to simplify your life:
- Create an account on one of the accounting platforms (for example, Quickbooks or Xero). This will be the key to you gaining the maximum from the business. Your account is now your white canvas.
- Create a Synder account. You can try Synder’s free trial or view a Demo, where you will be able to observe every step of creating an account and all the operations and features of Synder accounting software.
- Connect and synchronize your eBay and Quickbooks Online or Xero accounts via Synder and see how simplified your accounting workflow can become. It can be impossible to keep track of all the money transfers, especially when shipping costs or other extras are included in the price. It is very simple for a human being to make a mistake in the flow of numbers. In such moments, the best solution is to trust the accounting software that makes all calculations automatically with 100% accuracy.
Learn more about eBay and Quickbooks integration here.
Click 3. Create a policy
These are the three most prominent policies you should pay attention to: payment, return, and shipping policies. The creation of each policy is mostly the same. You need to give it a name, which only you will see, and a description, which is optional. All of them depend on the supplier you are working with. For example, shipping and return prices may vary from e-commerce to e-commerce.
But let’s look through each of them step by step.
The payment policy is the same for everyone. This policy secures buyers and sellers information on how to pay, what for, and what the person shall do if something happens. The best option for this one is to select “Require immediate payment when buyer uses Buy It Now”.
The main point of this case is that when a buyer chooses an item and puts it in the cart but doesn’t purchase it, it will act as an open transaction. It can be very annoying as the transaction will be shown in your book.
Redemption of such occasions will save your time and prevent tons of headaches.
Return policy is an excellent opportunity as you can set up rules to accept returns or give instant refunds to save time automatically. It’s up to you whether you accept the suggested feature or not, but some of them will be good for you and your eBay store.
You can choose whether you either do or do not provide an opportunity for domestic or international returns. Still, the interest of the buyers will be significantly higher if you will accept returns. You can also set up a time limit for the return (14, 30, or 60 days).
As for the shipping cost return, the buyer pays for the shipping if he or she has no valid reason why the product needs to be sent back. You pay only in case of the product being broken or damaged.
Shipping policy ensures you are able to ship items within the time stated in your listing, using the shipping service the buyer chooses at checkout.
Speaking of this, it’s impossible not to mention the eBay Global Shipping Program. Your products will be available to more than 60 million people throughout the world, and, more importantly, you’ll be safeguarded from any reviews that may be not so good to your eBay store. You’ll also be able to choose what to send through the program.
Let’s explore the shipping policy further.
eBay GSP (Global Shipping Program)
One of the most significant challenges for any seller is to keep on top of taxes (sales and income) and your eBay Managed Payments sales and fees. It is especially tough to keep track of every shipping payment and keep in mind which form you need to fill in and the cost of the fees.
The eBay Global Shipping Program has benefits both for sellers and buyers. It is an excellent option for sellers to gain more customers without struggling with customs and import paperwork. For buyers, it is a chance to search for more products with transparent shipping fees and processes.
eBay GSP will also help you reduce unwanted headaches, and it will take care of everything after you send your item to them. You don’t need to worry about custom forms, import fees, or end-to-end international tracking anymore. eBay GSP will do it for you. Besides, this service will help to increase your sales by up to 50%.
The only thing you are responsible for in this case is the returns. You need to uphold the rules of your buyer’s country when it comes to offering returns. This will be a benefit if you know and understand the requirements of the recipient country.
If a package is lost or broken after the eBay GSP center received it, the eBay Money Back Guarantee should cover you and your money.
You also would like not to be left behind and still make margins from your selling without losing your money. With this one, the eBay shipping calculator will be a helping tool.
It will be helpful to map beforehand your margins and what costs may go into a sale if you want to gain profit from your item. The reason is that the summary of all these prices should equal the price tag of your item. This will definitely simplify your accounting experience.
Click 4. Subscription
You’ve done a great job and prepared your account for the final transition to the eBay Store. Many people get confused about the difference between opening eBay account and opening eBay store when, in fact, they are both different subjects. You have to create an account first and only then can you open your eBay store.
eBay store is an eBay subscription with a monthly paid subscription fee, where you can show all the items you’ve got listed. The subscription will allow you to sell more than 50 items per month.
On the subscription page, you will be offered a list of five different eBay subscription plans: Starter, Basic, Premium, Anchor, or Enterprise.
So how to choose the perfect one for you? Let’s look through the benefits of each eBay subscription:
- Starter Store. It will be a perfect choice for sellers with a small number of products and who want to promote their business.
- Basic Store. Unlock more zero insertion fee listings, final value fee discounts, and a coupon for eBay-branded shipping supplies each quarter.
- Premium Store. If you have an extensive product assortment, this subscription gives you substantially more zero insertion fee listings.
- Anchor or Enterprise Store. For high-volume sellers who have an extensive product catalog or are running a business that would benefit from dedicated customer support
Benefits of opening an eBay store
eBay is considered the most accessible platform for online sales, where anyone can open their own eBay store and sell whatever they wish. Thus, there are many pros for both you and your business, but let’s look at the top-5.
- eBay Small Business Central. eBay provides a complete course on how to grow your business with Seller School. Watch virtual lessons and videos that will help you to increase your margin. You can choose one of three options for how to take a course: general access, advanced course, or timeline.
- Categorization. You will be able to create as many categories for your items as you want. To not lose all these categories, we strongly recommend you try an integration with Quickbooks or Xero with the help of Synder. On Quickbooks, you can create additional categories, so your following money transactions will be automatically added to these categories.
- Fair fee price. eBay’s seller fees are highly competitive in comparison to other e-commerce platforms.
- Access to the worldwide marketplace. Millions of people use the eBay online platform every day to find the products they need. Invoices are sent every second inside this vast online marketplace. If Google is the search engine for information, eBay is definitely considered the platform for finding interesting products. The fun thing is that you can find anything you want there.
- Easy to start. This article is a confirmation of this statement. All you need is an imagination and a draft of how you want your eBay store to look, as well as a basic plan for future development.
It is worth noting that it is always necessary to consider uniqueness when creating your eBay store. Your store should stand out among the crowd, and catch potential customers’ eye with its name or design as well as being easy to use. Before starting your online store, it is recommended you conduct a thorough analysis of what net revenue you want to ultimately achieve. You should have a plan in hand, which you will follow in subsequent development.
Give starting your own business a try on the eBay store to help you on your way to success with your small business! Be confident! Believe in yourself!