For many on our platform, becoming an eBay powerseller is the key to not only repaying their small business loan, but also to paying off their mortgage and feeding their families. Ebay powersellers make more money than ordinary sellers, and can more easily increase their revenue and improve their future prospects.
So the question becomes: How do you become an eBay powerseller, and what tools will enable you to do so quickly, and efficiently?
That is why we decided to host a private webinar on how to become an eBay powerseller with 5 Online Selling Tools. The webinar got some amazing feedback from our community, so we decided to make it publicly available, in order to help anyone who wants to break into eBay's elite group of sellers.
If you can't stand to listen to my voice for twenty minutes, you can read the blog post below, and follow along on Slideshare.
Hallo and welcome to another Bitbond webinar. My name is Chris and I will be taking you through the webinar today. If you have any questions, please feel free to email me at [email protected], I will be more than happy to answer any questions you might have.
Now, today we will be talking about how you can easily become an eBay powerseller with these five tools. The tools we will talk about here, are the best at what they do in my opinion and I highly recommend you check them out.
That being said, you can obviously become a powerseller without the use of these tools. They just make it a whole lot easier.
We had the idea for this webinar because many of our borrowers are in fact ebay sellers and rely on their Online sales, not only to feed their family and pay their mortgage but also to repay their loans.
At Bitbond we try our hardest every day to help our community in whatever way we can, so this webinar was born. I should say at this point, that if you have any requests for future webinars and videos, please just email me again at [email protected]
So without further ado, let’s get started.
First of all, what is an eBay powerseller. A Powerseller is someone who has achieved a level of success which eBay wants to reward. Essentially, PowerSellers receive benefits for reaching specific goals around sales volume, feedback, policy compliance and account standing.
So now we know, that becoming an eBay powerseller brings certain advantages, which are designed to increase your revenue and make your life easier.
What specifically is required to become an eBay powerseller?
✔ You need to consistently sell a significant volume of items
✔ Provide a high level of service to buyers.
✔ Maintains a positive feedback score.
✔ Around 98% positive reviews.
✔ Must meet the eBay and Paypal buyer requirements
Cool, so now we know what is required to become an eBay powerseller. Let’s take a look at the benefits you can expect if you fulfill these criteria.
First there is the substantial benefit of getting bumped up in the search results. This has the awesome effect of making your listings more visible to people searching for related products. More eyeballs usually translates to more clicks and subsequently far more revenue.
Second, we have the eligibility for top rated seller status which brings with it a 20% discount on most eBay related fees. I’m sure that if you are currently selling on eBay, you will be delighted to reduce the chunk taken out of your profits by these fees. Becoming an eBay powerseller makes this possible.
Thirdly, you can enjoy significantly discounted UPS rates. For anyone selling and sending large quantities of stock, a discount for deliveries can really impact your business in a positive way. Because not only are you selling more because of your improved rankings in eBays search results, but you can now afford to reduce the price of your items, due to the savings you are making through your deliveries. As a result, your prices and your rankings will improve, and customers will purchase more of your items, maximising and driving up your revenue.
Well, the first thing to understand, is that there are two main ways to become a powerseller. The first way is by becoming a “niche powerseller”. Essentially, someone who knows a specific market niche like the back of their hand, and can use their expert knowledge to take advantage of that fact. Someone who sells only a certain type of sport article for example might be a niche powerseller. In order to thrive as such, you need to acquire a ton of knowledge, about your products and your potential customers.
What are they willing to pay? What material is preferred? What sizes are most requested? Where do I source the best products? The list of questions you need to answer goes on. As you can tell, this is the difficult way.
The second, and much easier way to become a powerseller, is to be “On-demand”, which means that you specialise in selling products which are popular or are becoming popular. Becoming an “on-demand” powerseller has three main advantages over becoming a niche powerseller. These are:
You do not need to be overly familiar with a profitable nicheYou can hitch on to the success of other sellers and productsYou can easily and quickly increase your sales by using tools
Right, so becoming an “On-demand” powerseller is clearly the best option available. Let’s take a look now at the 5 crucial steps ever seller needs to consider when selling on eBay. These 5 steps outline the essential process of sourcing, financing, listing and delivering your stock, as well as dealing with your customers and maintaining your reputation on the platform.
So the process starts with finding a reliable and cheap Wholesaler who can provide the stock you need, of the quality and quantity your customers deserve.
Once you have found a wholesaler who can provide the products you need, the next step is to finance a bulk purchase. You will need to purchase a large number of items in order to get favourable rates with your wholesaler and save money. Additionally, you do not want to be in the situation where you run out of stock, just as demand skyrockets.
Most small business owners will need some external funding to make these kinds of larger purchases.
Once you have found your perfect wholesaler, and you’ve got the financing you need to purchase in bulk, the next step is to create premium and automated listings on eBay. This is vital, because if you are selling hundreds or maybe even thousands of items a month, you will not have the time, to constantly list or delist new items. Automating the listing process therefore is absolutely key.
