Which Marketplace is Right for You?

Have you begun formulating your omnichannel strategy?

You might have achieved a lot of success already with your online store. However, now you're ready to broaden your audience and attract new markets. New forms of marketing is one way to achieve this, but utilising online marketplaces is also worth considering.

Marketplaces can get your products in front of customers you might not be able to attract on your own. If you choose the right one, it also provides you with a customer base of thousands or millions of people from around the world.

But there are dozens of marketplaces to choose from. How do you know which one is right for you? Before you hit the sign up button, make sure to do this research first to ensure you set yourself up for success.

What are Marketplaces?

An online marketplace generally doesn't hold any inventory. Instead, it acts as a facilitator between the customer and the seller. It makes money through fees or taking a cut of the final sale. Sometimes it's both.

One of the benefits of using marketplaces is that there is already an established audience. The marketplace will also advertise the platform to attract more users while you focus on providing the best possible experience for buyers so they continue to purchase products from you.

What to Look for in a Marketplace

There are dozens of marketplaces online, and it can be challenging to decide which one suits your ecommerce business. Some specialise in specific niches, while others offer everything to everyone. When you start your research, make sure to investigate these features on each platform.

How Large is the Customer Base?

If you want to promote your products on marketplaces, then you want to ensure there are plenty of potential buyers that will see it. The larger the audience, the more likely you'll see success. However, beware that you might also notice an increase in competition. So make sure you have something that can stand out from the crowd, whether it be a customisable item or better shipping options.

What is the Target Market?

You should consider the type of marketplaces you want to advertise your products on. Specialist platforms can help get your items in front of your ideal audience. However, there may already be a crossover with your direct business. General marketplaces might be harder to penetrate but give you exposure to a broader sector. There is also the question of whether you want to sell to people in the country or around the world.

What are the Fees?

Make sure to take note of all the fees on the marketplaces you're investigating. Some of the most common include membership costs, product listing fees, and even a commission of the final sale. While this is sometimes the cost of doing business on these platforms, you want to ensure it's not eating too much into your profits otherwise it might not be worth the effort.

Is the Customer Support Helpful?

Finally, read some reviews on what the customer service is like for sellers. Does the platform favour the buyer, or do they provide adequate protection and support your interests? Test out the live chat function and browse through the FAQ sections to determine if they have everything you need to achieve success on the platform.

What are the Best Marketplaces?

You've likely shopped on some of the most popular marketplaces online. But there are over 100 different platforms available to choose from. Try these ones if you're just getting started or if this will be your first experience with marketplaces.

Amazon

It's one of the largest online marketplaces in the world, with localised stores in multiple countries. Amazon makes it easy to get started and target customers, but it does come at a cost with the fees they charge you. You can also connect your Amazon store to our platform to process and despatch your orders with ease.

ebay

This platform is no longer just an auction website. It's now become one of the most popular online marketplaces. You'll receive a global audience to sell to, but you'll need to weigh up if the fees are worth it. Connect your ebay store to our platform to process and despatch your orders with ease.

Etsy

If you sell handmade products or works of art, then Etsy might be the best marketplace for you. It's easy to use and the perfect place for this niche. However, it doesn't have the broader appeal like other platforms. You can connect your Etsy store to our platform to process and despatch your orders with ease.

Alibaba

You can use Alibaba to sell directly to other businesses that then promote your product. It's one of the most popular B2B marketplaces because it doesn't charge commissions or transaction fees. But you'll need to pay for a membership to be a part of the platform.

Bring Your Omnichannel Strategy to Life

Marketplaces are an excellent way to get your product in front of more people and increase your sales revenue. While some places might seem saturated, there are strategies you can use to make your listing stand out, whether it's offering customisation options to your product or providing shipping choices at checkout. Simply integrate platforms like Interparcel to help create exceptional customer experiences.