A BIN will automatically run for 30 days, and will automatically renew until it sells, or you end the listing. A large portion of all items I have sold were sold with the Best Offer option, either as an offer from a potential buyer or as an offer I sent out to watcher on one of my listed items.Īnother factor is the length of time a BIN runs versus how long an auction can run for. You can also add a Best Offer option to you BIN listings, which gives a potential buyer an option to make the seller an offer on that item. The data also shows that BINs are the vast majority of all sold listings in most categories on eBay, even though both options can be freely used equally. Many times, a BIN listing can sell for 20%, 30% or even more than what an auction listing may sell for. In most cases, I have found that the items we routinely sell will almost always sell higher as a BIN than as an auction listing. You can also see which option will give you the highest return on your item. With Terapeak, you can sort by format, and easily see which option has the best success rate. As eBay describes it, “Terapeak Product Research uses recent eBay supply, demand, and pricing data to help you determine what to sell, when to sell it, and at what price” and is available under the “Research” tab in Seller Hub.
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You can easily determine which option is best by digging through Terapeak, which is now a free tool available to all resellers on eBay. I personally use the BIN format for the vast majority of my more common and lesser valued items. Most household items, such as pots, pans, kitchen utensils, towels, socks, and batteries are good examples of those sorts of items. I would suggest you ask yourself a simple question when deciding on a format: Can I buy this item easily right now, locally? If the answer is yes, then I will almost always list that item as a BIN. The buyer must weigh his savings versus the length of time it will take to get the item. The reason someone is buying those items online is usually to save money, but they also want them right away. No one wants to wait a week for a hand-towel auction to end just to know if you won it or not, and then being forced to wait another week for it to show up in the mail. So it all will come down to what you are selling. Waiting a week or more for an auction to end is just far too long to wait for most potential buyers. Most buyers want their items now and not later. The last ten seconds of most auctions was purely exhilarating (most of the time) with many items shooting up hundreds, if not thousands, of dollars in just those last few seconds.īut times have drastically changed and so has the want and need to get your purchased items more quickly. That is when all the action would start to happen. The seller, alike, would be fixated on their computer screens watching its progress throughout the week, but it was the last 30 seconds of the auction that was the most exciting. The potential buyer would be watching the auction all week long in anticipation, and in hopes of being the winner. Everyone loved watching the prices climb over the life of the auction. When eBay first introduced the BIN format, many people were very reluctant to dive in, having seen so much success from running auctions for so long.Īuctions were also entertaining and a thrill for both the buyer and seller back in those days.
The Buy It Now format, or BIN for short, is a relatively new feature in reselling. For the first ten or fifteen years of my reselling life, auctions ruled the reseller world. Prior to a decade or so ago, the only option that was available was an auction format. It will all come down to what you are selling, more so than anything else. Both formats have their own usefulness and can be effective tools when used properly. There are, of course, other factors that must be considered, such as the value, scarcity, and overall demand of the items in question. Some items will always sell best as an auction, while others will do far better as a Buy It Now format or a fixed price listing, as eBay calls them. It may seem like a very simple question with an easy answer, but that, unfortunately, is not the case. Should I sell my items as an auction on eBay? Or as a Buy It Now listing? This is the most common question I am asked routinely by both new and longtime resellers alike.
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