In 2021, online marketplaces on the internet represented 70% of the world's internet sales. Some of the biggest online marketplaces worldwide have millions of visits from customers every month, and they provide customers with fast and simple shopping online with lots of options to find what they want.
The effectiveness of site searches, from quick delivery and returns, is helping online marketplaces quickly become the top online shopping choice. So, it's an unsurprising fact that more searches for products were conducted through Amazon than Google in the year 2020. Online marketplaces provide an enormous opportunity for any company seeking to expand their online strategy to the next step.
Did you know?
According to Shopify, the businesses selling on sites, marketplaces, social media, and mobile earn 190% more revenue and increase visibility than those who sell only through one channel.
Also Read: Best Apps for Selling Online - Ranked by Popularity & Benefit
What Is an Online Marketplace?
An online marketplace is an online store that allows multiple sellers from third-party vendors to showcase their items. The sellers don't need to handle the transactions on online marketplaces, and the marketplaces do this job.
What Makes Online Marketplaces an Excellent Option?
A fancy site with striking images won't be enough to guide customers quickly across the sales funnel. It is possible to connect with a large audience.
However, it would help if you were visible to them. One of the most simple and most efficient ways to do this is by registering your business on the top marketplaces online. Your product listing there will certainly give you more exposure and increase the likelihood of getting potential customers.
Additionally, there are other issues like transportation and payment that these markets handle for you. Logistics is the process of creating an efficient supply chain. Companies that provide courier services have to deal with the issues of infrastructure and warehouses.
Payment gateways are simple, which opens the gates for more sales. Also, before you start your own business using the below marketing platforms, be sure to write your business plan.
Top Online Marketplaces for Selling Your Items
Let's cherish the list of online marketplaces that got the most attention in 2023:
Etsy
Etsy is the leading website for hand-crafted, custom products and similar categories. If your business includes any type of artisanal work, it's a good choice to choose Etsy. Millions of customers use Etsy each year, so you can be sure a broad market will see your product.
With Etsy, the company you choose to use will have a store that you can modify to a certain degree, such as the profile image and the order message. You can also add the items you'd like at any moment that can enhance the look of your store.
You'll have to pay the listing, payment processing and transaction charges, and these are all minimal. Transaction fees, for instance, are 5% of the price that you post on Etsy if your account is set up and has enough funds to cover the fee.
Like other online marketplaces, Etsy could become your business's primary website. However, you cannot have control over Etsy and the choices it takes.
Also Read: Business-to-Business (B2B) Model: Explained With Examples
Amazon
Amazon can be an enormous player. With thousands of listings and billions of visitors every month, if there's an interest in your product, Amazon captures it. But, the online marketplace to sell products is also extremely competitive.
At present, Amazon offers two fee models. At first, you don't pay a monthly subscription, but you pay Amazon a substantial percentage for each unit you sell. The ideal model for your business will be based on your assessment of the possibility of sales.
A thing to be aware of when working with Amazon is using the Fulfilment By Amazon service. You are helping to build the Amazon brand rather than your own. This means you'll have to wait a while until you begin to see satisfied customers.
eBay
eBay was launched in 1995 to provide a platform to allow people to sell their goods to others. Through a significant rebranding, the website has transformed into an online marketplace brimming with retailers that sell directly to consumers. Small businesses can benefit from this new design.
eBay remains a hugely popular site among those looking for the best price. Contrary to the traditional eBay, it is now possible to select the type of listing you want to use and do not have to control the bids posted on eBay. Like Etsy, eBay lets you build your store with only a few branding elements.
The fee structure for eBay is based on the product's category and the kind the listing. You may have to calculate multiple offsets of your items. Although it can be tedious, it does not make eBay ineffective.
With the many options available with eBay, it's not easy to ignore the platform. However, it needs greater care than many of the other competing platforms.
Handshake
If you sell to other companies exclusive products, Handshake is an excellent option to think about. Handshake is a platform exclusively intended for wholesale sales, and your products cannot be mass-produced to qualify for an account.
Through Handshake, customers have to be approved before selling. The process is more detailed than registering for an account, but not too much. After approval, you can conduct bulk sales and pay minimal charges.
Handshake is directly integrated with Shopify. If you choose Shopify as your preferred website, your listings are mostly complete, and you don't have to reinvent your store's branding. This is extremely convenient in setting up since you don't have to make the same effort twice.
Wholesale sales have many benefits, like a higher quantity. But you must ensure that your small business can handle the necessary volume before going too far into Handshake.
Bonanza
Bonanza is a brand new platform with millions of users every month. It blends Amazon and eBay to find an ideal balance between them. A large number of customers are happy with the concept. It has everything from personalised footwear to customised jewellery.
The problem with Bonanza is that each item comes with a fixed price, and the possibility of negotiating a deal is negligible. If a client wants to pay the agreed price, the object becomes theirs. If they wish to bargain, they can negotiate by contacting your company via the platform, and it's the latest method to sell your products online.
Bonanza does not charge listing or setup fees. It also provides the lowest commission rate of only 3.5%, but those can be greater depending on the advertising platform that comes with it. Bonanza also offers information so that you can continue to improve your profile.
Bonanza has it figured out for small businesses when it comes to the latest platforms. The platform also integrates with other platforms such as Shopify to allow you to manage your inventory and listings from a single location.
BlueCart
BlueCart is not just honking our horns here, and they truly have the most effective online marketplace features available. The BlueCart online platform is built on mobile, web and SEO optimisation, which means getting new customers onboard is a breeze.
BlueCart is a top-of-the-line online marketplace with on-site technical support, which allows you to concentrate on selling. If you're making the offline-to-online (o2o) transition or running an online business, the platform will assist you. You can sell to more than 92,000 customers through their rapidly growing wholesale online marketplace. You can also schedule a demo now to get more information.
Shopify
You can create your online business wherever and whenever you'd like using Shopify. It has empowered over a million companies in more than 175 countries to earn more than ₹1,52,87,08 crores.
Shopify allows you to create your online store using powerful tools that will drive sales, run your shop daily and draw more customers. Begin the process of creating your store by coming up with an innovative idea, or create a new stream of earning money by launching an online store in any topic, including food, drinks, beautiful jewellery, clothing, cosmetics and many other things.
If you already have a retail store, you can effortlessly move it online and continue serving your customers by giving them a much more convenient method to purchase items. Whatever shopping platform you're currently using, you can move your shop to Shopify to take advantage of its amazing services.
You may also engage an agency or freelancer to create your store on your behalf through the Shopify Experts online marketplace.
Conclusion
All these online marketplaces help you out in your journey as a seller. If your product is robust, you can sell much more using these platforms than a physical store. The reasons don't even need a mention!
Also, it would help if you were getting online platforms like Khatabook to keep the calculations on point.
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