Blog

19
Nov

How small business entrepreneurs can leverage online marketplaces

Are your products listed on online marketplaces?

In a 2017 study by Neto Hq, approximately 52 per cent of Australian online sales were generated from marketplaces like eBay, Google Shopping, and Catch. Without a marketplace presence, your small business could be missing out on half of online customers.

Today, you’ll be learning how the marketplace-approach can benefit your business. Read about popular marketplace options and how you can optimise your shop to boost sales below.

Multichannel selling: why your small business needs it

Businesses leverage multichannel selling strategies to become successful. There are multiple e-commerce options out there, but the first channel you should tap into is your website.

Websites are the foundation for other selling platforms. It provides a flexible way to present your brand while simultaneously improving credibility and trust. Prospects engaged in other channels often refer to websites for further information. Consequently, brands can perform remarketing to improve sales.

Marketplaces, on the other hand, help you reach a larger audience with its built-in customer base. Before you start cross-selling on different marketplaces, understand what they have to offer first:

eBay

Aside from boasting a traffic of 11 million unique Aussie visitors each month, eBay is also best known for its seller-friendly platform. Benefits include auction format listings, customised storefronts, and immediate access to revenue through PayPal.

Amazon

An underwhelming launch in Australia shouldn’t steer you away from selling on Amazon. This marketplace powerhouse supports their merchants with a reliable B2B service known as Fulfillment by Amazon (FBA).

By signing up, your products become eligible for Prime’s 2-day shipping. Amazon also manages fulfilment tasks like product handling, delivery, returns, and customer service for a certain fee.

Tmall

B2C platform Tmall Global revealed that Australia came in third place on the list of top exporters into China. Among the most in-demand products are vitamins, baby formula, and milk powder. By tapping into the lucrative demand in the Chinese market, your local business can increase its revenue without worrying about any high risks or costs.

Facebook Marketplace

Despite the name, Facebook Marketplace has nothing to do with online buying and selling. Instead, buyers simply get in touch with sellers through Messenger. There’s no payment processor, no shopping cart, or other basic marketplace tools.

So how can you benefit from Facebook Marketplace? Facebook offers free organic distribution for your products. In other words, your products are matched directly to your target audience, no costs required.

Increase online sales across marketplaces

Optimise your content. Without content optimisation, your customers won’t be able to find you. This will involve optimising headlines, writing detailed product descriptions, and sharing relevant images.

Offer the right prices. Make sure that you’re offering the right prices by analyzing your competitors and understanding the basics of dynamic pricing.

Monitor returns/feedback. Failing to track customer returns and complaints can damage your reputation. Do make it a point to settle any disputes within the same day you receive them. The same goes for issues regarding exchange rates or payment portals.

Connect your website to different sales channels

Sales channels, including your website and marketplace store, work more efficiently when integrated. Platforms like Sitebeat offer a built-in marketplace feature for you to sell across online channels. This streamlines the shopping experience while offering more touch points for customers to connect with your brand.

Source: InsideSmallBusiness – Media Partner at B2BExpo2019