An online marketplace is an eCommerce store where many buyers can buy products or services from multiple sellers, brands and retailers all present at one website or app. Since the concept of the one-stop online shopping mall is a suitable option for most online shoppers, it has consequently been gaining popularity. With the ever-increasing popularity trend of online eCommerce marketplaces for both buyers and sellers, these channels are constantly coming up with updated ways to keep shoppers happy.
7 Steps to Online Marketplace success
Joining eCommerce marketplaces is an excellent place to start for small businesses looking for a fast, easy way to showcase products and product reviews. These seven steps will help you get your new marketplace account set up to provide better customer service and increase your online sales.
- Optimise product content.
There are product listings shoppers see and buy. Your product content is the product titles, descriptions, and categories that often encourage consumers to make purchases. Research and find the right keywords, create accurate compelling product descriptions, product videos, identify the finest categories, provide social proof with customer reviews, and optimize.
- Advertise your presence.
To be truly successful on marketplaces, you’ll need to invest a little in digital marketing tools to help put your eCommerce product page design into shoppers’ notice.
- Calculate profits.
To apply on any online marketplace there are a set of seller transaction listing fees, commissions, and requirements which can be complex and challenging. Ensure they’re profitable channels for a better tomorrow.
- Automate your pricing.
Shoppers often have multiple options for purchasing the same product at different prices from various marketplaces. To remain competitive and win a sale, you’ll need to adjust the price of each product based on your competitors’ pricing.
- Revamp your shipping strategy.
96% of customers look for free shipping, and 26% will abandon a shopping cart if shipping is late. There are several ways to diversify your shipping strategy while some sellers choose Amazon FBA, others may rely on third-party logistics providers. Use a mix of different methods to ensure the fastest and most affordable option for each order.
- Expand to various marketplaces.
To grow your eCommerce business, eventually, you need to start expanding to multiple online marketplaces. For streamlining your growth, rely on an eCommerce platform that can integrate with dozens of different marketplaces.
- Notify your customers.
Spread the word! You can send an email, push on social media or add call-to-action buttons on your website so that your customers know they can now buy your product on their favourite marketplaces.
Biggest benefits of selling on Online Marketplaces
Learn how merchants can cross sell more on the marketplace and why you should consider becoming a third-party seller in the first place.
- Fast to launch.
When you’re new to selling online, instead of first trying to build your brand to drive traffic to a new eCommerce website, marketplaces can be an excellent way to generate revenue in a quick time. Once approved as a third-party seller on the marketplace, you just need to simply upload your product, feed, and start selling. Higher-end marketplaces are easier to integrate with; their SaaS solution helps to streamline processes and protect you against any potential risks.
- Established programs.
High-end online stores have programs to help you quickly navigate all the aspects of marketing, selling, and fulfillment. For example, digital marketing programs like Amazon Advertising, eBay Promotions Manager, and Google Shopping Actions have tools to help you get your new products in front of all the right shoppers at the right time.
- Large customer bases.
Most marketplace operators have massive built-in audiences who regularly shop at their sites.
Imagine Amazon and eBay, and Walmart alone have nearly 3 billion active monthly visitors in Unites States, UK and many other countries. So if your products aren’t showing up in these search results, your competitors will win the marketplace sales.
UK’s most popular eCommerce platforms which are trending globally
1: Amazon
Amazon marketplace has 474 million visits per month in the United Kingdom alone. Undoubtedly Amazon is the biggest online marketplace in the world mainly as it guarantees the trust of potential buyers and the sheer amount of monthly visitors.
2: eBay
The only marketplace close to Amazon in the UK is eBay with 279 million visits per month.
The benefits of eBay are similar to those of Amazon. Selling fees via eBay are lower than Amazon’s for most products because of lesser visitors.
3: Etsy
Etsy has nearly 48 million visits per month in the UK which are vast below Amazon and eBay. This eCommerce platform focuses on handcrafted and vintage items and Crafts, Gifts & Arts supplies with a transparent pricing structure.
4: Wayfair
Wayfair ranks as the number one eCommerce marketplace in the UK that focuses on homeware and furniture. With 24.1 million shoppers visiting per month it is a reasonably good marketplace in a specific product category and enjoys comparably less competition than other marketplaces.
5: OnBuy
OnBuy, launched in 2016 is the first UK-based marketplace and a British alternative to Amazon. Today with 9.9 million monthly visits in the UK, it claims to be the fastest-growing online marketplace in the world that has managed to build a strong returning and loyal customer base.
6: ManoMano
This France-based niche online marketplace with 4 million visitors monthly focuses mainly on gardening, DIY, and homeware in general. Besides operating in the French and British marketplace, it also serves the German, Italian, Belgian, and Spanish markets.
7: Zalando
Zalando is one of the leading Fashion marketplaces in Europe with 6.27 million visitors per month.
In short, individual eCommerce sites are powerhouses in their own way, but selling your products via an online marketplace gives you a huge opportunity to reach a far wider audience. If you’re planning to launch a new eCommerce retail store or have been selling online for some time now, then online marketplaces should be your next step. Though it may all seem difficult at the outset, trust us, choose Adobe Commerce and experience the profit potential and streamlined functionality of selling on an online marketplace.
E-commerce & fulfillment blog. byrd. (n.d.). Retrieved May 23, 2022, from https://blog.getbyrd.com/
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Shipping hacks for your ecommerce. ShippyPro Blog. Retrieved May 23, 2022, from https://www.blog.shippypro.com/
