Ok — so I’ve been using Hammertap 3 to list a few things. I’m testing it out on some of my wife’s clothing, which was bought, worn once and then banished to the twilight zone of our closet. How this happens, I don’t know.. perhaps it deserves another post to be filed under female psychology.
Anyway, here’s my process. I gather all the useful info about the item (color, style, size, etc) and then plug keywords into a Hammertap ‘product search.’ If the item is fairly popular and abundant, it’s important to include multiple keywords for size, color and so forth, thus narrowing the search down to the specific item. The analysis engine churns for a few seconds (depending upon how many historical auctions I want to search — from 500 to 100,000). I chose 2,000 on a search for ‘theory hoodie’ to get a fairly rich sample of a relatively uncommon garment.
On the ‘findings’ page, Hammertap shows me that 16 items containing those keywords were listed, and 5 of those sold (nothing close to 2,000! – my bad). I take a peek at the actual listings — which are all listed and linked within the Hammertap software interface — and see that they’re all similar to what I’m about to list.
If there were dozens and dozens of these for sale in the history database, I might narrow the search down to exclude ‘NWOT’ (with a minus sign) since my item is used or +cream to denote color. It’s easy to do this with + and — signs within the search box. It’s a great way to filter things. There weren’t very many of these for sale in the past month, so it isn’t necessary, however.
The findings page also shows me pie charts and graphs that indicate Listing Success Rates (LSR) and Average Sale Price (ASP). (Aside: Strangely, LSR is called Auction Success Rate in other parts of the program.) There’s also a quick summary of optimal auction start day, start time, end day, end time, durations, keywords, start price and features used (e.g. gallery, bold, etc.).
A quick glance at the keyword summary, for example, shows me which sizes and colors (as keywords) are the most successful. Fortunately mine are in there. After this initial analysis, I can edit my search and use different keywords – one at a time – to find their significance and relevance. For example, with the color poppy, I could perform the exact same research, only adding the keyword “poppy.” This returns only listings that contain poppy.
My initial search results show me 5-day auction is best for the highest ASP — which is what I’m after. If I had a lot of these and wanted to make money off of fast volume sales I might focus more on LSR. Friday is the best day to end for high ASP, and 10-11AM is the best end time. Best starting price is $0.99 to $17.99. I’ll start mine at $0.99 and try to attract the most bidders possible. I assume the NWT items are starting at the higher end of this spectrum… actually, I’ll just check in Hammertap.. and…. yes this is true. Interestingly, one of the items started at $1 and eventually sold for $58.51. This is where I want to be. It got the most bids of any of the items, too — confirming my strategy.
Ok — that’s a real fundamental look at Hammertap. There’s a lot more that can be done. This very basic approach that I’ve described above allows you to quickly determine when, how, and for how much to list things in a rapid manner. It’s great for listing things that you know very little about or for quickly analyzing lots of different products.
We just scratched the surface with one of the analysis views available, however. There are several others — and infinite ways to slice and dice the existing data — so we’ll go deeper in subsequent posts.
Consider this a taste.
More to come.