Before the onset of eCommerce, flea markets and newspapers were the only places where you could advertise your products for sale. Now, the internet is full of online marketplaces that will help you sell your commodity to the targeted audience.
These online websites have comprehensively transformed the way we think about effective marketing. In fact, the marketplace industry will drive the “fourth wave” of eCommerce with projected global sales of $4 trillion by 2020. Click To TweetHence, the optimal strategy to inflate your business sales would be to look for the best online selling platforms.
Whether you are a hobbyist looking to sell your tableware or a wholesale retailer of vintage solitaires, all you need is the best platform to sell online. Your sole aim for auctioning off your goods can be just for the sake of decluttering your storeroom, for crying out loud! Whatever your objective is, there is a sales channel out there that is the pie in your sky!
The world of online selling platforms is vast. So that you don’t fall between the cracks, we have done the research and compiled the best marketplaces. Scroll through our know-it-all article to know everything elemental about the marketplace business in 2020!
Why Should You Sell On Online Marketplaces?
Online selling platforms are designed to cater to the interests and requirements of the seller. These websites shape up so well that it becomes a walk in the park to reach the customer. As a retailer, there are plenty of benefits of selling your products on a responsive eCommerce platform. These are as follows:
1. Global Reach
The horizon of the internet is monumental. Choosing the best platform to sell online would help to expand your customer reach across the world. You can conveniently make heaps of money by selling your products to someone living on the opposite side of the Earth!
With online marketplaces, all types of businesses, from established multinationals to developing start-ups, have access to millions of prospective customers. Large numbers of customers view your classifieds through the advertising tools that you use to market your products. Luckily, online selling platforms are not limited to those who can physically visit your store.
Thus, an online selling website can help you reach international shoppers just by the comfort of sitting at home. By reaching new demographics altogether, marketplaces like amazon.com provide you the widest audience. In fact, more than 197 million people visit the website each month. That’s more than the entire population of Russia!
2. Low-Cost Operations
One of the main advantages of online selling platforms is its minimal operation cost. In most cases, it costs even less to commence with your eCommerce business. This is how:
- Some of these marketplaces charge to as low as $20 to sign-up.
- Most of them are free of cost and levy a small percentage fee for all the sales.
- Other marketing means such as Google Adwords and organic user searches are cost-effective methods to boost your online retail business.
- Making use of third-party applications and websites eliminate all costs of payroll, since you get to manage the work by yourself.
With the best platform to sell online, you can avoid many large and upfront expenditures that traditional selling ways incur. These include setting up a physical store, payroll, and much more. Moreover, you can sequentially and gradually build your business with an increase in sales.
3. Shoppers’ Choose Online Shopping
By 2021, over 2.14 billion people across the globe might purchase goods and services online.A majority of shoppers start product searches on selling platforms every single day. Even if they ultimately buy from a store, consumers are more likely to commence their research online, particularly on established marketplaces like eBay and Amazon.
The only way to ensure that your targeted audience reaches your products is to have an online presence. Users search online for several reasons, which include a comparison of prices, customer reviews, compare brands, read specifications, etc. Hence, online selling platforms get you close to your potential customers who are looking for a product. The more your commodity meets the user’s requirements, the higher is your sales.
4. Marketing Programs on Marketplaces
All the established online selling platforms have in-built marketplace programs in place to help you easily navigate through the waters of selling, marketing, and fulfilling. For instance, if you are a seller on eBay and Google, you can have access to eBay Promotions Manager and Google Shopping Actions.
All these digital marketing products amount to effective tools that help you get your products in front of potential customers. Much the same programs are also available to help you suffice consumer expectations for prompt, free deliveries.
With programs like eBay Global Shipping and Fulfillment, hosted by Amazon, you can exercise your right to choose the marketplace warehouse, pack, pick, and ship inventory by yourself. With the right number of tools and strategies, you can escalate your product sales up the sky!
5. Low-effort Business Management
Developing start-ups and newbies in the business world often find it difficult to manage their company, let alone boost sales. If you are aiming to sell your products to enhance your revenue and simplify things, online selling platforms have got your back!
Along with many other things like managing your products, getting them to potential buyers at the right time, hosting accounting, securing payment gateway, and so on, choosing the best platform to sell online helps you operate your business fluently. Your eCommerce platform will be the “one-man army” steering the cruise to impeccable business growth!
These websites do the work effortlessly, effectively, and efficiently. Thereby, allowing your company to churn out huge sales profit.
Marketplace Strategies that Work Wonders in 2020
The essence of strategy is to choose between what to do and what not to! There are many ways to thoroughly embed your business within the universe of online selling platforms. We recommend that you give a shot to different strategies and settle on the ones that give you optimum results. Check out all our favorite methods that have really stood the test of time:
1. Optimized product content
There are product listings that customers view. Then, there are product listings that people actually buy.
