Retirees Reap Retail Rewards

Thinking about becoming an eBay entrepreneur in retirement? Many retirees enjoy the research, as well as creating the descriptive copy and photos for their items. And keep in mind some societal benefits.  Selling your secondhand goods is a plus for the environment, with the fashion industry responsible for a remarkable 10% or so of global emissions. On a more personal level, it is encouraging to know your old objects are being adopted by an appreciative purchaser.

Where to sell

It makes sense to sell on existing marketplaces, with payment structures in place, where traffic automatically comes to the site, and you can garner reviews. Each platform is best suited to certain types of items. Times have moved on from garage sales. Today’s channels offer additional benefits, like seller protections, tax calculations, and customer service. A few have come to dominate the market, providing a meeting ground for thousands of shoppers where no local yard sale could compete.

EBay, Amazon, and Craigslist are giants among cottage industry commerce. Next Door, Bonanza, and Etsy are also popular.

EBay lets you sell in two ways: either you can set up an auction listing, where buyers can bid on an item, or a fixed-pricing listing, where you precisely name your price. The site will charge you first for listing, again after you make a sale, and once again if you want to highlight and promote your listing. While you can sell almost anything on eBay, some particularly appropriate categories would be smaller, more shippable antiques, one-of-a-kind art, vintage clothing, older electronics, and jewelry.

Amazon is the first stop for 57% of shoppers. Sellers register for individual or professional plans. Fees range from about 3% to 45%, depending on the item category. A major advantage is that they will take care of the shipping, for a fee. Amazon is effective for small appliances, books, CDs, DVDs, videogames, and newish electronics.

Craigslist is a more local forum, ideal for disposing of large appliances, bikes, clothes, furniture, and exercise equipment.

Seller beware!

Be sure to exercise caution. Since online selling involves transacting with strangers, make sure to follow some no-nonsense practices. Examine any buyer profiles. Do they show any pictures, friends, or ratings?  If none, you might be interacting with a bot or a fraudster. You should never reply to messages asking for personal details.  And don’t be too trusting: make sure to get paid before you mail off an item.

If you do agree to meet a buyer in person to exchange money and goods, choose a well-lit, busy place, near other people. A library or a Starbucks should be safe. It never hurts to bring a companion along, either.

Scammers have other tricks up their sleeves. They sometimes pose as purchasers, sending false payment notifications or overpayment checks. Their goal is to inveigle the seller into sending money as a “refund,” based on the pretense that they have double paid. The Federal Trade Commission publishes a few warnings:

  • Don’t accept mobile payments like Venmo from a stranger
  • Don’t deposit a check for more than the selling price, which could be the scam mentioned above
  • Never share verification codes
  • If in doubt, report suspicions to fraud.ftc.gov.

Become a star seller

Network among friends and the community to learn the ropes. Learn the lingo. For instance, do you know what FPPU means? Hint: it stands for front porch pick up.

Boost your success rates with descriptions including plenty of detail, like measurements, color, condition, and care instructions. Mention any scratches or tears. Use photos or videos with closeups, bright and clear images, and avoid busy backgrounds. Check spelling and grammar.  Punch up your copy, including keywords, remembering e-commerce sites have algorithms so that specific words show up in results.

Be open to negotiation. If you are unsure what to charge, you can say ‘best offer.’ Be available and respond promptly to inquiries.

Good luck!

Reach out to Roz Carothers and her team at Triplett & Carothers to learn more.

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