The virtual sales arena for businesses has expanded far beyond selling products on company websites.
Online marketplaces are booming. Facebook, Amazon Marketplace, eBay, Walmart Marketplace and hundreds of other podiums provide merchants the opportunity to offer items to both general audiences and target specific buyers.
Business owners looking to enter the growing number of digital storefronts should consider a number of variables to determine which types of virtual town squares will best benefit their companies.
A good first step is analyzing which web shops align most with the merchandise that you sell. For instance, your company’s top-dollar wine glasses may be better suited for Amazon Marketplace or eBay Marketplace, while more affordable glassware might find more buyers on Walmart Marketplace.
Meanwhile, high-end watch dealers can navigate to Chrono24, a global marketplace that focuses on timepieces and caters to serious devotees.
Amazon is considered the giant of world wide, online sales platforms, with some three million customers spanning more than 20 countries. The company features vast product categories, including books, household items, groceries, pet supplies and even automotive parts.
Be sure not to settle on the first platform that seems a perfect fit. Compare many online trading sites for registration and after-sale fees, and which online vendor suits your needs. There are some instances in which it is a good strategy to post the same item on several marketplaces.
eBay has a strong customer pool for memorabilia and collections, from highly sought-after stamps and signed baseball cards to vinyl records and figurines.
Etsy is a great place for individuals and small businesses that produce handmade items. On Etsy shoppers can find customized t-shirts and engraved jewelry, among other tailored-to-consumer items. The site is ideal for businesses that specialize in personalizing everything from pillows and stationery to stuffed animals and baby clothes.
Poshmark is the e-commerce landing place for businesses that focus on fashion and lifestyle items, including slightly used apparel and vintage items in all price ranges. Trendy and fashionable brands are also popular sellers.
There are tools available to businesses to help leverage their marketplace. For instance, some companies offer support to determine keywords most likely to appear prominently in search engine listings.
Yet simply listing an item and sitting back is not sufficient. Strategies to attract virtual patrons are in many ways the same as in a physical store.
Make your listings clear, with as much pertinent and concise detail as needed. In addition, stress how these characteristics benefit might-be buyers. This gives your business an advantage over basic posts that lack details and are more likely to give consumers pause.
There are pitfalls to ponder as well. Do your due diligence and examine the amount and costs of an online marketplace’s fees, including the costs of listing an item and advertising fees.
In addition, ask yourself if you can compete on platforms that spark price wars. Do you have the necessary funding for cost markdowns without taking a loss?
All told, online marketplaces can be a new world of opportunities for businesses that have a plan set in place to attain beneficial returns. By carefully assessing the virtual marketplace, business owners could greatly boost and supplement their earnings.