On top of that, you need to make sure your listings look professional and make a great impression on your potential customers. Getting this right, will be crucial in becoming an eBay powerseller.
The fourth point you need to consider, is inventory management. For a small business owner, it can be incredibly difficult to stay perfectly informed about the stock which is available and listed on eBay. Inventory management tools, like the one we will discuss later, help to automate this process, giving you more time to source and test new products, as well as making sure your customers are kept happy.
Finally, we need to consider how you can maintain a great reputation on eBay. On most major eCommerce platforms like eBay and Amazon, your reputation is absolutely key in driving sales. Negative customer reviews can cause thousands in revenue being lost.
Implementing a tool which can help you maintain a great reputation is key therefore, to becoming an eBay powerseller.
With that covered, we now understand why being an eBay powerseller rocks, and what we need to do to accomplish that status. We have also gone through the 5 steps you need to nail, in order to quickly and efficiently drive your revenue up.
In the remainder of this webinar, we will take a look at the 5 tools which will ensure you ace every step of the way.
The first step, if you remember, in our journey to maximise our revenue, is to find a reliable and affordable wholeseller, who can provide the products we want to sell.
And the tool we can use to do that, is called Salehoo. Salehoo has been around since 2005, and is one of the most reputable companies in the eCommerce sector.
What sets it apart from similar tools, is the huge number of wholesale suppliers which it can provide you access to. You wont just get access to one or two, but instead, Salehoo provides you with over 8,000 high-quality, tested wholesellers.
This means that you, as an aspiring eBay powerseller, can choose from over 1.6 million products. As a result you will always be able to find the products which are currently hot on eBay, and will be able to buy them from reliable and tested wholesale suppliers.
This saves you a huge amount of time, because you do not need to spend hours googling for wholesellers who might potential sell the products you need, at an acceptable price.
Additionally, Salehoo only lists wholesellers who are verified, and with whom you can safely, and securely do business. No danger of getting scammed, no danger of losing your money.
On top of that, Salehoo also offers their Market ResearchLabs, which allow you discover the most profitable products to sell on eBay. This is fantastic for On-demand sellers, because it does the job of finding profitable items to sell, for you. You can use the ResearchLabs to find your perfect product, and then find a verified and reliable wholeseller through Salehoos directory.
The sheer quantity and the verified quality of the listings, means that you can find premium products, purchase them for cheap, and sell them on at a profit, without losing any sleep. Especially, because this amazing service comes at only $67 per year.
This is why Salehoo is one of our favourite Online Selling Tools, and one you should definitely check out.
So by using Salehoo we have found the most profitable and in-demand items on eBay, and we have found a wholesale supplier who can deliver the stock.
The next step is most likely to get a loan to purchase the stock you need. This is because most small business owners, can hardly afford to spend a lump sum easily. It makes sense therefore to get an affordable low interest loan, and use it to buy from the wholesale supplier.
You can then use a small part of your revenue to make your monthly repayments, until your loan is paid off. By doing it this way, you can keep your business running smoothly, and not divert much needed funds to buying products which wont bring in revenue for a little while yet.
Ok, so where is the best place to get a loan for small business owners?
I am biased of course, but I would say Bitbond. And here is why.
Bitbond is available globally, to everyone. No matter where you are in the world, whether its the US or UK, australia or India, you will be able to apply for a loan on Bitbond.
This means that we have a huge amount of experience and expertise in giving loans to online sellers. So what does a loan on Bitbond actually look like?
Well, it’s quite simple:
✔ Bitbond offers unsecured small business loans, so no collateral is needed.
✔ Your loan amount can be up to $25,000 or €25,000
✔ You can choose your loan terms: anywhere between 6 weeks and 12 months.
✔ Loans on Bitbond are repaid in monthly instalments
✔ And Interest rates start at 1% per month
✔ For you, the best thing about Bitbond, is that we allow you to connect your eBay and online selling accounts in order to better assess your creditworthiness. This means that your positive feedback on eBay will most likely result in lower interest rates on our platform. This gives you a massive advantage over your competition, who are most likely paying higher interest rates, and are subsequently dragging down their business.
✔ And finally, loans on Bitbond can be denominated in USD or EUR.
As you can see, getting a small business loan via Bitbond has a number of key advantages. Let’s take a minute now, to discuss what is involved in applying for a loan on Bitbond.
The first step, is to apply as a borrower on our platform. This is completely free and takes less than 15 minutes. Better than that, you can complete the entire process from the comfort of your living room chair.
We will get back to you within 24 hours, letting you know the status of your application and your credit rating. The credit rating will have an impact on the amount you can request, and interest rates you will receive. Having positive feedback on eBay or other major platforms, will most likely ensure a good credit rating and low interest rates, giving you the freedom to apply for as much or as little as you with.
Once you have received your credit rating, the next step is to publish your loan. Here it is important to look at the amount you need to purchase the stock you require and let that determine the loan amount.
