Due to the widespread use of the internet in everyday life, a great number of clients worldwide purchase things online. If you are a retailer, selling online is an excellent idea. Selling online broadens your global reach. This enables the online marketplace to generate higher revenues than usual. But there are other ways of selling online too apart from selling from websites. Retailers can also sell their products on well-known eCommerce Marketplace. Selling on marketplaces such as eBay, Etsy, Amazon, and others could be a good decision because they can readily increase brand visibility.
You can gain full control, enormous revenues, and increased scalability by creating your eCommerce website. It can become costly for you because establishing and promoting a niche business involves significant expenditure. However, if you choose a marketplace, you may sell your things online with some control while still benefiting from the worldwide reach and services of the eCommerce Marketplace. Customers frequently prefer purchasing things from Marketplaces due to the huge variety of products and the convenience of one-stop shopping. Aside from that, selling things on Marketplace could provide you with much more.
Market statistics to provide context:
Except for three marketplaces that sell specialized product categories, such as Etsy, the top 20 marketplaces sell a variety of general items.
The top five product categories on major marketplaces are general, fashion, arts, crafts and gifts, homewares, and electronics.
Top 5 Indian eCommerce Marketplaces:
- Flipkart
- Snapdeal
- Amazon India
- Myntra
- Shopclues
Top 5 Spanish Marketplaces:
- Spain’s Amazon
- Milanuncios
- The English Department Store
- eBay Spain
- Ali Express
Top 5 Italian Marketplaces:
- Italy’s Amazon
- Italy eBay
- Mediaworld
- AliExpress Italiano
- Unieuro
Poland’s Top 5 Marketplaces:
- Allegro
- Ceneo
- Chrono24
- Showroom
- Domodi
Top French eCommerce Marketplace:
- Cdiscount
- eBay France
- Fnac
- Leroy Merlin
Germany’s Top 5 Marketplaces:
- Amazon Germany.
- eBay Germany.
- eBay Kleinanzeigen.
- Otto
- Ideal.
Some of the Reasons to Start Selling Things on Marketplace
Massive Audience Access
Because of the enormous popularity of online shopping marketplaces such as Etsy, eBay, Amazon, and others, you automatically get access to all of their customers without having to spend any money on marketing. It’s a great opportunity for small business owners to make substantial money without making large investments.
Low Initial Investment
Because eCommerce Marketplace has everything set up in one location, the retailer has to make a few expenditures aside from a few expenses. Marketplaces such as Amazon, Alibaba, and others, for example, charge:
A monthly subscription fee is charged for selling on their platforms. In addition, a listing fee or commission is charged for each product posted on the Marketplace’s catalog.
To Boost Trustworthiness
Due to a lack of trust, consumers frequently purchase identical goods as yours from the eCommerce Marketplace. When your goods enter the Marketplace, they will gain additional visibility, which will undoubtedly encourage users to make an immediate buy. It is also advantageous in terms of increasing sales and revenues.
Reaching the Global Market
Marketplaces enable you to enhance your business’s worldwide reach with minimal effort. Sellers may reach millions of potential buyers worldwide without making any upfront costs. Amazon, Walmart, Etsy, and eBay, for example, are market leaders that serve millions of online clients worldwide.
Increase the Visibility of Your Brand
Customers are likely to be unfamiliar with your brand and products if you are new to the eCommerce business. You will undoubtedly require market recognition. Marketplaces such as eBay, Etsy, and Walmart assist you in increasing your brand and awareness by listing all of your products on their websites.
Provide Excellent Client Service
Similar methods exist to assist vendors in meeting customer expectations for speedy, free delivery. They have customer care teams that work around the clock to provide customer service and fix real-time concerns.
For example, using services like Fulfillment by Amazon (FBA) and eBay Global Shipping, you can have the marketplace warehouse, choose, prepare, and ship items on your behalf.
Expert Opinions:
1. Y COMBINATOR – Paul Graham:
You can’t sit around waiting for clients to come to you. You must locate them, travel there, and drag them back to your business.”
2. Mudit Khosla, CEO, Tradus:
Selling through a Marketplace requires very little working capital unless there is a sale; there are no rentals involved.
3. Ankur Sethi, Founder and CEO of Nupinch.com:
If a local retailer wants to reach a million customers only to promote his wares, he will have to invest a lot of money. While these Marketplaces work as channel partners, helping you reach millions of consumers in some of the most remote regions of the country, increasing your sales enormously.
Make the Most of Multi-Vendor Marketplaces:
- Sellers should register on all possible Marketplaces and create additional revenue streams.
- First, try to provide some discounts and offers to entice more clients to buy your product.
- Keep track of consumer reviews for your goods and try to thank them or answer their problems. This method aids in the retention of clients.
- Always stay up to date on the newest trends and technological breakthroughs in online retailing.
Selecting the Best Marketplace:
Selling through online marketplaces such as Walmart, eBay, and Etsy is undoubtedly a terrific choice for an eCommerce store, but selecting the correct one for your business is the first step. It all relies on the type and category of products in your business. Every Marketplace has its standardized registration process, prerequisites, terms and conditions, and so forth. Sellers must read these guidelines to determine which website will provide the best placement and brand value for their goods. The traffic of the website is one of the most important factors that retailers should consider while selecting the best Marketplace. The more traffic there is, the more orders he may get for his products.
5 Things to Look for in a Marketplace
Although each Marketplace operates differently, some similarities mustard some similarities that must be considered by sellers. They are as follows:
- Reputation
- Website Traffic
- Policies and Guidelines
- Marketplace User Interface
- Business Scope
The most significant element of a multi-seller Marketplace is that it must give customers a user-friendly interface. Sellers should keep an eye on this feature because it may cause problems if the product is returned. In many instances, the marketplace may accept the returned merchandise without even questioning the customer, resulting in a loss for the seller. As a result, it is critical for a seller to make the appropriate decision to maximize sales and overall business success.
Launch a Hyperlocal Marketplace That Caters to the Local Community
With a thorough understanding of the benefits of marketplace selling, you can select the best platform for your brand. Multichannel selling is profitable and helps to establish your brand identity. You can also start selling your products locally. Begin by creating an internet website with KnowBand’s hyperlocal marketplace module. You can transport the things to your consumers’ homes. You will require a delivery guy app to manage the package delivery procedure. There is still plenty to learn about it.
Up to You:
The less complexity required in selling on a marketplace, the better. It is critical to increasing the visibility of your company, and Marketplace is ideal for the job. So, regardless of the platform you choose to sell on, it’s critical to stay up to date on the current trends in the eCommerce industry and incorporate them to ensure a prosperous business in the future.
This is it from my end; it is now entirely up to you to choose a Marketplace based on the products in your shop for the overall growth of your business. Previously, selling on Marketplace was difficult. In just a few simple steps, you can integrate your eCommerce store with marketplaces such as Etsy, eBay, Walmart, and others. KnowBand provides Marketplace Integrators for major CMS systems such as PrestaShop, OpenCart, Magento, and Shopify, allowing you to present your products to a bigger audience while also increasing brand awareness.
Good to know.