From 2017 to 2022, retail ecommerce sales in the United States have more than doubled, jumping from $425 billion to more than $875 billion. Story is very similar in other emerging economies such as China and India.
This growth in ecommerce business has a direct impact on all kinds of companies. According to some research reports, 55% of the businesses selling on marketplaces have profit margins of over 20%. At the same time, another poll indicates that 43% of small businesses experience sizable revenue growth with online sales. Therefore, if you want to expand your ecommerce business or increase revenue from your online sales, listing your products on online marketplaces is a must.
Before you jump into listing your products on any online marketplace, you need to first identify the most suited and appropriate online marketplaces for your brand & products. Not all marketplaces are created equal. Selecting and listing your products on a marketplace not suited to your products, could cost you not only marketing money but also wasted effort, causing frustration.
Every online marketplace has their own unique requirements, product categories, listing fees and audiences. You’ll also want to understand the different strategies for marketplace sellers – which ones hold the most promise for your products, what you need to do to ensure a smooth start etc. You also need the ability to manage your catalogue & updates on each one of those marketplaces. And biggest of all, if the marketplace provides a platform for sellers to advertise their products, you need the ability to setup those campaigns, manage and optimize those campaigns on an ongoing basis.
Hence, you want to make sure that you do upfront research on marketplaces to determine which ones are best suited for your products, and also your own internal skills capability to manage these listings.