It started out as a way to get rid of old college textbooks and earn a few extra bucks on Amazon. When I initially set up a seller account with Amazon, I just wanted to get rid of old books. I did not care about the selling price. Innocuously, I set my initial selling price at a much lower price than the prices of the other sellers. Little did I know I had waged a price war with a handful of other small business owners.
Within minutes, a few sellers would knock their prices down a few cents lower than my price. Then I lowered a few cents more. They did the same thing. One of them was clearly not happy. He/she lowered a whopping extra few bucks. That nearly wiped out the optimal selling price of the book. I had no room for profit so I had to let him have the last price.
This is my first time selling anything online. A word of advice? Don’t start out with a low price. You need to test the other sellers to see how vigilant they are about their prices. You need to do your own market analysis. Is your product in high demand? Are there a lot of people selling similar items?
I’m happy to brag that I’ve sold 4 books on Amazon so far and earned about
So much to learn!