Benefits of Using Online Marketplaces
Benefits of Using Online Marketplaces
Online marketplaces have changed the way many of us shop. No longer do consumers head on down to the high street when in need something. Instead, most will go online and search the likes of eBay or Amazon first, whether to buy what they need or just get a good idea of prices. As well as for individual sellers, online marketplaces offer many advantages for online retailers and e-commerce businesses aiming to grow.
Undoubtedly the main reason anyone begins selling through an online marketplace is to boost sales. This makes sense, as increasing the listings for your products should result in greater traffic and hopefully more sales. Rather than just listing goods and products on your website, they will receive greater exposure to more potential buyers through online marketplaces that already have regular customers.
Using an online marketplace provides a convenient way for sales too, as many consumers will already have accounts and be able to make purchases with just a few clicks. This will be quicker than having to enter their details in your site and provides an easy way to compare prices with other similar products.
Grow Sales Channels
Online marketplaces also offer an additional channel to market your products through as well as sell them. If you are currently only selling through your own site then marketing exposure will be limited to existing customers, social media and through word of mouth. Many provide opportunities to pay for a boosted presence, usually for a set amount of time. This could be so one of your products is listed as the featured product for a week, for example.
This can be used to increase your brand exposure as well. Regular visitors to the online marketplace may discover your products there first, before moving over to your website to find the full range and place orders directly through your business, cutting out the costs involved with using an online marketplace.
Using online marketplaces is a common technique for international expansion. This is because the online marketplace acts as a partner, with the knowledge and resources to assist your retail or e-commerce business in entering a new market abroad. Rather than having to build your customer base from the ground up, the marketplace will already have plenty of visitors to provide you with instant exposure to potential customers in your chosen country.
If expanding your sales overseas yourself, you can be affected by the time difference. New customers may want to get in contact with your business but be unable to because of this. There are no time constraints with an online marketplace, as they will be operating all the time, with a team fixing any issues that occur and providing support.
Using a reliable online marketplace is a great way to build trust between you and consumers when selling products. High levels of transparency in terms of prices and availability are provided, along with genuine customer feedback regarding everything from parcel delivery service to the quality of the products.
Due to such high levels of transparency it is even more important that you ensure your services are up to scratch. From parcel delivery arriving on time to offering good prices and quality products, all this will impact feedback. Therefore, using reliable parcel delivery companies such as Whistl’s parcel delivery service is a great way to guarantee this.
Create New Trading Partnerships
Online marketplaces also present opportunities to create fresh trading partnerships, especially with traders and suppliers abroad. It could be a result of increased exposure that introduces your brand to new traders and suppliers, or directly through introductions that arise by using a certain online marketplace.
There are a few downsides to online marketplaces for business as well; many charge a commission on sales and have other fees, some can have strict restrictions or require you to use their own business parcel delivery service. However, the positives far outweigh the negatives and using an online marketplace is a great way to grow your online retail or e-commerce company.
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