At Linn Academy today, David Brackin, managing director of Stuff U Sell, the leading eBay trading assistant in the UK and a regular Tamebay contributor reports on the eBay Fireside Chat moderated by Hannah Hardiman of eBay.
Following on from an inspirational talk by Matthew Syed (UK tennis-table champion and high performance consultant) where he discussed at a very high-level the power of having a growth mindset rather than a fixed mindset (ie asking questions and learning from your mistakes), the next panel at Linn Academy quickly move away from the theoretical to specifics as Hannah Hardiman of eBay chaired a panel discussion with Velocity Electronics and experienced eBay sellers Nicola Scriven and Josh Grant to discuss the nitty gritty of how best practices of how to sell more on eBay.
The first issue discussed was how to be found on eBay with a marketplace full of offerings and a changing methods of search. Hannah was at pains to point out that item specifics and the work that sellers are being asked to put in to updating them at the moment is entirely worth it and eBay wouldn’t be asking for them if it didn’t sincerely believe that they would increase sales since eBay only wins when sellers sell. Josh explained how he saw a big growth in sales when they updated their item specifics, albeit during a phase of strong organic growth and he couldn’t measure how much growth he saw, but it was too close.
Hannah also revealed that the algorithms that drive Promoted Listings are the same as those that drive Best Match so all the work that you put in to improving listings for Best Match can also boost your results in Promoted Listings. Nicola has seen a 30% increase in her business from using Promoted Listings using it both in the UK and on international sites. She’s been experimenting with different rates and has noticed that she can try the same effect for cheaper so she strongly advocates experimenting. SImilarly PJ Scott from Velocity says that he veers away from the trending rates and experiments with cheaper rates — running with Promoted Listings for a week and then without to do comparitive experiments and gather data about what works. As I previously reported, this is the heart of success on Prmoted Listings – constant experimentation and rigorous analysis of the data – and in my view it really is about time that eBay improved its reporting of Promoted Listings to make this easier for sellers to see what works. He also notices that new listings get a boost for 48 hrs in Best Match and it’s useful to use this together with Promoted Listings to get a new listing away at the races.
There are other promotions tools which have some success — some sellers noted that multi-buy discounts have surprising take-up and even if they just reflect your buying discount, they are popular with buyers.
Noone admitted to making any mistakes that were made and no questions were allowed. Matthew can you hear us now?