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eBay Seller's Guide: Tracking Inventory Performance
from: Home Biz AdvisorTracking inventory sales and performance is pivotal to eBay sellers. From knowing which items are popular, in-demand items that sell quickly to learning which items sell best listed at auction-style or as immediate purchases; inventories are just as important as payments. Sellers need to account not only for the financial side of the eBay business but also for the physical aspect too.
One of the easiest and most reliable methods to keep track of eBay inventory performance is to keep monthly records; analyzing them at the end of the month and then again at the end of the quarter.
While eBay's Premium and Anchor Stores offer inventory and site tracking, sellers can create their own spreadsheet by inputting the following information on each listed item: item listed, category, date listed, type of listing (auction and/or Buy It Now), date sold, sales price, payment method, shipping carrier used, total number of days from listed to sold. Complete this process with each item until the close of the month. When the month comes to an end, analyze the data.
When analyzed, eBay sellers can see which areas outperform others and can make adjustments to run a more efficient online store. For example, was one shipping carrier more popular than another? If so, consider eliminating the under-performing shipping carrier and consolidate. This will save extra trips to shipping outlets and, with the increased business at one carrier, may qualify your business for a bulk rate or reduced price.
Another piece of data to examine is the fast-moving items. These "hot" items are ones that sell quickly and either meet or exceed their asking price. If able to, consider adding more of these items to your seller inventory, as they have been proven to generate income in your online store. If listed in multiple categories, verify which categories out-perform others and list items accordingly. Be sure to note which items were purchased using the "Buy It Now" feature, and if able to procure multiples of the same items, offer them in the same listing.
Under-performing items may need some adjustments. Before lowering prices, investigate other eBay listings for similar items; focusing on their prices. Perhaps your listing was not as long time-wise as the other listings or was minimum acceptable price on your listing too much from what others were asking?
Once under-performing items have been accessed, adjustments can be made and the items can be tracked using the same spreadsheet method next month. Keep trying this adjustment on all slow-moving or non-selling items until you, as a seller, find out what works and what doesn't. Be sure to follow the same process used to analyze the monthly data again at the end of the quarter (every three months).
While keeping track of inventory using spreadsheets can be seen as a tedious process, the value to sellers can largely outweigh the time needed to input selling data. By analyzing results month after month, eBay businesses can become more streamlined and have the ability to generate even more income than in previous months.
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