Once you reach your goals it’s time to move on to bigger more challenging ones. When selling on marketplaces you will set sales or profit goals. Once you achieve these you look out for new challenges and more opportunities to grow you business and earn greater revenue.
Many online sellers join a new marketplaces to help them obtain larger profits. This is a good approach. It not only helps you spread out your risks but also helps increase your popularity among online consumers.
But, before hopping onto a new marketplace to reap new benefits, there are a few things you need to consider!
Here are five main aspects we believe online sellers need to evaluate before joining a new marketplace:
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When should you consider joining a new marketplace?
The ideal time to register on another online retail platform is when you are thoroughly settled on your existing one(s). Another thing you must consider is why are you joining a new marketplace? There are mainly 2 reasons for this:
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Which marketplace should you join?
To know which marketplace should be your next, you need to know what it is you want to do with your products. Like we mentioned above, is it increase sales your sales or build you brand. Let’s take an example, you sell ethnic footwear. The best place for you to build your brand would be on Craftsvillla, a marketplace that specialises in ethnic wear. You can also sell on fashion and wearable accessories websites like Myntra and Jabong.
If you sell electronics, you will not go for Craftsvilla, Myntra or Jabong. You need to look at selling on Flipkart, Amazon, Snapdeal and other marketplaces that have a big electronics category. Also if you want to sell wholesale goods, scope the online retail scene. Then only pick out marketplaces like Shopclues (a wholesale marketplace) to fit the bill.
In case sales are your main goal, go where you can sell. A bit of research is in order. You will have to check out forums, online seller groups and social pages too for this.
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Do you have sufficient inventory?
You cannot open a new shop and have nothing to sell. Similarly, you cannot join a new marketplace and not have stocks to meet demand. It is essential to have enough of stocks to meet demand on your current marketplaces, stores and other sales channels and some more for your new marketplace.
In addition to this, you need to make sure you manage your inventory and orders to avoid shortages. You can maintain centralised inventory and dedicated inventory with the help of online inventory management services from Browntape.
Centralised inventory on Browntape allows you to maintain common inventory across all your marketplaces. So, the moment an order is received say on Flipkart, the inventory levels on Amazon, Snapdeal, Paytm and other marketplaces are reduced accordingly. Dedicated inventory refers to inventory that is mainly maintained for only a particular marketplace. Dedicated inventory can be managed for many marketplaces at a time.
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What do you know about the new marketplace?
Before joining a new marketplace you need to know a couple of things about it too. Before selecting a marketplace check:
- If it gets enough traffic
- The bounce rate
- The overall ranking
- For how long shoppers are on it
- Who backs it? If it’s stable
- If there’s a risk of delayed payments
- The commissions and fees
Only once you receive satisfactory answers about the same go ahead with the marketplace. For information regarding website traffic, you can use online tools like Similarweb.
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Do you have time for the initial basics?
Joining a new marketplace requires sellers to prepare catalogues and list products. With your regular schedule do you have the time and resources it takes to list your products on a new marketplace? If you don’t or if you feel you may be a little rusty with the basics, use Browntape’s ecommerce services to complete the basics.
After joining a new marketplace you become a new seller on the platform. This means you need to make the time to be sure your listing quality is on key. This avoids slow growth.
- Product images need to be appealing and according to guidelines
- Descriptions should be well defined
- Product titles should allow easy visibility
That’s not all as a new seller you must focus on reviews and ratings to boost your buy rate on the platform. You can use pay-per-click promos and product ads to increase product visibility on the marketplace.
These are just a few basics to help you get started. In case you are in two minds about joining a new marketplace, feel free to post your questions in the comments section below. For all your other questions related to ecommerce, get in touch with our experts at Browntape. We are India’s leading ecommerce specialists and we are always ready to help!
