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Learn online marketplace marketing from the experts: Your guide to online marketplaces
It has never been easier to reach a large audience than in this day and age. Whether you run a small mom-and-pop store or a multi-location corporation, the emergence of online marketplaces has allowed for a shift in how business is conducted.
Gone are the days of selling from house to house or customers having to physically come into a store to purchase a product or service. With the right strategy behind your online marketplace, the opportunities for your business to grow are nearly endless!
Want to learn more about online marketplaces?
Just keep reading and explore the following resources to learn about what an online marketplace is, why you should consider selling on an ecommerce marketplace, the best online selling platforms, and more!
What is an online marketplace?
Online marketplaces are one of the top trends in the retail sector. An ecommerce online marketplace is simply a site that offers an array of products that are for sale from different sellers. Just like with a physical store, an online marketplace’s number one goal is to generate revenue from consumers who are purchasing products and services.
Learn more about the basics of online marketplaces
Online marketplaces basics resources
- What Is an Online Marketplace?
- Where & How to Sell Online: Top Online Marketplaces
- What Is Walmart Marketplace?
- What is Sears Marketplace? [+5 Benefits of Sears Marketplace]
- What is Alibaba and How Can You Become an Alibaba Seller?
- Walmart Marketplace for Small Business | FAQs
- What Is Ecommerce Amazon Marketing?
- Marketing Resources for Amazon | WebFX
- What Is Amazon Marketing and How Does It Work?
Why sell on an ecommerce marketplace?
There are many benefits and opportunities that can come from selling your businesses’ products and services on an ecommerce marketplace platform.
A large customer base
One of the most exciting aspects of an ecommerce marketplace is the number of people that can access what you’re selling. Because an ecommerce marketplace is located entirely online, anybody that has access to the Internet can enter your store and view your products. This opens your business up to a global marketplace, rather than just the people in your area as with a physical storefront location.
Because of the number of people that have access to your online marketplace, it is easier to find a customer base that is interested in specific products. Finding that niche customer base can help if you want to sell specific products or sell a product or service that doesn’t make sense for the area that you live in. For example, if you operate a business that sells heavy winter jackets, but you live in Arizona, you wouldn’t get much traffic in a physical storefront. In an ecommerce online marketplace, users who live in Canada can purchase your fleece jackets, generating more revenue because of the wider online audience available to your store.
Low startup costs
Another benefit of an ecommerce marketplace is its affordability. With a physical storefront, you have to consider factors such as rent, utility bills, and other various overhead costs. Additionally, you have to have all of your products stocked on the shelves available for customers nearly all of the time.
With an online marketplace, the only costs are building and maintenance of the site storefront, usually a small monthly fee. Marketplaces such as Amazon and Walmart charge a basic monthly subscription fee for selling on their platforms as well as a small commission fee for each product listed in their marketplace catalog. There are minimal investments needed when setting up an online business with an ecommerce marketplace.
A variety of payment options
Not only does an ecommerce marketplace offer an expansive customer base, but it also provides a wide variety of payment and shipping options to better meet those customer needs.
Online marketplaces offer numerous payment options such as the standard debit/credit card, Apple and Android pay, Venmo, PayPal, and more. Additionally, shipping products to customers has never been easier, with most online marketplaces allowing sellers to add their personalized shipping methods to their product listings. Some marketplaces even offer shipping services to aid sellers, such as dropshipping.
With ecommerce online marketplaces, the possibilities are endless to not only reach customers but to provide an easy and effective way for those customers to pay you.
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6 best online selling platforms for businesses
One of the most exciting things about the Internet is that there are so many options when it comes to choosing the right online selling platform for your business. However, this can also be overwhelming. To help guide you through the online marketplace jungle, here are some of the best online selling platforms for businesses:
The largest ecommerce marketplace in the United States, Amazon has 5 million marketplace sellers and a whopping 197 million U.S. shoppers that browse the site every month. Amazon is best suited for medium to large sellers that want additional exposure for their products.
When you think of Walmart, you probably think of their physical store locations. But Walmart is also one of the fastest growing online marketplaces, and it doesn’t show any signs of slowing down. Just like Amazon, Walmart is perfect for medium and large businesses that are looking to increase their exposure. After submitting an application and getting approved, sellers have access to over 110 million shoppers each month! Additionally, Walmart doesn’t charge a monthly fee like its rivals. The only cost to vendors is a commission on sales.
eBay is one of the original ecommerce retailers, having entered the market way back in 1995! Best suited for sellers that offer new and used items that are open to auction their products, eBay is perfect for small to medium-sized businesses.
Another online marketplace platform that is ideal for small businesses is Etsy. Etsy is optimal for sellers that offer unique and niche products. Additionally, Etsy promotes individual sellers’ brand identity by displaying your business name and grouping your products within your own personal Etsy collection.
