Decided to sell products on the online marketplace? Wondering which one to choose out of the ample options available? Don’t worry, after going through this guide, you will be able to make a better decision!
‘Where’ is the first question that strikes the mind of people once they decide to sell online, and that’s quite common! It’s up to you whether you want to go with one option or want to choose more.
Now, the question is what online marketplaces can offer you! It’s a virtual store where users can browse several products and can make purchases.
The pandemic has changed the way people shop and the strategies that businesses use for marketing their products. Online marketplaces sell different products that are good for businesses to reach a massive audience. Also, it’s an effective means of boosting sales.
Building the online presence of your business on different channels will depict your brand’s identity. Since online marketplaces allow customers to look for different products at one location and they offer their customers varieties, easy shipping experience, and price comparison. In short, online marketplaces offer benefits to users as well as businesses.
It doesn’t matter whether you have a small or big start-up; planning to sell on an online marketplace is an ideal choice to go for. There are ample benefits that come with online marketplaces when it’s about selling on the established and popular marketplace. Deciding which online marketplace is a good choice for you is something to consider.
Why do Brands Prefer Selling on the Marketplace?
Do you know why brands prefer selling on different marketplaces? What makes the brand attracted to these online marketplaces?
- Brand exposure
- Provides the channel for marketing and selling products
- Builds the trust with a large number of customers
Now, let’s see how to pick the online marketplace for selling products. Have a look at them one by one. Happy Reading!
1. Size and Reach
The foremost thing that one must consider while choosing the marketplace for selling the product is its size as well as reach. Selecting the one with a small buyer pool and the one without an active marketing strategy will result in losing business.
The number of users is a good indicator of the popular online marketplace. Also, such type of marketplace will have more active buyers. In addition to this, such sites can promote for you, have a strong web presence for attracting audiences, and so on. This way, you will be able to sell items instantly on different online marketplaces.
If possible, browse through the website and check the number of people buying and selling to get a better idea regarding the online marketplace that you are planning to choose.
2. Specialization- Online Marketplace to Sell Products
There are many online marketplaces that are nonspecialized. That implies they might list art, livestock, antiques, collectibles along with industrial equipment. So, in such a marketplace, it becomes difficult to list the products properly in front of buyers.
3. Cost- Online Marketplace to Sell Products
Cost is another criterion that one needs to consider while selecting an online marketplace. One must consider not only the site’s fee structure but also how long it will take to post your listing. There are different fee types that you need to take into consideration, like listing fees, payment processing fees, marketing fees, commission on sold products, and much more.
The next vital thing is to think about how long it will take to get the listings posted. You need to ensure the site is easy to navigate. A good online marketplace is one that provides a proper seller support line and an account manager who can properly guide you throughout the process of selling.
4. Marketplace Popularity
Sales channels such as Flipkart or Amazon are quite popular in today’s market. These few channels are the first users’ choice when it’s to shopping online. Choosing such a marketplace will surely give you access to a huge customer base.
Also Read: The Top Features A Membership Site Should Include
5. Marketplace Traffic
A ready-made user base is a major benefit that comes with selling on the marketplace. However, one must ensure to check the website’s traffic. No doubt, the number of visitors is quite important but understanding more about website traffic is also a thing to consider, especially if you are choosing less established marketplaces.
6. Ready-Made Customer Doesn’t Imply Ready-Made Sales
It’s true that online marketplaces have a ready-made user base, but that doesn’t mean ready-made sales. Online marketplaces are platforms that provide access to a large number of customers who are planning to buy something. But how to drive enough traffic? How do you persuade customers to make a purchase?
You can do that by:
- Optimize your listings
- Boosting the visibility of your item
- Contributing to the online community
7. Support from the Marketplace
Many marketplaces provide support to merchants, whether in the form of different tools to help with marketing or providing access to account managers.
This might or might not be the need for you, but it’s better to research more about the support that is provided to you and whether it comes with an additional cost or not.
8. Rules and Regulations- Online Marketplace to Sell Products
There’s no surprise in saying that sellers have less flexibility as well as control than selling on their own website. Let’s understand this with the help of an example; it might be tricky to showcase your branding effectively on a few marketplaces, but this is not the case with all marketplaces.