Also make sure to calculate your expected returns, as well as revenue and make sure it allows you to make your repayments on time. When you know you’ve got this right, it’s time to publish your loan request.
Within minutes, investors from around the world will be able to help crowdfund your loan, and usually ebay loans are fully financed within 5-10 days. If, for some reason, your loan has not been 60% funded within 14 days, we will delist the loan. This will give you the opportunity to publish a new loan, and improve upon deciding factors such as your loan description.
The vast majority of ebay loans do get funded at the first attempt however, so let’s turn our attention now, to what happens after you get your money.
The moment your loan reaches 100% or 14 days elapse with over 60% reached, your money will be paid out to you. It is then a simple thing, to withdraw or exchange that amount, and head over to Salehoo and buy the stock you need to become an eBay powerseller.
After the first month has past, you will start to make your repayments, as shown in the repayments schedule you receive. If your business takes off, you are free to repay your entire loan early, at no additional cost.
The matter of cost, is one of the great advantages that Bitbond offers to eBay sellers. There is only a one-time 1-3% origination fee which gets deducted automatically from yourr loan amount, and only if your loan is successfully funded. There are no late repayment fees, and no additional hidden fees. Not bad, Im sure you will agree.
Great, so now we have sourced the most profitable items, and have acquired the funds we need to buy them. The next step in the process is creating premium listings for your products which will make visitors want to make a purchase.
The creation of awesome listings is vital in driving revenue, and can really make the difference in becoming an eBay powerseller. As important here, is the automation of the listing and delisting process. Time, as they say, is money, and it is always better to automate a revenue generating process, than it is to do it manually.
The tool which satisfies both the premium quality and automation aspects, is the eBays own Selling Manager Pro. We at Bitbond have actually already got an excellent blog post which gives a really in depth review of the tool, but lets go through the key features here as well. I do recommend you check out that blog post though, to get all the details.
Firstly, the eBay Selling Manager pro allows you to create premium eBay listings which will catch the eye of any visitor and ensure your product makes the right impressionSecondly, it automates the listing and delisting process, saving you time as you now dont have to list hundreds of items manually.And finally, it is surprisingly cheap. If you are located in the US, it comes at only 15.99 a month, while those of you at home in the UK, only pay 4.99. German eBay sellers can expect to pay between 8 and 11 euros per month for the tool.
No matter where you are, it’s simply great value for money. Those are the main features and I advise you go check out our blog post for more details.
The fourth tool in our set of 5, is Kyozou, a fantastic inventory management tool, which has been around since 2003. By using Kyozou, you can automate many of the processes which are involved with inventory management.
It will let you assign inventory to custom storage locations for example, and allows you to easily update and import your inventory with a feed file from your Kyozou dashboard.
Interestingly, you can manage your inventory across many different platforms. What this means, is that if you sell or are planning to sell your items not only via eBay but also via other major marketplaces such as Amazon and Newegg, Kyozou will let you manage the inventory for all of those platforms via its dashboard. Thus, what a staff member can take 20 minutes to do, Kyozou can do in a few seconds.
This is represents a huge opportunity to expand your business beyond eBay and grow your business to other online selling sites.
Additionally, Kyozou’s inventory management tool, includes the ability to set up and manage multiple warehouses, enabling you to keep your inventory segmented for all your locations while at the same time managing your multi-channel listings from one Kyozou account.
All-in-all its a massive saver of money and time and I highly recommend you check Kyozou out
Great, so now that we know how to take care of multi-channel inventory management, let’s turn our attention to the vital task of reputation management.
You’re reputation no only plays a crucial role in determining your sales volume, but is also a deciding factor in becoming an eBay powerseller. With a rating below 98%, you will not be eligible. So maintaining a clean bill of health and encouraging postive reviews is a really important part of selling on eBay.
And luckily Xsellco provide the perfect tool for this. It’s called High5, and has a bunch of amazing features which allow you to curate and foster as many great reviews as possible.
So what precisely, does high5 do? Well, it
Automates seller feedback or product review requests.Offers the ability to tailor your messages based on product name, type, SKU, or delivery method.Stay in control by blacklisting products that are more fragile or more likely to receive negative reviews.Protect your rating by excluding requests where product delivery was late.
[/list]And a bunch of other great features like giving you the
Option to schedule message delivery date, whether it’s immediately after product delivery, or up to 3 months after.
[/list]So as you, XSellco’s High5 is the perfect tool, to keep your reputation on eBay spotless and foster new 5 star reviews with little to no effort.
This makes it a vital Online selling tool, and is one every eBay powerseller should check out. There is currently a free 28-day trial period which is an attractive proposition. After those 28 days, High5 only costs €39 a month, making it a great investment.
So now, we have discussed why becoming an eBay powerseller is a great idea, and which tools can help you get there, in the quickest and most efficient manner possible.
If you have any follow up questions, please get in touch by sending me an email to [email protected] and I will be more than delighted to help in any way I can.
Thank you all very much for listening and reading. Thats all from me, hope you all have a great day.