Have you optimized your product listings yet?
Optimization is key to selling successfully at Tophatter. Learn how to optimize your product listings in this special edition of the Tophatter Seller Education Series.
Product optimization on Tophatter is a little more than description updates and new photos.
The best way to optimize your products on Tophatter is to take advantage of your Performance Page, Auction Campaigns, and Campaign Budgets. Here's how:
Step One: Familiarize Yourself with Tophatter Auction Campaigns
Auction Campaigns are the best thing since online bidding kicked off in the 90s. Auction campaigns are how sellers schedule their products for auction and track performance.
Here are a few tips to get started with Auction Campaigns:
1. Pay attention to the best days for your products in the auctions.
Typically, Wednesdays can be slower. Sundays are the strongest in terms of sales, but you may find that Friday and Saturday are your strongest days. This is just one of the things you can monitor on your Performance Page.
Via the drop down menus on your Performance Page you can see performance of a certain time period, Auction Campaign, or product category:
- "Duration" allows you to select a date range to view
- "Campaign" allows you to view by individual Campaigns
- "Category" gives you a view by category
2. Monitor your Sell Rate Closely
Your Sell Rate gives you an indication of the demand for your product. On average, the Sell Rate across all categories is about 80 percent.
How does your Sell Rate compare? Here's how to check:
After the product has been scheduled at the auction about 10 times, you should have a good idea of performance. If performance is lower than the category average, try moving the product to a Buy Now Campaign.
For products with high Sell Rates, test raising your Scheduling Fee Bid to see more volume.
Step Two: Keep Your Campaign Budget in Mind
The best Tophatter sellers set a Daily Campaign Budget and/or a Lifetime Budget to limit risk and achieve growth.
A Lifetime Budget is the max amount you're willing to spend on the Campaign, including any fees for Scheduling, shipping, or Incidents.
Understanding how Tophatter uses these fees and pricing can help you design a Campaign Budget that works for your online business.
How Tophatter Fees Can Influence Your Campaign Budget:
1. Starting Bids and Shipping Price:
High Starting Bids and high shipping prices can have a negative impact on the Sell Rate. So the more competitive you can be to start with, the better.
This will draw in Shoppers and help create competition at the auction. Take a look at how some of the best Tophatter sellers are using free shipping to improve their profits.
2. Reserve Prices:
Reserve Prices will really impact your Sell Rate. That's why we suggest only using this for those items with a high average sale price.
In fact, we really recommend that you try different Starting ID and shipping price strategies before choosing a Reserve Price.
Also note, that the Reserve Price option also incurs an additional fee each time the item is scheduled, whether or not the item sells.
3. Scheduling Fees:
You will incur Scheduling Fees every time your item is scheduled into an auction, even if that item doesn't sell. This fee should be built into your Daily and Lifetime budgets.
Step 3: Test Out Different Variations of Your Auction Listings
A compelling listing is key to auction sales. New product photos and clear product descriptions play a pivotal role in performance.
It's in your best interest to try out as many different strategies as you can to see what works for you.
What's our advice?
Our top sellers test, find products that perform well, optimize those products, and repeat the process with new products.
If you're having a lot of success with one kind of item or in one specific category, stick with it. Invest in different variations of your winning product, or start looking into news items to list in your favorite category to attract new customers.
If you're having a lot of success with higher-priced items, you can use Buy Now Campaigns and Reserve Prices to stay competitive and keep the demand for those items just as high. Customers won't want to risk an auction if they know they can buy the item immediately for a fair price.
Log into your seller account now to take a look at your sell rate and see how you compare.