The strategy that really makes a difference is Optimized product content.
Apart from what you list, the structure and composition of your listings also matter significantly. Images, product titles, product descriptions, categories, and keywords are some factors that persuade consumers to go ahead with the purchase.
Also, the more swaying content you use to mark your products, the more likely it is for the listing to rise in the search results. This considerably drives more purchases on the online selling platform.
Hence, when the data of your commodity reaches marketplaces, it converts into listings. This high-quality content helps consumers differentiate between the product that stands out and the one that goes down the drain!
2. Customer Engagement is the new battlefield
Studies show that improving customer retention just by 1% leads to a 7% improvement in bottom-line revenue.Now, the burning question is, how will you connect to buyers on online selling platforms? What strategies can you adopt to provide exceptional customer service via the best platform to sell online?
Well, compelling people to come back and purchase directly from your brand without wandering anywhere else is certainly challenging. Luckily, it is not impossible. Mastering this art can reward you with boundless sales. Also, with exceptional user experiences, endless purchases will set in stone! Here’s how:
1. Reviews and Ratings
Usually, your central target should be on maintaining positive ratings and reviews on all online selling platforms.Positive reviews from fellow customers walk buyers into a 95% probability of purchasing the product.
Therefore, it all depends on how you address the consumer’s requirements. Moreover, it can also influence buying decisions for nearly a hundred other buyers. For instance, Wallmart.com incurs seller feedback on various marketplaces.
2. Duration of Response
This is the digital era. Today, consumers are not willing to hold on and waste their time. Most of them expect their matters of contention to be resolved within a single interaction. Therefore, it is imperative to reply to inquiries and complaints.
To facilitate it in proper order, many online selling platforms have set up teams, such as Contact Response Teams (CRTs). Poor performance in this area can lead to suspensions of your eCommerce account. Whereas, achieving high CRTs can lead to drastic upsurge on chances of leading best-selling positions in the marketplace.
Best Platforms for Selling Your Products In 2020
Primarily an online selling platform as an eCommerce website or application. A wide majority of sellers and retailers are able to establish themselves quickly by starting with some of the most successful marketplaces.
Each of these accompanies their own set of seller fees, commissions, guidelines, and requirements. Hence, it is essential to weigh out all your options carefully. Some of the best platform to sell online are as follows:
Did you know that Amazon began its journey as an online bookstore? Now, it is one of the biggest and most-visited platforms globally. This marketplace features millions of products such as fashion, clothing, kitchen, appliances, electronics, decor, and anything you can think of.
So, if you are a marketer whose niche lies in anything from these categories, then Amazon is the best platform to sell online.One of the biggest advantages of using Amazon is its access to its giant 100 million Prime members that makes Prime user-purchases a goldmine for retailers.
Usually, their individual selling plan is sufficient for most sellers. But, if you are an artist with fine-art collectibles, you need to sign up for a professional plan and apply for permission, which is $39.99/month, exclusive of other charges.
To be a successful seller on Amazon, you must pay heed to the content of your product. Be it images or product descriptions, everything should meet the customer’s needs.
If you wish to delve into the power of another vast online selling platform, then it has to be eBay! Synonymous with its name, this is a bay for all growing eCommerce businesses. This expansive marketplace offers you around 168 million active users, giving your sales-statistics various opportunities to grow.
While selling on eBay, you can also put your goods for auction across 30 countries using the eBay integrator. To establish yourself on this marketplace, look for the following:
- Prepare your products before actually putting them for sale.
- You require a robust eBay listing to be successful. So, ensure the use of SEO-friendly phrases as product titles.
- Build a high reputation from customers by receiving feedback.
Wallmart marketplace is yet another online selling platform that provides you access to over 440 million customers. Their business also includes affiliates websites like Jet.com. Wallmart does not charge any monthly or annual set up fee. It only uses a commission fee.
However, this is an invite-only eCommerce platform. This means that you will have a little more lead time to launch. If you believe that your products will be a good addition to Wallmart’s pre-existing portfolio, you need to fill out its application.
The key to becoming an acknowledged seller is to be a brand owner at Wallmart since they give a major preference to them than the sellers. Also, your product data must be definite. Try to keep your initial prices low.
Whether you are gearing up with a new eCommerce business or have been selling since long, online selling platforms should be central to your strategy. Thankfully, the best platform to sell online can help you get started with your business model and take it to new heights!
You can launch it quickly, reach audiences, and draw off the benefits of their programs for easy marketing and selling. We hope that our guide was helpful in making the right choice of choosing the most benefiting online selling platform!