Scarcity Sells even on eBay

Posted by in Creative Ideas | 9 comments

I walked past a store recently that was selling original autographed Larry Bird basketballs on a table display.

They had probably 50 balls all neatly boxed and stacked up on the table.

I came back by the same store a few days later and they had the same huge pile still waiting to be sold. It appeared to me that they weren’t being sold at the rate they’d hoped for.

Here’s an idea…

Question:

Do you think that store would have been better off putting out JUST ONE or TWO balls out with a nice sign pointing to them? There’s no need to lie about the quantity…just make it appear as if there is only one or two left and I would bet they would have sold several more than they did.

It’s basic human psychology.  Scarcity automatically creates a sense of urgency.

You should see how fast the last slice of pizza disappears at my house with four boys!

When selling the same item over and over again on eBay (such as an information products or any other product) you should create the illusion of scarcity by controlling the quantity of product that appears to be available.

For example, by using eBay’s tool called “Selling Manager Pro” you can make a single listing re-appear automatically each time it sells or expires. This is far better than having a listing that shows 40 in stock ready to ship.

There is also a tool (I make no commission mentioning this) called “Quantity Manager” that allows sellers to improve the apparent scarcity of their fixed price listings to encourage more buying activity. Quantity Manager automatically monitors your listings and updates their available quantity to your predetermined levels. This is a third party plug in application for eBay sellers using eBay’s “Selling Manager”.

Here’s a direct link to it:

http://www.MySilentTeam.com/SellerManager.html

To see a full list of other eBay eBay plug in apps use this link:

http://www.MySilentTeam.com/ebayapplications.html

Let me know what you think…does scarcity sell? Can you use this tip in your business? Use the comment button below and let me know what you think…

  • Jim Robbins

    Sure it does…..Remember Cabbage Patch Dolls. People get very "demanding" when they think they won't get that hot item for their kids for christmas.Supply & Demand, cut down the supply & the demand drives up the price.

  • http://greatpassiveincome.com Mike Gibson

    No doubt that scarcity sells… I spend a ton of time on eBay and anytime I see a product with 20+ items showing available, I figure I’ll buy it later (I usually end up forgetting about it later!).

    Great point about the “quantity manager” – I never knew it existed.. if I do have multiple products to sell I usually list 2 or 3 at a time then relist again to maintain the “scarcity” illusion.

  • http://www.printsmakeprofits.com Stuart Turnbull

    Hi Jim

    You’re so right, I sell vintage prints rescued from dusty old books on eBay. Most of my stock is over 100 years old and from books that have long since gone out of print. Because most people don’t know where to get hold of out of print books there is a scarcity value and I make huge, regular profits.

    http://www.printsmakeprofits.com to check out my methods and sources.

  • http://www.nonasnews.com/blog Nona Sangalang

    Hi Jim

    Good question! Scarcity will sell if we are talking of high quality made items tested over time ~ antiques, vintage homewares etc.~

    are still sought after. In other instances, scarcity of food for hungry people (as in your pizza case) will really jack up the price of such foods. Just imagine when staples run out in other countries and see the prices of these items skyrocket from the shops holding such stock.

    Again thanks for this post, and everything you share with us, cheers!

    Nona

  • Ken Pearson

    I deal mostly in NASCAR die casts. Racing Champions put out a Rusty Wallace Mustang Stock Rod in 1997 that was recalled from the big box stores because it had Miller Lite on it and it couldn't be sold to kids. For years it was a rare find and was book valued at up to $120. Most sellers were doing well if they found one selling at $50 – $60. A few years ago some yo-yo came across large un-circulated quantities and began selling them for a few dollars each, listing 40 or 50 at a time. Needless to say the bottom fell out of the market for this item and had he sold them individually, he and other sellers would have been much more profitable.

  • http://jorge-delgado.com/blog Jorge Delgado

    I agree Jim. Scarcity sells but you have to avoid being too obvious…

    Quantity Manager I did not know this tool.

    Thanks for the info

    Jorge

  • http://stores.ebay.com/rojaautomotiveperformanceparts Ron Finch

    Can you really beef up the sales for my ebay site? I am just starting out and want to make the right decisions without wasting money on the wrong tools.

    [[reply from Jim]]: While there are several things you can do to "beef up" sales of the items you are already selling it's an even better strategy to grow a list of people that are interested in your niche line of products and then ask them what they want. Making sure that you are using the best possible keywords in your title descriptions, minding your feedback rating (if it's over 40 or so and 98%+ positive you've got plenty of credibility), and taking good pictures of your items are the main things to take care of. Beyond that it's much more a matter of selling the right things versus being good at selling a product you are married to. In other words, don't get emotionally attached to a product and then try to sell it. Instead find what's selling and find ways to profit from serving that audience.

  • http://www.steve-wilkins.com/ Steve Wilkins

    Hi Jim,

    Not quite related but I just wanted to say thank you for the video you made on creating ebay classfied ad's. It has really helped me to drive more traffic to my sites and it's such a cheap meathod compared to adwords as you mentioned in the video.

    Keep up the great work!

    Steve Wilkins
    http://www.buildyourebizwithresalerightsandplr.co…

  • http://www.atgok.com Cindy

    Thank you for the good information. I had no idea so much great and useful, true information could be found by what could be ones competitor. I am really excited to get to work trying out the new ideas I have just learned vs using what I learned in college marketing and business classes. I am making enough money right now but if with these tips I think I can become very successful. Thanks again for the insight!

    -Cindy

    OKC