Two factors to consider before selling on a marketplace
Retailers have a lot of options as far as online marketplaces are concerned, ranging from highly popular sites such as Amazon and eBay to more niche online stores such as Newegg. Because they have such a wide selection of venues to choose from, it is important they pick wisely so they don’t end up wasting time and resources.
Here are two factors merchants should consider before selling on a marketplace:
1. Product category and audience
Merchants can create the best listings in the world, but they’ll be ineffective if retailers are not selling the right products to the right people. Audience and item category are two important aspects that must be addressed. General marketplaces may not require too much consideration, but highly specific and niche marketplaces like electronics retailer Newegg may not be the most optimal marketplace for every seller.
Retailers should accurately assess their own strengths and weaknesses and make sure the marketplace they choose aligns well with them, MultichannelMerchant added.
2. Carefully consider the goals of the retail store in question
Although marketplaces often give merchants quick access to a new audience, they also need to consider their current goals and whether resources could be spent more effectively elsewhere. For example, an established seller may want to consider opening a marketplace, but if retailers have yet to address many of the challenges they face on a daily basis serving customers with their own branded sites, it may be better to address those needs first.
Marketplaces offer several opportunities to retailers, the key lies in their ability to identify when it is the right time to list on a marketplace and the best site for them to reach customers.