A lawyer turned eBay entrepreneur has revealed her secrets to using the website to make millions of schillings.
Jade Oliver, 34, started her company buying, refurbishing and selling old furniture on eBay.co.uk in 2012 in a bid to pay off a Sh1.3 million professional course loan.
She would bid on cheap items in need of a little attention – and transform them into new, fresh designs, inspired by interior trends and inspiration from celebrities and the television. Jade would then sell these on to make a small fortune.
At the time, Jade was working as a corporate lawyer, however in 2016, she quit her day job to give her upcycling company, Heavenly Homes & Gardens, her full attention.
The company now specialises in selling faux flowers and home accessories in addition to furniture. Jade’s customers include fashion designers, theatres and film production sets including HBO’s Games of Thrones and Netflix’s The Crown.
Today, it has a turnover of Sh13 million a year.
Jade’s five top buying tips
However, what are her secrets? Talking to Mirror Money, Jade has now revealed her top tips on buying cheap on eBay – and making sure your bid always wins.
1. Search terms
For the greatest chance of finding a bargain or that special item, start your search as broad as possible using similar keywords.
Try undertaking several searches for the different ways an item could be described.
For example, if you are searching for a ‘lamp’, you could search for both ‘light’ and ‘lamp’.
This will involve looking through more results, but the chances of finding what you are looking for will be greater.
Searching for items with misspelt titles, for example ‘chest of draws’ is another great way to find a bargain.
2. Create a search alert
If you cannot find what you are looking for, create a search alert.
When a matching item is listed, you will be notified from eBay with details of the listing. You can set parameters such as price and location as part of your search terms.
3. Consider timing
Most people will be bidding for items on a weekend or after work, meaning the final sale price on items ending at those times can be higher than for similar listings ending during working hours or during the night.
If an item ends at night, consider using an auction snipe app to bid for you whilst you sleep.
4. Best offer
If you have found your dream item but it is outside your budget, it is always worth contacting the seller to see whether they would be open to an offer.
Even if the listing does not say that a seller will consider best offers, eBay has introduced a feature whereby sellers can respond to messages from buyers with offer prices.
It is surprising how many sellers are open to a cheeky bid!
5. When to bid
Hold your nerve and only bid at the last minute so as not to push the price up too early.
Set an alarm or download an app that will bid for you. I bid in the last 10 seconds.
Input the maximum amount you would be prepared to pay.
If you are the highest bidder, eBay will set your bid at just above the highest bid of the bidder below you, not at your maximum amount.
World Bank pushes G-20 to extend debt relief to 2021
World Bank Group President David Malpass has urged the Group of 20 rich countries to extend the time frame of the Debt Service Suspension Initiative(DSSI) through the end of 2021, calling it one of the key factors in strengthening global recovery.
“I urge you to extend the time frame of the DSSI through the end of 2021 and commit to giving the initiative as broad a scope as possible,” said Malpass.
He made these remarks at last week’s virtual G20 Finance Ministers and Central Bank Governors Meeting.
The World Bank Chief said the COVID-19 pandemic has triggered the deepest global recession in decades and what may turn out to be one of the most unequal in terms of impact.
People in developing countries are particularly hard hit by capital outflows, declines in remittances, the collapse of informal labor markets, and social safety nets that are much less robust than in the advanced economies.
For the poorest countries, poverty is rising rapidly, median incomes are falling and growth is deeply negative.
Debt burdens, already unsustainable for many countries, are rising to crisis levels.
“The situation in developing countries is increasingly desperate. Time is short. We need to take action quickly on debt suspension, debt reduction, debt resolution mechanisms and debt transparency,” said Malpass.
Kenya’s Central Bank Drafts New Laws to Regulate Non-Bank Digital Loans
The Central Bank of Kenya (CBK) will regulate interest rates charged on mobile loans by digital lending platforms if amendments on the Central bank of Kenya Act pass to law. The amendments will require digital lenders to seek approval from CBK before launching new products or changing interest rates on loans among other charges, just like commercial banks.
“The principal objective of this bill is to amend the Central bank of Kenya Act to regulate the conduct of providers of digital financial products and services,” reads a notice on the bill. “CBK will have an obligation of ensuring that there is fair and non-discriminatory marketplace access to credit.”
According to Business Daily, the legislation will also enable the Central Bank to monitor non-performing loans, capping the limit at not twice the amount of the defaulted loan while protecting consumers from predatory lending by digital loan platforms.
Tighter Reins on Platforms for Mobile Loans
The legislation will boost efforts to protect customers, building upon a previous gazette notice that blocked lenders from blacklisting non-performing loans below Ksh 1000. The CBK also withdrew submissions of unregulated mobile loan platforms into Credit Reference Bureau. The withdrawal came after complaints of misuse over data in the Credit Information Sharing (CIS) System available for lenders.
Last year, Kenya had over 49 platforms providing mobile loans, taking advantage of regulation gaps to charge obscene rates as high as 150% a year. While most platforms allow borrowers to prepay within a month, creditors still pay the full amount plus interest.
Amendments in the CBK Act will help shield consumers from high-interest rates as well as offer transparency on terms of digital loans.
Scope Markets Kenya customers to have instant access to global financial markets
NAIROBI, Kenya, Jul 20 – Clients trading through the Scope Markets Kenya trading platform will get instant access to global financial markets and wider investment options.
This follows the launch of a new Scope Markets app, available on both the Google PlayStore and IOS Apple Store.
The Scope Markets app offers clients over 500 investment opportunities across global financial markets.
The Scope Markets app has a brand new user interface that is very user friendly, following feedback from customers.
The application offers real-time quotes; newsfeeds; research facilities, and a chat feature which enables a customer to make direct contact with the Customer Service Team during trading days (Monday to Friday).
The platform also offers an enhanced client interface including catering for those who trade at night.
The client will get instant access to several asset classes in the global financial markets including; Single Stocks CFDs (US, UK, EU) such as Facebook, Amazon, Apple, Netflix and Google, BP, Carrefour; Indices (Nasdaq, FTSE UK), Metals (Gold, Silver); Currencies (60+ Pairs), Commodities (Oil, Natural Gas).
The launch is part of Scope Markets Kenya strategy of enriching the customer experience while offering clients access to global trading opportunities.
Scope Markets Kenya CEO, Kevin Ng’ang’a observed, “the Sope Markets app is very easy to use especially when executing trades. Customers are at the heart of everything we do. We designed the Scope Markets app with the customer experience in mind as we seek to respond to feedback from our customers.”
He added that enhancing the client experience builds upon the robust trading platform, Meta Trader 5, unveiled in 2019, enabling Scope Markets Kenya to broaden the asset classes available on the trading platform.