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Earning Big with Marketplaces
If you are an ecommerce owner not taking advantage of selling in marketplaces, you are missing out big time! Keep reading to learn about my personal experiences with marketplace sales and how to get started and rock out selling on marketplaces.
Make Money with Marketplaces
First, what the heck is a marketplace? It’s an online space dedicated to stores that offer their products for sale. Have you ever been to a farmer’s market? You visit a location that has a bunch of stands where different farmer’s and creators are selling their stuff. The market is where the owners collect to sell their goods to the public.
An online marketplace is the same thing, but online. Here are some examples:
Marketplaces are great to sell on because it’s another selling channel. What if you could double your revenue by selling on marketplaces? Worth it?
Here’s how you can get started…
Getting Started with Selling on Marketplaces
First, you are gonna apply to join the marketplace. There’s typically an application involved where you might answer some questions about your business.
Then, if you aren’t instantly approved, there might be a short waiting period. Once that waiting period is up and you are approved to sell, it’s time to add products.
You want to add ALL your products. Keep in mind the fees, as you’re listing your products. It might require you to up your pricing a bit.
For example, if a marketplace charges a $.50 fee on successful sale + 3% transaction fee, you’ll need to calculate that into your cost to make sure it doesn’t eat your profit margin too much.
Most marketplaces charge fees. They have to pay for supporting a space on the web hosting multiple sellers. They also have advertising and marketing expenses, employee wages and other costs that are paid with the help of charging fees.
Once you’ve completed the application, gotten approved, added your products, before you “open” your store, make sure your profile is completely filled out:
- Add bio and store photos
- Write a keyword-rich description
- Add a location, phone number, and/or email address
Just make sure you fill out your store details, then, launch!
Getting Seen on Marketplaces
There are few things to do in order to be seen on marketplaces, short of paying for their advertising (which I recommend..more on this later).
First, add a ton of products. Add ALL your products, if possible. Fill out all the fields including your product description, use multiple photos, and add extras like a sizing chart, care instructions, etc. These actions will make you stand out in the crowd.
Next, check your store daily. Login everyday and check out your dashboard. Every marketplace isn’t like this but I notice when I am more active in my seller marketplace profile, I tend to get more sales.
Can the marketplace see when you’ve been absent? Will this impact sales?
The short answer: yes and yes
Even if you have no updates to make, login and look around. Spend a few minutes or longer doing this. Thank me later.
Use the marketplace advertising
Do this! Do you ever search for something in Ebay and see at the top of the results, sponsored results, or see the same within the pages of results you are scrolling? Those merchants are paying for advertising. It helps out in a big way.
A former marketplace I was in spent around $3K to $5K per month in ads just for me. The result? Five figure sales every month AND they wanted to increase ad spend.
Don’t be afraid to pay for marketing. At the very least, test it out to see if you like it and if it makes sense for your business.
Get on Social Media
If you don’t already have social profiles for your business, make sure you create profiles for Facebook, Pinterest, Instagram and Twitter. Feel free to get on other networks as well.
Once you join, make sure to fill out your profile, including business website url or marketplace store url and post consistently.
Respond to comments and questions, encourage engagement from fans, like and comment other users’ pages, etc. Just be active. This will prove very rewarding in the future.
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Money with selling on marketplaces is definitely within reach. If you are a new or existing ecommerce store owner, don’t miss out on this lucrative opportunity to make more money with marketplaces. I hope this article has provided some insight on the world of marketplaces from a seller’s perspective.
Questions? Comment below so we can continue the conversation.
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Navy vet spouse and mama to 1 with a humungo drive for saving big, hustling hard and monetizing my passion! I help mamas with money savings and money making hacks to help organize and fuel their busy lives. My super powers is being a finder of lost things. I’m so obsessed with Pinterest I made a Facebook group about it, join bloggers like me on Pinning Ain’t Easy!