Online marketplaces have estimated global sales of $4 trillion by the end of 2020. The top marketplaces in the world include Amazon, eBay, Alibaba, ETSY, and others. But the trend of marketplaces is going to witness some explicit changes in this particular industry. The eCommerce is spreading its wings in the business and planning to launch various marketplaces on different levels according to their approach.
There is a new generation of markets coming up after the 2020 post-pandemic outbreak. There has been a surge of new online marketplaces offering trading services channels, concentrating on niche segments, and meeting worldwide specialized demands.
Businesses and individuals are rapidly selling goods and services in both business-to-business (B2B) and business-to-consumer (B2C) spaces through top specialist marketplaces.
In a previous blog post, the types of marketplaces are discussed in detail and this will surely add some knowledge to your marketplace dictionary. In order to understand the working and development of an online marketplace, you must do the marketplace research and in this article, I am going to tell you some amazing facts and the journey of top marketplaces the revenue growth rate in the last few years.
What are the top Online Marketplaces?
The top marketplaces have seen a growth of 57% in 2019 and this is going to rise in next year as well. But, with the increasing demand comes to the competition and these top tech marketplace giants will now have to compete with many tech corps, which are launching their marketplaces in the coming future. From a study, customers spent around $2 trillion on top marketplaces in the previous year.
The UShas 60% of the top marketplaces while Asia has approximately 20% and the other 15% of the top marketplaces are in Europe. Let us have a look into the most popular marketplaces and how you can start selling on these top marketplaces.
Amazon: World’s leading Marketplace
For a percentage of the profits, an online network of Amazon.com allows third-party retailers to sell on the world’s top marketplace. With a cut in sales going to Amazon, Amazon Marketplace allows sellers to resell used and new items. Amazon has 25,000 sellers on Amazon with more than $1 million in sales, and 200,000 sellers with more than $100,000 in sales.
For individuals who wish to start selling on Amazon, there are two different programs available. For someone seeking a semi-passive income or the opportunity for uncapped profits, becoming an Amazon Marketplace seller is a perfect career option.
Etsy: Top Marketplace for handmade products
In a short span, Etsy has marked its presence in almost every nation in the world. It brings millions of buyers and sellers on the same platform, just like any other online marketplace, except that it focuses on handmade arts, crafts, jewellery, paper goods, house goods, and artisan candy as well as vintage goods. In short, specifically for crafters, Etsy provides a marketplace. It’s an easy, inexpensive, and efficient way to enter the niche market’s wider audience.
If you are planning to sell on ETSY then the ETSY integration might work for you. This smart integration solution allows you to connect your online store with ETSY using API and sellers can sell within a short period on the ETSY marketplace. The integration allows sellers to manage shipping and orders from their eCommerce website.
Reach around the world with eBay Marketplace
C2C and B2C merchandising services are offered by eBay, an American multinational company. In addition to being a household name, eBay is a marketplace where millions of individuals trade daily.
Annual revenue from eBay for 2019 was $10.8B, a rise of 0.5 percent from 2018. For 2018, EBay’s annual revenue was $10.746B, a rise of 8.25 percent from 2017. The marketplace’s localized service allocates the sellers and buyers on the same network worldwide. One of the top online marketplaces eBay meets the needs of both the sellers and the consumers of more than 30 countries.
eBay marketplace integration can help you sell your products directly from your online store to the eBay marketplace. The eBay integration will seamlessly manage your seller profile on the online marketplace.
Walmart: Save Money, Live Better
Walmart has grown to become one of the world’s largest retail firms. To reach out to a larger customer base, Walmart is rapidly expanding its presence all over the world. The effort is well worth joining the Walmart Marketplace. If anybody has a chance to challenge the top marketplace Amazon, it is Walmart.Walmart’s total revenue for the fiscal year was $524 billion.
It even provides the sellers with a great opportunity to promote and sell their products on the market. The Walmart marketplace is an opportunity for suppliers to have a multi-channel presence and reach a market of about 80 million customers. You can sell anything from a toy to furniture and accessories to clothing.
Think you’re ready to list your Walmart products? The Walmart API marketplace integration is the most affordable solution to integrate your eCommerce store with Walmart. It will reduce all the extra efforts of product listing, managing inventory, order handling, etc.
Newegg ranked in Top 5
As surveyed by the Top 100 Online Marketplaces Merchant Survey, Newegg is listed as the 5th most successful online marketplace, according to the Internet Retailer Top 100 Online Marketplaces report.
Newegg is a US-based marketplace specializing in the electronics industry is now expanded for all the products with a 30 million-savvy customer base. The marketplace in Newegg is a perfect forum for sellers to increase the exposure of their product in order to attract new customers.
Since we all want higher rankings, learning how best to enhance the listings and satisfy Google’s algorithm is crucial. With our Newegg Marketplace integration, enter Newegg Marketplace and we will assist you in your new journey.
Alibaba dominating the marketplace industry
In the list of top marketplaces, Alibaba is one major platform with a huge customer base in China. Alibaba came into existence in 1999 with more than 40 categories, including clothes, accessories and electronic products, machinery, etc., and has become one of the largest online marketplaces in Asia. Yeah, you’ve heard that correctly. Alibaba’s revenue in the year 2019 wasUS$72 billion, 2020, which is twice the revenue in 2018. Why wouldn’t you want to sell on a website that surpasses all US retailers, including Amazon, Walmart, or eBay, with online sales?
Being a top online marketplace, you open your company to the largest internet market in the world if you sell on Alibaba. It has an easy way to promote articles. Although it is taxable, it is very efficient to increase sales.
How can Alibaba become successful? The secret to the success of Alibaba’s marketplace is low prices. In the supermarket, you can also wholesale fancy goods.
Why sell on Online Marketplace?
If you are selling online on the top marketplaces, the support system provided is incredibly good and worth recommending. They have comprehensive tutorials and tips for new sellers that guide you from registration to shipping.
The benefits of selling on online marketplaces include:
- Large customer based that facilitates regular orders
- The marketplace allows wholesale and retail businesses
- No unnecessary cost involved and most of these marketplace work on the commission revenue model
- More sales are expected due to a substantial customer base
- Possibilities to expand your brand internationally and develop a brand identity
- Low marketing cost
- Offers an extensive range of payment options for the effortless transaction and various shipping methods
- Highly authoritative and credible
- Deliver excellent customer support
Set up your online marketplace like the top ones
Similar to the top online marketplaces, you can start your online marketplace and connect with a large customer base with a range of sellers selling different products on one platform.
Yes, it is possible!
Developing a website from scratch needs a lot of money and why waste your savings when you can upgrade your existing eCommerce store into a marketplace with a ready-made marketplace solution.
Explore the marketplace solutions provided by KnowBand for PrestaShop, OpenCart, and Magento eCommerce platforms.
Choose the online marketplace that suits your company’s requirements and offers the best. Be cautious of what you select because that will be the key factor in your success in the eCommerce business. To take your company to new heights, you can easily choose a marketplace from the top marketplaces and the integration services accordingly.