Meet you at the Marketplace
Traders have been using marketplaces for centuries, the paths we use have been worn over the years, leading from farms and factories to gathering places in towns and cities. The spice routes and the Silk Road gave birth to trading hubs like Istanbul, which thrived thanks to the moving of goods from East to West and back again.
It’s not so different today, except as well as the grand bazaars, we have global online marketplaces like Amazon and eBay, where traders get together and sell everything from antiques to armchairs, fidget spinners to phones, and everything in between.
By 2020 marketplaces are predicted to own 40% of ecommerce sales.
When you start to think of Amazon as a bazaar, it actually makes much more sense. Of course, if you want to sell exclusively from your own shop, that could be the right strategy for you. But that shouldn’t stop you from having a wander around the stalls, where you can hear what the people on the street are saying.
Another reason why it’s important to pay attention to shoppers on Amazon, is that they are already in that buying mind-set. A good conversion rate on Amazon is around 15% which is astronomical when you compare it to other ecommerce sites. Shoppers on marketplaces are also pretty quick to review (and to criticise) giving you a valuable taste of the local landscape, before you start spending cash on marketing.
So it's easy to post on eBay and Amazon?
Not exactly. eBay has 26 and Amazon 13 individual country sites at the time of posting, all with their own intricacies, like unique tax and import regulations, not to mention local buyer habits. (Did you know that German eBay shoppers are far more likely to buy items at full price than those on eBay Italy?).
This is starting to sound like a lot of hard work.
Well going from selling silk from a stall to reconfiguring 26 different shops in 26 different countries can be complex, that’s true. The good news is, with a good marketplaces partner, you just have to upload your products once, and they can be automatically configured for each country so that you can hijack customers while keeping yourself on the right side of the law.
Within the Kooomo platform, once you load your products into the catalogue section, our Marketplace Connector will configure them for eBay and Amazon, saving you thousands of data entry hours. So you’re saying there’s a chance?
Just like it was difficult for a stranger to be successful in the markets of Constantinople, the complexities of eBay and Amazon can be daunting to the uninitiated. But with a little courage and the right local guide, you can begin to expand your business to areas that are ripe for growth. By understanding the local customs, and letting your partner do all of the heavy lifting, you’ll have a house on the hill in no time.
Find out more about how you can quickly and easily test your business ideas with millions of global customers with the Kooomo Marketplace Connecor.
Posted by: Colin Staunton - 03 August 2017Post tags #onlinemarketplaces