What It Takes To Grow Your Sales On Top Online Marketplaces
Online marketplaces have become the latest trend to take over the online shopping market, having expanded in scope and number in the last few years. In 2019 alone, well over a trillion dollars was spent on the top online marketplaces globally.
What Is An Online Marketplace?
In short, online marketplaces are e-commerce stores that offer a wide range of products from several different third parties. Their format usually revolves around an interface that works as the storefront where users can search for specific items or select a category before being presented with the relevant products.
Who Can Sell On The Marketplaces?
Almost anyone from small, independent stores to large multinational brands can set up stores and list their products on the marketplaces. There are usually some combinations of fees, commission rates and more that are paid to the marketplace for each sale or listing on the site.
Top Online Marketplaces You Should Consider
While there are many options available, there are several notable marketplaces that you should consider. We will be looking into three of them today: Amazon, Lazada and Shopee. All three of these share many elements but also differ quite a bit. Download the guide book below to read more about each market place.
Amazon is by far one of the biggest companies in the world and sees millions of visitors every day. As such, it can be regarded as the most global of them all, operating 14 marketplaces across different countries and continents.
And then there is Shopee. Shopee is the youngest of the bunch, having started in 2015. However, its growth has been monumental. Hundreds of millions of people had downloaded the Shopee app by 2019, and many more have followed in the time since then.
Is It Worth Selling On Them?
It is difficult to give an absolute and definitive answer, but for the vast majority of merchants who are looking to grow their sales, selling on online marketplaces is well worth it.
There are multiple scenarios in which selling on online marketplaces is worthwhile, though some aspects will differ for each merchant. As with any business decision, there are both benefits and downsides to weigh out.
The Benefits Of Selling On Online Marketplaces
- Massive User Base
- Customers Actively Looking To Make a Purchase
- Faster To Set Up and Sell
- Free Up More Resources
What Are The Downsides Of Listing On A Marketplace?
- The User Experience Will Be Impacted Negatively
- Difficult To Foster a Strong Store/Customer Relationship and Truly Tailor The Experience
- Negative Attention Or Issues With The Platform May Also Fall Back On You
- Sellers Will Need To Pay Fees On Items Sold
- Increased Competition
How To Stand Above The Competition
With the increased competition, you will need to focus on how to make your products stand out from the pack. There are several ways you can go about this.
- Getting Your Product Information In Check
- Product Images
- Title Of Product Listing
- Search Algorithm
- Concise Descriptions
- Reviews and Ratings
How You Can Grow Your E-commerce Business By Selling On
If you think that selling on an online marketplace is right for your business, then there are some ways you can improve your chances of success. If done properly, online marketplaces can be a great way to boost awareness and increase sales.
- Set Up Your Seller’s Account
- Utilise The Expertise Of The Marketplaces
- Consider The Pricing Of Your Products
Now Is The Best Time To Start Selling On Marketplaces
There are so many reasons why you should consider joining an online marketplace.
They are now the go-to destination for shoppers online. If the numbers are anything to go by, more and more people are shifting their attention towards online marketplaces every day, which has led to record-breaking numbers of orders being made.
Make The Move To Success
So, what are you waiting for? If you want to know more about how to grow your sales by selling on Amazon, Lazada, Shopee, download the book below.
There is so much more details in the E-book for you to read about which we can’t cover all here.