In eCommerce, selling across multiple channels is key to increasing sales and spreading risk. So if one channel fails, it won’t have a big impact on your revenue.
One of the booming channels for brands to sell is the retail online marketplace. The platform is so impressive, that the top 100 markets account for more than 95% of global market sales.[ * ]
But what exactly does the online retail market offer brands and retailers? In this article, we’ll explore all that’s good about selling in marketplaces, and how you can take advantage of it.
Before that, let’s first look at the factors that drive consumers into the
market.Marketplace revolves around satisfying consumer needs, and the same concept is applied to online retail marketplaces. Here are the top 4 reasons why people are more inclined to buy in online marketplaces.
Simplified shopping experience
Online browsing opens up new product discoveries to consumers. If they find something aesthetically pleasing, or maybe they find a good review of a product they’ve been eyeing for a while, the first thing they do is look it up in the marketplace.
The Marketplace offers a wide range of products from home improvement to rare items that consumers cannot database find in their local market.
Be it the ease of access through their mobile devices or the availability of multiple payment options, the marketplace has simplified the entire shopping experience.
The market is full of third-party sellers, which is why intense competition and price wars are common. To assist sellers in setting their prices, marketplaces offer discount vouchers to motivate buyers to complete their transactions.
Now, how does market selling benefit you
Reach new market groups
As mentioned above, the marketplace attracts significant traffic because it is convenient, offers competitive rates, and has proven to be trustworthy when it comes to online transactions.
That said, it’s safe to say that if you News US sell directly to consumers, you can find your target market there.
The online retail market is now important for businesses looking to acquire new customer groups.