5. Target Plus™
Target Plus™ is a relatively new online marketplace from retail giant Target. Selling on Target Plus™ grants you access to Target’s huge customer base and benefits like free shipping and in-store returns.
Selling on Target Plus™ is invite-only, so, for many brands, it’s more challenging to get started with than other platforms. However, the upside to this is, if you get accepted, you may have fewer competitors on Target’s marketplace.
Alibaba is an online marketplace for business-to-business (B2B) companies. It’s an excellent online marketplace to be on if you sell products to other businesses.
The Alibaba Group also owns AliExpress — an online marketplace focused on business-to-consumer (B2C) sales.
Learn more about the benefits of selling on online marketplaces
Online marketplace benefits resources
- 5 Best Places to Sell Online | Pros, Cons, & Tips
- 6 Best Ecommerce Platforms for Small Businesses
- Should I Sell on Walmart or Target? Which Online Marketplace Is Best for Selling?
- Alibaba vs. Amazon: Which Ecommerce Platform is Best for My Business?
- Is Selling on Amazon Worth It for SMBs? See the Pros & Cons
- 9 Reasons Why You Should Sell on Walmart Marketplace
- Who Should Sell on Alibaba?
- Amazon vs. eBay for Businesses: Which One Is Best?
4 tips for using an online marketplace
There is a lot that goes into creating the perfect online marketplace for your business. Consider the following tips to help you get the most out of your ecommerce seller experience:
1. Choose the right marketplace for your products
Because there are so many online marketplace platforms to choose from, it can be tempting to just pick the first platform that you hear about. It’s crucial, however, to choose the platform that best fits your businesses’ needs. Make sure that your products fit the platform and that you’re reaching the customer base that is best suited to your products. Additionally, you want to ensure that you choose a trusted and technically savvy ecommerce platform to encourage visitors to view your products and check out with ease.
2. Ensure product imagery is attention-grabbing
Just like with a physical storefront, appearance is everything on an ecommerce site. Good product imagery such as professional photos of the product and high-quality images can help to draw in customers and grab their attention.
3. Use pricing tools
One of the main factors in a buyer’s decision is the price of the product. Most online marketplaces provide a pricing tool that can help sellers compare their prices with the current best prices of each product around the Internet. Ensure that your pricing isn’t too high or low by utilizing a pricing tool.
4. Take advantage of online marketplace advertising
Many online marketplaces have their own tools for advertising on their platforms. You can use these tools and create an online marketplace advertising strategy to boost your sales.
Get more online marketplace tips
Online marketplace tips
- How to Sell on Walmart Marketplace in 6 Simple Steps
- How to Get Your Ecommerce Store Listed on Amazon in 2021
- How to Become a Successful Walmart Marketplace Seller
- How to Sell on Alibaba (+3 Tips for Driving Up Sales)
- 5 Etsy SEO Tips to Help Customers Find Your Shop
- SEO for Alibaba: 5 Tips for Doing Alibaba SEO
- 7 Walmart SEO Tips for 2021 to Nail Your Product Listings
Online marketplace advertising tips
- How to Advertise on Walmart Marketplace | A Quick Guide
- Walmart Sponsored Products: The Beginner’s Guide
- 4 Walmart Advertising Strategies That Help You Sell More
- Amazon Advertising 101: Sell Your Products With Amazon Ads
- Types of Amazon Ads | Your Guide to Advertising on Amazon
- Pinterest Ads for Etsy: How to Use Pinterest for Etsy
- Advertise on Alibaba: Learn How to Sell More on Alibaba
Online marketplace marketing services
A digital marketing company like WebFX can help you make the most of online marketplaces. The services we offer include:
- Setting up and managing your online marketplace account and store
- Advertising your products
- Boosting your visibility and sales with SEO
- And more
Learn more online marketplace marketing services
Online marketplace marketing services
- Marketplace Services | Grow Your Online Revenue
- Ecommerce Marketing Services
- Ecommerce Packages
- Walmart Marketplace Advertising Management Services
- Marketplace Product Video Services
- Target Plus™ Online Marketplace Management
- Ecommerce Optimization Services | SEO, CRO, & More
- Ecommerce SEO Services
- Ecommerce SEO Pricing
- Our Ecommerce SEO Agency
- Ecommerce PPC Management
- Sell More Online With Facebook Marketplace for Business
- Social Media Advertising Services for Ecommerce Companies
Grow your business with ecommerce marketplaces
With this information in mind, you can successfully choose an ecommerce platform and build the optimal online marketplace. Click here to learn how we can help you grow your ecommerce business, or contact us for a free quote today!