This may seem a very strange question at first, but the difference between online eCommerce stores Etsy & eBay has a great deal in common with your own mindset. How?
OK, let’s take Etsy first. Prices on Etsy tend to be higher because the “vibe” on Etsy is about the seller having personal involvement in the creation of the product. This means the products you sell should either be Handmade – made entirely by the seller or Handmade with production assistance
So, for instance, you can sell printed mugs and t-shirts, but you must have had a hand in either the production or the design. This “hand made” tag immediately sets a higher perceived value to the products on sale.
Let’s take a look at eBay
Even though there are many companies on eBay selling brand new goods, the platform itself * T-Shirt * is still perceived as a bit of a second-hand marketplace. When eBay started in 1995, people were encouraged to clear out their wardrobes and garages and sell their “stuff” in an auction format.
Even though eBay has had many changes over the years, it still projects itself as a bit of a second hand marketplace, as seen in their TV ads.
Hence, items such as printed mugs will sell on eBay for say $10, but on Etsy could sell for much more. This is the main difference between the two platforms. Etsy has a more personalized hand made feel to it whereas eBay has a more sell anything and everything feel to it.
So, what has this got to do with your mindset?
I think you know where I’m going with this. Take a long hard look at the way you think, do you have an Etsy or an eBay mindset?, in other words, do you think of yourself as a person of value, or do you see yourself as a run of the mill type person with a secondhand mindset, in other words, you think like everyone else.
Why is this important?
Let’s look on it in terms of selling online. There are plenty of people online NOT making very much money. The reason for this is that many people tend to follow the crowd, they are almost afraid to put their own personal stamp on things.
You are either one of many or one of a kind. This applies to all things in life, not just selling products. People who make the most of things in life tend to have a hand crafted mindset like Etsy, rather than an eBay mindset selling second hand boots.
You may laugh, but this is true. How you think about yourself affects how people think about you.
Let me give you an example:
When I first started selling books online, I tended to be very cautious (like you do) and I sold books quite cheaply. This didn’t go well. I remembered from my coaching days back in 2010 that I actually got more clients by increasing my prices. So, I increased all of the prices of my books by as much as 40%, this actually resulted in more sales.
This is strange, but people often perceive the price of the goods as the value of the items themselves.
Everyone has their own idea of what value is. People often keep their value suppressed by not having the confidence to charge what THEY are worth. This is a common mistake.
Etsy & eBay are not get rich schemes. They work because people simply want to “buy stuff”. Making money online is not complicated, but it is important to know that it does take time. If you are always in a hurry to make money and can’t stick the long haul, get a job, don’t start a business as you are already starting it with the wrong mindset.
STEP 1. Ignore Get Rich Quick schemes. You’ve got very little chance of making long term profits with these.
STEP 2. Stick to the fundamentals. Create and sell good products, products that are useful and beneficial to the end user. This will keep you in business for the long term.
Step 3. Develop the Etsy mindset. Be an individual who takes part in the production process of your products. Be seen in your business, market yourself as well as your products. There is no hiding place today in modern eCommerce, people buy into people, make sure you are offering something worth buying into..
Have a great day