According to a study conducted by researchers at Stanford University, the online auction trend has decreased steadily. The researchers say that only 15% of people posting listings on eBay are opting for an auction only sales these days.
Instead, most sellers are choosing to offer items at fixed “buy it now” prices, thereby turning eBay into more of an e-commerce website than an online auction site it was initially meant to be.
What are the Benefits of Using the “Buy it Now” feature instead of Auction?
As a buyer or seller on eBay, there are a couple of reasons using the Buy it Now function would make a lot of sense;
You Can Get Products Fast and With Less Hassle
We are all pressed for time. This is also true when it comes to online buying. At times, there is simply not enough time to watch an auction. It is at such scenario that using the Buy it Now tab makes logic. For instance, if your washing machine broke down, you probably don’t have the time to wait; you want it as soon as possible.
On top of that, you can buy merchandise at an affordable price, and store to sell later. Consider using Radford business storage cubicles if you have limited space. The idea is to ensure that you can buy as many items as you can and cash in later on.
You Will, Sell More Often
This almost goes without saying. If more buyers are willing to use the Buy it Now option as opposed to waiting for an auction, it translates that as a seller you will have more deals coming your way if you are using the feature to sell your merchandise.
Buy it Now (BIN) Gives a True Impression of Your Product
The number of bids your merchandise attracts in a way lets you know how valuable or how “hot” the product is. This might be particularly beneficial to a seller who wants to carve a niche for themselves. In other words, BIN allows you to know which items sell fast thereby placing you in a better position to make more sales.
What are the Downsides of Using the “Buy it Now” feature?
BIN has its downsides as well, for the sellers and buyers alike including;
There’s a Bidding Cap
There is a limit to how high you can bid as a buyer. It means that in a field of many bidders, the likelihood of missing out on a product is always high if another customer beats you to the highest bidding limit.
Items in BIN May Not Feel as Urgent
The fact buyers can bid on products at any given time might work against a seller at times. You may get fewer bids, which often means selling your merchandise at a lower price. In conclusion, while the Buy it Now has its advantages and disadvantages, you should use it when it works for you the most, either as a seller or as a buyer.