Ebay sellers should seriously consider the psychological impact of using a low opening bid price. And having no reserve price. It’s the best approach almost all the time. Follow me on this:
If you have a high opening bid and/or reserve price what you’re saying to the bidder, (or prospective bidder), is:
- I don’t trust you guys to value this properly, and want to protect myself.
- I don’t trust Ebay to deliver the participants necessary to make this auction work.
- I want to be the ‘winner’, or I won‘t play.
Is any of that comforting to the bidder? Does any of that sound like it will produce good customer experience? No. And bidders know that. Even if they haven’t stopped to think about it in such clear terms, they know it in their gut. And uncomfortable bidders are not bold bidders.