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Smart Buying in the Virtual World

The second path to the road of re-selling would be acquiring items through the virtual world. By virtual world we mean items that cannot be examined in person before being purchased, but rather seen and described by means of the internet and more specifically in this case eBay.

The good thing about buying virtually is that the selections are much more vast than in the real world because rather than buying in a certain location (ex. the closest mall or department store), one can buy something basically anywhere in the world. Much like a real world department store though, one uses reputation as a means of building trust in buying item(s) from a seller. A seller's feedback is located in the upper right section of an auction. Clicking on their name or number will lead to a page filled with more detailed feedbacks as to what other buyers and sellers have thought of past transactions with this eBayer. Watch out for any negative feedback as sometimes they could have been for minor things that could have been worked out or major things such as an item being reported as not received. Reading a seller's feedback will give one an idea as what to expect if he/she decided to deal with the seller. The more feedback the better.

One of the most important things regarding smart buying is knowing exactly what is being purchased. Know every detail about the auction and everything in the description. One eBayer gave a five step process as what details were vital to look for in an auction.

-Be aware as to where the seller ships. If one is buying from someone outside of the country make sure the auction states they ship internationally. If not, it is a good idea to message the seller about the issue and see what he/she can do to accommodate.
-Next one should read the description thoroughly as many of the words may not jump out at one look. Look for things like the condition of the item, any flaws, sizes, colors, and if it is in working condition or not.
-Pictures provide a better visual than one's imagination as to what the item looks like. Although it is better for an auction to include pictures, don't completely disregard the auction if it doesn't. Message the seller for any pictures and questions about the product if there is reasonable doubt or double check the seller's feedback to calm worries.
-Understand the seller's policies. Some sellers allow returns within a certain period of time while others have an "all sales final" policy. Also know the payment methods that sellers accept. Most sellers accept Paypal, which is an eBay affiliated site that transfers money from a buyer's bank or credit account to the seller's bank account. This is the most popular method of payment because of how safe it is. Sellers cannot see the buyer's information and everything is done virtually so nothing can be misplaced. Not only is it the fastest method of payment, but most auctions that accept Paypal offer a buyer protection policy (depending on how many feedback the seller has) from $200-$2000. Other methods that may be accepted are money orders and personal checks, which don't offer the same protection as Paypal. If a seller only accepts these payment methods instead of Paypal, use their feedback as an indicator of trust or message him/her ahead of time if they would be willing to accept Paypal.
-Finally, realize the shipping methods being used. Some are faster (more expensive) or slower (less expensive) than others. If both are offered, choose the one that best addresses one's needs.

Make sure to check out not only the auctions, but eBay stores for the best price as well. Stores offer a fixed rate as if one was buying from a department store. Also many items being auctioned off are from uneducated or inexperienced sellers. Some sellers do not even include what is being auctioned in the title for example this seller was auctioning an original Nintendo system, but never stated that in the title. The word “Nintendo” was only located in the description. The result yielded only 15 hits on a product that should have earned more. To find items like these, check the box that states search title and description under the search bar.

Being fully aware of your "virtual surroundings" so to speak within in an auction is certainly important in smart virtual buying. The next section will show how marketing and smart selling tactics on eBay are essential in the quest for getting the highest potential profit on an item.