Each day, more and more people are using the marketplace to buy everyday items. A marketplace is an online sales channel where people can purchase products and services. Not too long ago, people would actually go to malls and stores to buy things they need or want. Now, with the introduction of e-commerce, our shopping experience has completely revolutionised taking us from the malls to our computer screens or smartphones. This is so true as sometimes we even feel lost at the mall! A shopping cart doesn’t just refer to the cart in the grocery store but also to that little icon above the screen that contains all the things you want to buy online.
Benefits of the Marketplace
The marketplace offers lots of benefits to sellers and consumers which is why it has become such a huge success all over the world. The most obvious advantage of shopping online is the convenience it offers to buyers. No more traffic, no more parking hassle, and no more crowds. Now, you can do all the shopping you want in an instant – right in the comfort of your dining room while you’re enjoying your warm cup of coffee! Just click what you want to buy, pay for it, and wait for it to be delivered right to your doorstep. Easy peasy! For sellers, the main advantage that the marketplace offers is the ability to reach a huge market not only locally but globally. They don’t even have to have a physical store! Just some quick facts, according to Statistica.com, 56% of the global population are active internet users and 1.8 billion people buy goods online. Imagine that market! This gives sellers a wonderful opportunity to showcase their products to the rest of the world. The more people they’re able to reach, the more chances of getting buyers, and more buyers means more income. In 2018, global e-retail sales reached $2.8 trillion and current projections show that this is expected to double in 2021. Are you gonna be left behind?
Making the Most of the Marketplace
If you already have quality products that you’re selling online, here are some tips on how to make the most of the marketplace.
- Choose the right platform/s.
Even global brands like Adidas and L’Oreal sell their products on other platforms aside from their own websites. Choose the right platform for selling your product. Amazon has 197 million visitors each month offering a variety of products. But if you want a more focused platform, there are marketplaces that’d be perfect for you. If you’re into the computer and gaming industry, you might want to join the GAME Marketplace. You can even choose to sell on multiple platforms to be able to reach more customers. Just make sure that you also consider the costs of maintaining an account in those platforms as these channels might require subscription fees, transaction fees or commissions. Choose a platform that’ll maximise your revenue at a minimum cost.
2. Be very meticulous about your content.
The online world is full of content and information all battling for your attention. There’s stuff that you actually click on to find out more but you let most of the other stuff just pass you by. Think about the content that you’re going to use – attractive photos and interesting product titles and descriptions will encourage more online shoppers to buy from your online store. Use the right keywords in your product description and right categories in your listing to optimise your chances of getting a sale.
3. Offer competitive prices.
People don’t shop online just for convenience. They also expect to get better deals. With lots of companies posting their products in the marketplace, you should be able to offer your products at a competitive price. You can even offer discounts, promos, fast and free shipping to entice them to buy.
4. Get product reviews and recommendations.
One thing that’s lost when you shop online is the opportunity to scrutinise the product for yourself. You want to see and touch the product to make sure that it suits your needs/wants and passes your standards. Since it isn’t possible online, the next best thing is to read the actual reviews and recommendations of people who’ve bought these products. Encourage your buyers to post pictures of their purchases and give a review so that future buyers will have an idea of how excellent your product really is. Some people might find posting a review to be a little troublesome so you can offer them a reward for doing so such as store credits.
To wrap up, a marketplace is a useful sales channel that can help boost your revenue. To make the most out of it, make sure you choose the right platform, right content, and the right pricing. Don’t forget to get your customers’ feedback as well so they can provide you with recommendations for other buyers to see/read. Happy selling!