Retailers have been selling through the internet for many years now. However, online marketplaces are a relatively recent trend that has opened major new channels for small retailers. Some of the most popular marketplaces include Amazon, Walmart, eBay, Etsy, Google Express and Alibaba.
Here are some of the benefits of selling via an online marketplace:
- Large customer bases – Many online marketplaces have large numbers of customers shopping regularly on these sites. Some established marketplaces boast millions of monthly visitors
- Established programs – Most of the biggest online marketplaces have programs that help users understand the basics of marketing, selling and fulfilling. For instance, sellers on Google, eBay and Amazon have access to Google Shopping Actions, eBay Promotions Manager and Amazon Advertising. These programs also come with tools that will help you target the right customers at the right time. Other programs even give you the option to have the marketplace store, pack and ship products on your behalf.
- Fast launch times – Once you have been approved as a seller on online marketplaces, you can upload your product and start selling immediately. In addition, you can use a ‘where to buy’ widget on your website to direct visitors to your marketplace products’ pages.
Here are some things to keep in mind when selling in an online marketplace:
1. Select the right marketplace
With the numerous online marketplaces available, selecting the right marketplace for your products can be very frustrating. Be sure to choose a marketplace that has a varied and strong product range. It is important to ensure that the products on the marketplace are complimentary to your own products. You should also select a marketplace that comes with the right tools to ease listings management and catalogue integration. If the listings are disorganized, customers will have a hard time finding what they are looking for. Your geolocation is another important factor to consider. For instance, if you live in Los Angeles, then you would want to choose a Los Angeles online marketplace.
2. Optimize your content
Your product content — categories, descriptions and product titles — are usually what drive customers to make a purchasing decision. The more optimized your content is, the higher it will appear in the marketplace search results. Take time to identify the best categories, find the right keywords, write compelling product descriptions and optimize your images.
3. Use outstanding product photography
Good product imagery is very crucial for selling successfully on an online marketplace. High-quality visuals will help you stand out among other sellers of similar products. Make sure your product images are a reflection of the main retailer’s site. For instance, if the retailer’s products are displayed on a black background, using a white background for your products will appear odd.
4. Use pricing tools
Since most customers love a good bargain, pricing is a major factor that influences purchasing decisions. Though you might have fixed prices on your online store, it does not mean that those same prices will work in an online marketplace. You need to remember that shoppers usually have a wide range of options for buying the same product at different prices. Most established marketplaces come with tools that allow sellers to adjust their prices based on competitors’ pricing. Even adjusting your price by a few cents could be sufficient to get a sale.
5. Spread the word
A strong marketing campaign will let your prospects and customers know that your products are listed in their favorite marketplaces. You can spread the word by adding call-to-action buttons to your site, placing ads on social media or sending emails.
Conclusion
Whether you have been selling online for years or are getting ready to start a new ecommerce business, online marketplaces should play a major role in your strategy. With the numerous established marketplaces out there, it will be relatively easy to get started. Though it might appear daunting initially, you will soon enjoy good profits from selling on online marketplaces.
