If you’re an eCommerce pro who is looking for new sales opportunities, these are the marketplaces you need to know about.
Where garage sales and flea markets were once the best way to sell goods, the internet has opened up the doors to countless other sales opportunities. Along with creating your own eCommerce site, online marketplaces have made it possible to reach even more consumers across the globe.
Some of today’s marketplaces allow you to list your goods for free and only ask for a small fee when you make a sale, while others do ask for a monthly fee. Many eCommerce pros are using this option because it’s easier and cheaper than running their own online store, while others are simply using online marketplaces to boost their sales.
Before you start listing your products online, it’s important to do a little research and get organised.
Start by categorising your products to make it easier to create listings. Next, take the time to research other eCommerce pros selling similar items to get an idea of what you should be charging – you may also want to work your marketplace fee into your price.
Once you start creating your listings, you want to make sure that they stand out, here are some tips:
Here are the marketplaces that are used by the world’s top eCommerce pros.
Even though the Walmart Marketplace doesn’t offer the same traffic volumes as other sites, it’s still a well-known brand that draws in serious buyers on a daily basis, especially after they revamped their website. Two of the things that make the Walmart Marketplace stands out are their personalised shopping experiences and their FedEx Advantage program, which offers a massive shipping discount of 37%. Something that you should be prepared for is the site’s six-week approval process.
Amazon has one of the largest customer bases and generates billions of dollars in revenue. While the Amazon site is easy to use and navigate, it is also packed with competitors, which means sellers need to go the extra mile to stand out. Unfortunately, sellers are not able to apply retail branding to their listings and will need to settle for higher listing fees.
Etsy was originally known as more of an arts and crafts marketplace but it has grown in leaps and bounds since it was first launched in 2005. Huge plus points of this marketplace are that you can customise your shop and seller fees are much lower than a few other marketplaces. With that being said, Etsy still more suited to artistic products and sellers shouldn’t expect to sell high volumes in a short amount of time.
eBay has been around for over 20 years and is still one of the most popular online marketplaces around today. eBay caters to quite a wide audience, which means competition can be fierce. There has also been a lot of chatter about eBay’s policies of late, with many sellers moving to other marketplaces that offer simpler processes.
Owned by a firm in Japan, Rakuten stocks a wide range of products ranging from auto parts to furniture and health supplements. Although it’s not well known, the Rakuten platform is an excellent way to reach additional customers and offers sellers the chance to customise their stores. Sellers also get access to an eCommerce consultation who can assist them with their setup and any other queries they might have.
Bonanza is another example of a lesser-known marketplace that is growing at a rapid pace. Entrepreneur Magazine recently named Bonanza as one of the best entrepreneurial businesses in the United States, selling everything from fashion and art to fragrances. Bonanza has sellers from across the globe and prides itself on providing sellers with an easy-to-use platform that cuts out the need for technical expertise.
Launched in 2002, Wayfair is one of the smaller online marketplaces but is still very similar to Amazon. Many sellers find that Wayfair is a good marketplace for products that don’t necessarily sell too well on mainstream marketplaces. As a Wayfair seller, you’ll have access to over 11 million engaged customers.
This is a more technology-orientated marketplace but it does include other product categories such as clothing and goods for the home. While many sellers are happy with the additional sales that Newegg provides, there seem to be more negative reviews about the platform than positive.
Jet, which is affiliated with Walmart, is known for affordable pricing and often outsells Amazon in certain categories, with many saying it’s because of their smart basket technology. Even though the Jet customer base is slightly smaller, sellers are still happy with how the marketplace performs.
This personalised marketplace offers both traditional and auction-style listings at reasonable fees. The platform’s unique functionality is what draws buyers in but the customer base is still not as large as some of the other marketplaces. One unique feature of this marketplace is that buyers have the option to pay with bitcoin.
Each one of these online marketplaces is unique but to choose the right one for you, you will need to consider your target audience, the products you’re looking to sell and your budget.