A marketplace is a shopping mall that lives exclusively online. Think of Amazon and how it allows for an unlimited shopping experience for anyone with an internet connection. This type of platform brings your customers to you directly.
The benefits of using a marketplace
When seeking your ideal software, it would help if you consider five critical aspects:
Less marketing is required as people will find your shop through searches, recommendations, and filters. It’s essential to make sure your tags and captions are 100% correct; otherwise, it will be difficult for customers to find you. While marketing is still something important to invest in, your costs will be much lower.
You can sell worldwide. Using a marketplace platform gives you the international infrastructure to host your shop all over the world. Being able to sell to all continents is often a luxury for small businesses. Working through a marketplace means you will have more disposable cash to put towards shipping and advertising.
Convenient for you and your customers. Online marketplaces are easy to use; they make it simple to place an order, facilitating communication between you and your consumers.
Social media collaboration. A social media post can be one of the most useful forms of advertising in the digital age. Both Facebook and Instagram have been taking the world by storm by offering new shopping capabilities to their users. Having an online store, to link to gives you somewhere to lead your consumers from an advertisement. This makes it easy to advertise and sell in one convenient location.
Open 24/7. Online platforms don’t have shopping hours. Purchases can be made at any time of day or night, which is ideal for customers living in different time zones. This makes your store more available to the masses and allows for exponential growth.
A Few of The Best Marketplaces
Etsy – this website and app-compatible platform hosts sellers specifically in the handmade space. Creators who want to sell their crafts or art prefer to use Etsy as it already has a dedicated user base that loves to discover new artists. Handmade jewelry, clothes, and toys are all welcome on Etsy. Handling over 50 million users per month has given Etsy a unique insight into their customer base, both buyers and sellers.
eBay – In Q2 of 2020, eBay earned $2.67 billion through its 160 million users. Based in the US, eBay is widely known and operational in over 20 countries worldwide. They are ranked fifth in the top 100 online marketplaces. This platform doesn’t have a specific focus, and it is open to hosting a little bit of everything.
Rakuten – an online electronic retailer considered second after Amazon, Rakuten is available in over 30 countries worldwide. They are known for being innovative and helping both customers and sellers. With over 200 million listed items and 100 million active users, this platform allows users to set up a store and run a blog with the same account. This makes for great advertising and can be linked to social media to increase traffic.