Well, this may not be as far out of your reach as you once thought! eBay began life over 20 years ago, offering a forum of auctions online. All items originally sold on eBay were second hand, and the site had humble roots. Whether the decision to include new items and buy it now listings was an attempt to bolster business or the directors saw the massive potential we can never be sure, but eBay is now an international name. To the point where not having an eBay account as a buyer gets you a few raised eyebrows, because after all – ‘Got it on eBay’ is a pretty standard response to the question ‘Where did you get that?’.
Millionaire eBay Sellers are Exploding
So, the site grew exponentially, and with it the power to make yourself rich. In the financial year, 2013/14 Germany saw 1095 million euro businesses selling on the platform. In 2012/13 the figure had been 731. In the UK the rise was not as significant but still pretty impressive, rising from 443 to 663 over the same time frame. Making your millions on eBay is a reality now.
There are some pretty big names featuring in the list, for example, MusicMagpie.co.uk is one of the UK’s highest grossing sellers. They have a vast array of used CDs (which was once all they did), DVDs, mobile phones, games consoles and more. From humble roots, this giant now sells in more than 140 countries using the eBay platform. Another major player MaxGear, retailers of cycling accessories and clothing now grosses 3.4 million a year – from selling on eBay. There is a clear lesson here for the budding entrepreneur, these companies have provided a robust and successful business model. The wise among us are going to be looking very carefully at how they are achieving the success they currently experience and using copy cat techniques.
The millionaire sellers are by no means limited to Europe. While the United States do not have such hefty growth figures, they still gained over 6.7% during the 2013/14 period. Due to their vast size and user base, US sellers account for over 43% of the total revenue for eBay globally.
So What is Stopping People?
The great fee debate seems to be one of the key factors that can put smaller businesses off trying to build great shops on eBay. It is true that there have been some terms and condition changes that leave sellers harder hit, but it remains a favoured outlet for buyers. Those running internet based store need to think of the fees as their bricks and mortar, as they will not be paying rent on properties. Yes, they can be annoying. However, the reputation eBay has created for offering a safe buying environment is well worth piggybacking onto. Buyers will continue to look on eBay, so all you need to do is provide a reactive shop, suppling goods that meet the requirement. Have a look at the best and see what they are doing!