Friday, October 6, 2017

Trust Through Brand and Accurate Information Leads to Higher Sales In Online Auctions

Selling online is an absolute necessity for almost any business in the world today. As most consumers search and compare products the ability to sell products online makes or breaks profit margins. Online auctions is an important method selling products and can lead to an increase in sales as well as the clearing of old inventory. Information and reputation can make a big difference in sales success.

According to an article in the Journal of Electronic Commerce Research those sellers who create trust and provide relevant information end up selling more.

People want to know the person/company selling the items is reputable and will sell the items as they promised. These items will be fully functioning and be of the condition and quality the customer expects.

Customers also expect accurate information that highlights product features so they can make a purchase decision. A lack of information is ambiguous which often leads to purchase anxiety and lower sales.

Building a reputable brand that customer's support as well as providing solid product information leads to trust and higher sales. Potential customers look at the product and company before making a decision and when they both appear to be reputable there is greater interest in making a purchase.

To Increase Sales:

1. Create a trustworthy brand: return policies, marketing strategies, customer service, brand management.

2. Offer accurate descriptions on products: simple, to the point, and accurate.

Tu, Y., Tung, Y. A., & Goes, P. (2017). ONLINE AUCTION SEGMENTATION AND EFFECTIVE SELLING STRATEGY: TRUST AND INFORMATION ASYMMETRY PERSPECTIVES. Journal of Electronic Commerce Research, 18(3), 189-211

Permission to repeat with appropriate attribute- Dr. Murad Abel

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