If you’re an eCommerce business owner, and selling your product in a single marketplace channel, then you should look after a few other multi-marketplace channels. One option that is becoming increasingly popular is selling on multi channel marketplaces. By promoting your product on a multi-channel marketplace, you can easily increase your sales and revenue. There are a lot of multi-channel marketplace platforms that allow you to reach a larger audience, offer a more diverse range of products, and ultimately increase your sales. In this blog, we’ll explore some of the best multi channel marketplaces that are expected to dominate the eCommerce landscape in 2023.
Benefits of Selling on Multi Channel Marketplaces
Before we dive into the marketplaces channel, let’s take a look at the benefits of selling on multi channel platforms.
First and foremost, these platforms allow you to reach a much larger audience than you would on your own website. Marketplaces like Amazon and eBay have millions of customers who are actively searching for products to buy. By selling on these platforms, you can grab their audience and increase your business sales.
Another benefit of selling on multi channel marketplaces is that they offer a more diverse range of products than you could offer on your own. For example, if you sell handmade jewelry, you could list your products on Etsy alongside other handmade items. This allows customers to browse a wider selection of products and increases the likelihood that they’ll find something they want to buy.
Finally, multi channel marketplaces offer a number of tools and resources to help you grow your business. Many platforms have built-in analytics tools that allow you to track your sales and identify areas for improvement. They also offer marketing and advertising options to help you reach even more customers.
Overview of the eCommerce Industry and Current Trends
Before we dive into the specific marketplaces, let’s take a look at the current state of the eCommerce industry. According to eMarketer, global eCommerce sales are expected to reach $6.4 trillion by 2024. This represents a significant increase from the $3.5 trillion in sales in 2019.
Another trend in the eCommerce industry is the rise of mobile shopping. According to Statista, mobile eCommerce sales are expected to account for 73% of all eCommerce sales by 2021. This means that it’s more important than ever to have a mobile-friendly website and to be present on mobile-friendly marketplaces.
Top Multi Channel Marketplaces for eCommerce in 2023
Now, let’s take a look at some of the top multi-channel marketplaces for eCommerce in 2023.
Amazon
Amazon is by far the largest eCommerce platform in the world, with over 2.5 million active sellers. The platform offers a wide range of products, from books and electronics to clothing and home goods. Amazon is also known for its fast and reliable shipping, which is a major selling point for customers.
One of the main advantages of selling on Amazon is the huge number of customers who use the platform. With over 200 million unique visitors per month, you’re almost guaranteed to find an audience for your products.
eBay
eBay is another popular multi channel marketplace, with over 185 million active buyers. The platform is known for its auction-style listings, where buyers can bid on products and sellers can set a reserve price. eBay also offers fixed-price listings for those who prefer a more traditional eCommerce experience.
One of the main advantages of selling on eBay is the ability to reach a large and diverse audience. eBay has a global presence, which means that you can sell to customers all over the world. The platform also offers a range of tools to help you grow your business, including analytics tools and marketing options.
Etsy
Etsy is a popular multi channel marketplace for handmade and vintage goods. The platform has over 4 million active sellers and is known for its focus on unique and one-of-a-kind items. Etsy is also committed to sustainability and ethical sourcing, which is a major selling point for customers.
One of the main advantages of selling on Etsy is the ability to tap into a community of like-minded buyers and sellers. Etsy has a strong community focus, with forums and resources to help you grow your business.
Walmart
Walmart offers a wide range of products, from groceries and household items to electronics and clothing. Walmart is also known for its low prices, which is a major selling point for customers.
One of the main advantages of selling on Walmart is the ability to reach a large and diverse audience. Walmart has over 100 million unique visitors per month, which means that you can sell to customers all over the world. The platform also offers a range of tools to help you grow your business, including marketing options and fulfillment services.
Other Multi Channel Marketplaces to Consider
In addition to the four platforms listed above, there are a number of other multi channel marketplaces that are worth considering. Some of these are: Houzz, Wayfair, Overstock, Sears, Bed Bath and Beyond, Macy’s, Home Depot, Newegg, Best, Buy, Groupon, Wish, Trademe, Flipkart, Myntra, Meesho, ManoMano, etc.
How to Choose the Best Marketplace for your eCommerce Business
Now that we’ve covered some of the top multi channel marketplaces, let’s talk about how to choose the best platform for your business. Here are a few factors to consider:
- What is your product segment? First of all you should be aware of your product niche, e.g. if your product is “selling a vehicle”, then you should prefer eBay Motors, Walmart, etc.
- What are Your customer types: Know your targeted customer, and make sure that your products are for B2B or B2C.
- Your budget: Which platform has the most affordable fees and commissions?
- Your goals: What are you hoping to achieve by selling on a multi channel marketplace?
By considering these factors, you can choose a platform that aligns with your business goals and maximizes your chances of success.
Tips for Successful Selling on Multi-Channel Marketplaces
Once you’ve chosen a multi channel marketplace, there are a few things you can do to increase your chances of success.
Here are a few tips:
- Optimize your listings:
Make sure your product listings are clear, detailed, and optimized for search engines. - Offer competitive prices:
Research your competitors and offer prices that are competitive and fair. - Provide excellent customer service:
Respond to customer inquiries promptly and professionally, and be sure to address any issues or concerns in a timely manner. - Use marketing and advertising options:
Take advantage of the marketing and advertising options offered by the platform to increase your visibility and reach.
By following these tips, you can increase your sales and build a loyal customer base on your chosen multi channel marketplace.
Conclusion
Multi channel marketplaces offer a wealth of opportunities for eCommerce businesses looking to increase their sales and reach a wider audience. By choosing the right platform and following best practices for selling, you can maximize your chances of success and grow your business.
RetailTantra is one of the leading eCommerce and online retail consulting agency. We are offering comprehensive marketplace management solutions over the globe. Our marketplace experts can help to launch products, branding, increase sales, manage and optimize store, reduce operational cost, shopping cart management, inventory management, order management and customer supports services on top marketplace platform like, Ebay, Amazon, Walmart, Etsy, Houzz, Wayfair, Overstock, Sears, Bed Bath & Beyond, Macy, etc. Most of the customers are from, UK, Florida, New York, and New Jersey.
If you’re a brand or retailer looking to accelerate your online sales, Contact us or email us at [email protected]
