In this ever-evolving eCommerce world, it is not just enough to have a simple eCommerce store. The internet as well as your online shoppers have matured, and there is a very less percentage of shoppers who will only prefer single website while looking to purchase. Customers are now more tech savvy and available across different channels to shop, like smart phones, branded eCommerce storefront, social media, marketplaces, etc. So you must expand your sales channels otherwise you will really miss out of a large number of potential customers. Here are some effective sales channels you can consider to achieve sales growth.
Benefits of Using Third-Party Marketplaces For Store Owners
a) Sales Growth:
Third-party marketplaces, such as Amazon and eBay, all target a highly qualified (ready to buy) audience and fetch a heavy traffic amount. For instance, Amazon reported a value of 20.38 billion U.S. dollars for its retail product segment in the 2nd quarter of 2016 and then achieved a growth rate of 18% (23.75 billion U.S. dollars) in the next 2nd quarter of 2017.
By posting your products’ details on Amazon marketplace, you can drive a huge traffic amount towards your eCommerce store and accomplish sales growth for your business.
b) Fulfilment and other Logistics Support
These well-established marketplaces also provide their support for fulfillment and logistics. For example, if you prefer to work with Amazon’s FBA program and ship your products to Amazon, then Amazon will be fully responsible for handling every aspect of the order fulfillment process for you.
c) Trust Factor
Amazon, eBay, Walmart and Etsy have spent millions of dollars in establishing a solid trust among its customers. However, as a small/new eCommerce store owner, it is one of the most challenging thing for you to earn customers’ trust. By listing your products on these large and established marketplaces, you can piggyback off the trust of what marketplaces have already generated.
1. Third-Party Marketplaces
Even if you have your own eCommerce store, you should expand out to other marketplaces, like Amazon, eBay, Walmart, etc. You can list your products on these third-party eCommerce stores. It will help you to expose your products to new people; leading to more product sales
Since 2000, Selling on Amazon has been helping individuals and businesses increase sales and reach new customers. Today, more than 40% of Amazon’s total unit sales come from third-party selection. Vendors can choose from an array of carefully constructed selling plans.
Etsy is an ideal place for selling creative items for people who are naturally innovative and want to make a living out of it. It is easy and cost-effective and offers great plans.
Selz allows people to create a stunning online store using one of their professional templates, and make it fit the brand with a super-easy editor. Clients can sell from an existing websites or through social networks with their buttons and widgets. HSelz allows people to handle all their payments and customer relationships in one place.
Alibaba.com is the world’s largest B2B Platform for international trade. While most Western companies associate the website with importing from China, it’s also a gateway to rapidly growing Asian markets and new ways to reach traditional trading part. You can create a store profile, upload products and submit for approval on the website and then, once your profile is approved, you can sell your products through it effectively.
eBid is an attractive eBay alternative. eBid is extremely easy to use. Because the rules and regulations stay consistent, there isn’t a lot to deal with in maintaining a store on the site. The support and customer service ratings for eBid are also among the highest it its category. The fee structure is quite good for the seller.
It’s an online marketplace which allows vendors to sell their goods in the way they want to. Rakuten Ichiba does not sell any products itself – it’s entirely a third- party marketplace
Jet is becoming a serious competitor for platforms like Amazon and eBay and growing quickly. There is no application fee to apply to sell on Jet. It is cost effective and user friendly, and draws a large share of online shoppers.
eBay is an ideal place to start selling online. Vendors should list their products and then describe them in clear and simple language. With this, eBay is able to identify and suggest relevant category where the product can be listed so that potential buyers can find it fast. Pricing guidance and tips are also provided by eBay. Before listing an item, a vendor can compare it with active or completed listings in order to get a fair idea of recent selling prices.
2. Expand Sales via Social Marketing Channels
You also need to expand out to other social media markets, like Facebook, Pinterest, Twitter, Instagram, etc. Publishing your product catalog through Social Marketing Channels is another powerful way to widen your eCommerce store reach without much effort.
Options Available for the same:
1. Facebook Store:
More than half a billion people access Facebook solely from a mobile device on a regular basis. A fully integrated Facebook store can help draw customers to your products. Customers can easily browse your products and collections using the new, always visible, Shop section on your Facebook Page. A Facebook store is designed for mobile as well. More than half a billion people access Facebook solely from a mobile device.
2. Pinterest Buyable Pins:
Buyable Pins let people buy your products without ever leaving Pinterest. People can easily spot these Pins all over Pinterest—in search results, in related Pins and on your business profile. With a large number of people frequenting Pinterest to scout for ideas daily, selling through Pinterest is a great option.
3. Instagram’s “Shop Now” button
3. Expand Sales via Branded eCommerce Store
With a branded eCommerce platform based web store, you can make more revenue. Yes, the proof is in the stats and numbers. According to Stitchlab report, small to medium-sized eCommerce store owners who sell products via branded eCommerce store (based on Magento, WooCommerce, BigCommerce, or Shopify) earned 38% more revenue. Moreover, if you make your branded eCommerce site available on multiple marketplaces, this revenue can grow more.
Here is a screen of revenue growth based on number of marketplaces:
And a lot more can happen after expanding your sales channels. So, it is what sales channel do you prefer to expand or how are you making the most out of each? Do let us know in the comments.