It is not a secret that part of every business' success is marketing strategies that helps reel in customers. Without these selling techniques, sales will surely decline and may lead to profit loss. Hence, all sellers have their own way of attracting potential buyers to their stores.
Most likely, you have come across businesses with items that have 'Best Buy,' "Great Deal," or "Best Offer" tags hanging in them, and it has caught your attention. That is an excellent example of a marketing strategy to encourage shoppers to check out what they are selling, potentially turning into a conversion.
The psychological aspect of marketing involves the buyer's emotions rather than their logical side. While items with charm prices such as those that end in 5 or 9 attract prospects, there are other ways to catch their attention and encourage them to check what you are selling, like using the competitive pricing strategy.
The concept of this marketing scheme is simple. Sellers cut the price of their goods lower than the price of their competitors, giving the consumers the impression of getting more value for their money because they can get the item at a discounted or much lower price.
This strategy also works well in the online world. Listings with lower prices tend to sell faster than the same item with a higher price. That is why online marketplaces such as eBay have features like the Great Price badge.
What is a Great Price badge?
eBay understands that listing competition on their platform is challenging. With millions of online sellers flocking the marketplace, they want all users to have an equal chance at earning. That is why they have created a helpful free feature that enables sellers from the US, UK, Germany, and Australia sites to attract more buyers to their items by showing a symbol of competitive price, which will help them stand out.
eBay shoppers can easily spot listings that offer the best price with the Great Price badge. This feature is highly advantageous to eBay trusted sellers with competitive prices to better highlight their listings, giving them more opportunities of closing sales and increased profits.
The placement of a listing with a Great Price badge is still subjected to the platform's Best Match feature, which works on the algorithm that considers the following:
- How relevant the listing is to terms used by the buyers in the search engine
- How in demand the item is
- How competitive your listing price is
- How complete your listing is in terms of description, photos, and other listing details
- Your terms of service, like your return policy and handling time
- Your track record as a seller
How it Work and its Benefits
Having this great feature does not need you to do anything on your listing. eBay automatically puts a Great Price badge on your listings that are eligible. As your listing appears with a Great Pricing badge, you get more than those sellers who don't have them. Here are the benefits of this feature:
- The badge allows your listing to be easily identified as something that has a special price in users' search results. This influences your potential buyer's decision-making about which listing to choose amongst many similar items listed.
- The Great Price badge is for free. You don't need to spend extra to use this feature as long as your listings are eligible.
- The badge gives a highlight to your listings. This especially applies if they sell often based on sales history, number of searches, whether they are in demand, and buyers' interest.
Great Price Badge Eligibility
Note that not all listings are entitled to have the Great Price badge. There are factors for an item to be eligible in this feature which is determined by a combination of the following:
- Seller performance. You should be in compliance with eBay's Above Standard or Top Rated status.
- Competitive pricing. Your listing must have a competitive price. To ensure that you are listing your item with competitive pricing, eBay encourages sellers to use their insights tool, Terapeak.
- Item specifics and product identifiers. Your listings should include this information, so it is easier for buyers to find your items easily. Items specifics and product identifiers include details like brand and codes, brand name, Global Trade Item Number (GTIN), Manufacturer Part Number (MPN), and more.
- New or certified refurbished items that match products in our catalog. If your listing is a refurbished item, it must comply with eBay's refurbished catalog, which can be new or in certified refurbished condition.
- Other eligibility factors. Your listing must be in accordance with the Best Match factors.
Some listings, even less expensive ones, do not qualify for the Great Price badge. These types of listings fall uneligible due to some factors. They could be because:
- The seller hasn't met the Above Standard or Top Rated status yet.
- The listing can't be matched to any product in eBay's catalog
- The listing does not fall under the new or certified refurbished condition
- The listing is not in compliance with the Best Match factors.
Do It with OneShop
Selling online is indeed a tricky venture. You will have to be ready with all your marketing strategies while ensuring that you make the most out of every platform's feature to make more conversions.
It is crucial that you have more time to do other things. This will help you manage your inventory, gain more profits, and ultimately grow your business. To do this, you need to expand your presence. It may sound laborious at first but not with the help of an intelligent app like OneShop.
OneShop is an automation service that helps many sellers like you to have more time to do what matters. Its convenient feature lets you effortlessly cross-list from one platform to another, such as Poshmark, Mercari, Tradesy, Depop, and more (cross-listing to eBay is coming soon!). It also automatically delists any listing across all marketplaces once they get sold to help you avoid coming across any issues when multiple buyers purchase the same item at once.
If you are listing on Poshmark, performing tasks such as following, sharing, sending offers, and other activities are just a few clicks away without babysitting your store 24/7. In addition to this, OneShop can help you relist on Mercari to ensure that your stale listings don't go unnoticed.
If you are ready to take your online business to another level and experience how OneShop can help you, sign up for our 7-day free trial without any credit card needed to test the waters. https://tools.oneshop.com/signup