In this digital age online marketplaces have been thriving, and they have been a great place for independent retailers, artist, and artisans to sell more of their products and also build their brand. More companies like EBay, Amazon, Etsy and others have made it easier for retailers to sell online via marketplaces. But what is a marketplace and why you should consider selling your products online? Well simply put a marketplace is a virtual storefront that allows you to reach new potential customers daily. It’s an easy way to showcase your work and grow your business online. But there are more reasons to use a marketplace. Here are a few benefits of selling on an online marketplace:
Who doesn’t want to increase their sales and profits? Well, taking advantage of e-commerce (selling online) can do just that. If you have inventory that isn’t selling take it online, there is great potential to increase your sales.Did you know that 55% of people selling on a marketplace have profit margins above 20%¹.
Selling online is a great chance to expand your presence and reach more customers. 80% of people who use the internet are shopping ² and by listing on a marketplace you and get your products in front of those shoppers. So why not go where people are shopping and marketplace is an easy way to do that.
Sense of community
When you sell on a marketplace you become a part of a community filled with other independent sellers, artist, and retailers. But it’s not just other sellers but it gives you a chance to build a following of customers that are both local and global. You can also use marketplaces as a way to connect with other sellers that are similar to you or sell locally like you. This is also a great way for build relationships with retailers who would like to feature your products in their shops.
Over 3.3 billion people are using the internet ³, and we already know that 80% of them are shopping online. So just think about that for a second. You have the ability to reach billions of people daily; that sounds like a pretty good way to grow your business.
There are going to be fees associated with using marketplaces to list your products but they are generally low, and they can cost you less than holding excess inventory. With so many options already out there you just have to take your time when deciding on which one to use.
Just remember if you are thinking about adding a marketplace as a way to sell your products, consider these 5 benefits and give it a try.