Marketplaces are virtual shopping centres that extend a seller’s reach by increasing the customer base through the presence of innumerable buyers surfing across channels. Hence we can emphatically say that the right marketplace has great potential for sellers to establish their company. The secret to success lies in matching the most suitable marketplace with your business thus accelerating growth.
Choose wisely and select a platform that’s designed for performance, scalability and a high degree of customization. Robust marketplace platforms run on integration in the API layer, so it’s important to choose a platform where the vendor can plug in fully to market products, reduce marketing costs, receive impartial reviews and establish trading partnerships.
A few tips on choosing the right Marketplace:
- A lot depends on what you are selling. Research and analyze which marketplace is selling products most similar to yours and choose the one that most suits your purpose. Research has established that these are high volume business grounds and there is always space for more sellers. Selling in a marketplace is recommended because it gives a boost to your company without you struggling to establish it individually.
- Your choice of a suitable marketplace should be prompted by good logistics solutions that a marketplace offers. The assistance provided by the right marketplace for logistics is of utmost value to a business owner because with his logistics problems streamlined he can concentrate on building up other aspects of his business.
- Go by the popularity index of a marketplace. Potential customers flock to the bigger ones like Amazon, or Flipkart and your first choice should be a marketplace that is a favourite among consumers. That is where they hit upon the best bargains, find what they want and are loyal to it. So it makes sense if such popular marketplaces are your automatic choice. So subscribe accordingly to tested waters.
- However, it needs to be said that the more popular a marketplace the tougher the competition there is among sellers. So be prepared to fight for your niche and choose the most suitable marketplace accordingly.
- Since the marketplaces are huge the chances of your brand name not getting popularity could be a disadvantage. That’s why it is better to sell across marketplaces in order to get greater brand exposure.
- Check out also the different subscription plans offered by various marketplaces and the commission charged by them. Choose with care; look out for the essential as well as optional choices before you zero in on which marketplace is ideal for your company.
There are many advantages of selling on marketplaces because you can flourish easily without much effort wasted on marketing and related expenses. Everything is almost readymade, what will make you stand out probably is an investment into a well-integrated website linked to the platform to which you subscribe.
According to EMarketer global retail sales will cross $27.7 trillion in 2020. Any intelligent retail owner will jump at the opportunity to sell on the most popular and right marketplace in order to cash in on this and extend their reach to generate more sales. Wholesale markets can also come under the purview of marketplaces as also B2B. They too have a choice but success comes at the cost of extra effort with targeted marketing or social media used to drive traffic to them.
When you sell on the right marketplace you stand to benefit
- A well known and established marketplace can add a positive tint to your brand image.
- Selling on robust international marketplaces ensures that you sell while the world sleeps and vice versa because they operate 24/7.
- A major advantage is for smaller companies because they can sell without incurring upfront expenses.
- Thus due diligence and choosing a reliable, transparent and highly regarded company to sell products is critical or you risk becoming associated with an unethical or problematic partner.
Choose a marketplace that offers a diversity of prospects. If your product prices are competitive enough while not sacrificing much of your profit margins, you can easily succeed. What is important is selling the right product in the right marketplace.
Etsy, Flipkart, Snapdeal, Amazon, Wish, eBay and Depop, are among the top players in the online marketplace scene. However, there are advantages and disadvantages to each online marketplace and the onus is on you to make the right choice. The range of options is wide so you need to choose judiciously in order to enter a suitable marketplace.
Let’s make a short comparative study of 3 popular marketplaces that you could possibly sell on:
Wish is a popular marketplace today that is attractive and fun. It shows products to the right demographics thus increasing the chances of a sale. You pay as you sell because you don’t pay any fees for products that are unsold. However, the product prices are slashed to such an extent that it is very challenging to sell on Wish which is a platform where mainly Chinese merchants sell directly from factories.
eBay, a very well known platform is a veteran in the field. They extend extraordinary support to sellers throughout the process of setting up shop and actually selling. The payment procedures are smooth too. It is important to sell on marketplaces that give your customers hassle-free shopping experience. eBay is a trusted name and people shop on it without hesitation about entering their credit card and other payment details. However, there is tough competition here too from other sellers so you need to carve a niche for your product and come up with clever pricing strategies to succeed on eBay.
The other popular marketplace is Amazon, used by millions of shoppers and offering an array of products not found anywhere else. Here everything seems to be under one roof. You can grow your customer base and increase revenue by ensuring faster sales.
So whether it is a small business with the intent to grow or you already have an online store and are planning to expand it is critical to your business growth that you start selling on the right marketplace. The options out there are enormous and it’s time to cash in and get your ideal marketplace.