Questions to Help One in Selecting the Proper Online Marketplace
There are numerous online marketplaces that are available for selling products. Here we have jotted down questions that you must ask yourself to figure out which online marketplace is ideal and the one that will help you in making more profits.
1. What Type of Product Do you Have to Sell?
Product is the most vital feature that will help you decide the appropriate marketplace for selling your product. For instance, the Etsy platform is a place where you can sell handmade and vintage items. However, if you don’t deal in such products, then this is not the right marketplace for you.
But, if you sell these products, then the best thing is that you are not restricted to selling on Etsy only as Amazon has a section of handmade that sells handcrafted jewelry gifts, home décor, and so on.
If you want to sell Canva templates, online courses, music, videos, software, or ebooks, you can opt for a platform like Payhip, which allows you to sell digital products with ease.
2. Who Do you Want to Sell To?
Understanding the customer who is planning to buy your product will surely help you in determining where they are shopping currently. A few basic demographics will also help you understand where your users are shopping and the way they are shopping.
3. Why is the Customer Buying Your Product?
There are numerous reasons for buying the product, and answering the below-given sub-questions will help you in deciding where to sell the products
- Is the user loyal to the particular store?
- Are they purchasing the item because it’s in trend?
- Do they want flexibility around returns?
- Are they in quest of high-quality products?
This way, you will be able to recognize the place customer generally do the shopping and the place to sell the product. Etsy is the perfect platform if they are searching for high-quality products.
4. What Tools Will You Use for Sales?
The resources and tools will help you determine which marketplace to choose. Amazon can expand its business due to its popularity and access to a large number of customers.
eBay has a few tools for sellers that can help you understand your business dynamics. It has built-in tools through which you can analyze your sales and track your sold items.
Tips to Stand Out While Selling on Marketplaces
There is huge competition in the market nowadays, and it’s quite difficult to stand ahead of your competitors. So, what to do in such cases? You can follow a few tips that can help you to stand out while selling on marketplaces.
1. Hit the Correct Keywords- Online Marketplace to Sell Products
Most of the sales start with keyword searches. You must ensure that the keywords related to the item are included in your description. Why? Since the volume of products, as well as sellers, are quite high on the online marketplaces.
2. Good Photography- Online Marketplace to Sell Products
Just go through Amazon or Flipkart and start searching for something. Now, browse through the results and see what you notice first. The images! The product images are something that your customers will look for before buying any product. Even many marketplaces need high-quality images from different angles for the benefit of your customers. You can impress your users by doing good photography for all your products.
3. Be Creative with Product Descriptions
You must remember to provide a complete description of all your products. You can also hold the attention of your customers with some creativity. Engage your customers so that they can stay on your page for a long time and buy your product.
4. Engage in Social Media
Did you ever notice people visit a restaurant and order the food they like to have; once it’s served, they click an image of it and post it on Instagram. So, how do we prompt the users to interact with the brand on different social media?
Nudge your large number of customers for interacting with the brand on Instagram. You can impress your customers with packaging or anything else. There are many ways to do that; just remember to be creative!
Also Read: Competitive Analysis For Ecommerce Store
5. Clearly State the Company’s Policies
Companies must define their policies and protocols in a clear way. This makes the customers feel confident in buying anything.
When any company outlines proper policies for returns, shipping, and customer service, then customers feel that the business they are dealing with is honest and diligent.
Online Marketplace to Sell Products-Wrap Up
I hope this guide will going to help you understand how to pick the online marketplace for selling products and how you can stand ahead of your competitors while selling on marketplaces.
To know which marketplace is best for selling products online, think about the audience that you will target. Research about their consumer behavior, like; do they make use of online marketplaces. From which marketplaces do they buy the products more?
By getting the answers to these questions, it will become easy for you to choose the best marketplace. In addition to this, analyze the plans each marketplace offers. You can use different marketplaces for selling products that completely rely on sales tactics.
Before choosing the one, ensure you have a proper research-based plan since it will help you make a better decision that will be good for your business.
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