7 Steps To Start Selling Your Products On Online Marketplaces
Og Mandino, the author of the best selling book ‘The Greatest Salesman in the World’ wrote, ‘ Always do your best. What you plant now, will harvest later ‘. Well, to put this in the context of online marketplaces, there has never been a better time to invest in them.
Consumers spent an estimated $3.46 trillion online in 2019, up from $2.93 trillion in 2018. Global eCommerce sales are only expected to grow at a faster pace, with internet penetration being at a modest 16.4% at the moment.
Anybody can guess that online marketplaces and online businesses in general, will see astounding growth in the coming years. Couple that knowledge with know-how about which products to sell in 2020, and you have a winning combination!
If you are a business owner, then you may want to seriously consider taking your business online (that is if you haven’t already). Even if you are an online business owner, you will do well to take advantage of online marketplaces (again, if you haven’t done that already).
Why Are Online Marketplaces Such A Good Idea?
Online’s share of total business is about 16.4% of which two-thirds come from eCommerce. Online marketplaces are taking the lead in this growth. Amazon has become a household name around the globe and Alibaba has the same status in China. Even others like Flipkart and Lazada need no introduction.
Online marketplaces are so well known because users love spending time on them. Amazon, unsurprisingly, is one of the leading search engines in the world. This means a large number of people directly search for products on Amazon, circumventing Google as a search platform.
In such a scenario, it only makes sense that your products are available in these marketplaces. Here are some quick reasons why:
Online marketplaces such as Amazon, eBay, Alibaba, and Flipkart have been around for a long time. These companies were able to grow at a time when the digital revolution hadn’t taken place, and have built sizeable user bases.
Most new businesses can’t build the kind of reach and base that these online marketplaces already command. It is only logical that eCommerce businesses take advantage of the potential customers who buy or have the intent to buy from such platforms.
Reaching out to the same number of customers on your own would cost a bomb, and would most likely turn out to be a futile exercise.
Unless your business already boasts of well-known brands, selling on online marketplaces is a good idea. Since potential customers already have an affinity towards these online marketplaces, there will be a positive rub off on your brands as well.
Your eCommerce website needs time and effort to be built, however, online marketplaces are ready in most respects. They make it super easy for you to sign up as a reseller, upload your product pictures and description, and also offer shipping services.
You can save a considerable amount of time while you build your eCommerce website. If you have already made up your mind about selling on an online marketplace, then here are popular ones that you may want to consider.
7 Steps To Selling Your Products On Online Marketplaces
1. Choose The Right Platform
Online marketplaces come in many shapes and sizes, and choosing one for your business may be difficult. What’s important is that you link the decision to your business needs.
You need to consider a few factors like:
Of course, the first factor to consider is the market fit of the platform. Does it have a sizeable audience within the geographies you are planning to target?
It is also important to carefully consider fees, commissions, extensions and plugins, support and other costs before committing to an online marketplace.
Backtracking this decision may cost a lot of money which can be easily avoided if you spend some time doing the research.
2. Use High-Quality Product Pictures
Product pictures play a big role in a customer’s purchase decision. High-quality pictures double up as visual branding cues that eCommerce businesses can use for social media posts and other marketing purposes.
Generally, two types of images are required to sell products online.
Good product photography need not be expensive. So don’t fret if you are on a limited budget. There are numerous tips, tricks, and hacks to win at product photography on a budget.
3. Write SEO-Friendly Product Descriptions
Read more here.
Originally published at https://get.store on January 24, 2020.