Answer These 5 Questions before Expanding to Multiple Marketplaces
Selling on multiple eCommerce platforms means that you'll be able to attract more customers, improve sales and increase brand awareness. If done right, this is where your business is headed, but if you haven't done your research, you'll end up hurting your brand, losing customers, and spreading yourself too thin. How do you know when you're ready to expand to multiple marketplaces? Answer these 5 questions below to find out:
1. Are your current marketplaces working for you?
If you are comfortable managing your current store, you may have the time to operate within more marketplaces. Begin your expansion with one other, understand what works and what doesn't, and then go from there. The owners of Pharmapacks, a wellness and beauty product estore, began selling on Amazon and then added eBay. The business now has annual revenue of over $150 million. One or two successful sites is better than four that are struggling. Spreading yourself too thin may l The business now has annual revenue of over $150 million. One or two successful sites is better than four that are struggling. Spreading yourself too thin may lead to failure.
2. Have you found the best marketplace for what you're selling?
If you wouldn't want to shop there, you probably don't want to sell there. Search out eCommerce platforms that not only cater to the customers you seek but that you feel comfortable working with. For example, if you sell electronics, a company like Newegg, which labels itself "the marketplace for tech lovers," may be perfect for introducing your products to potential customers. Learn which sites have the most demand for what you are selling and focus your best efforts there.
3. Are you prepared to spend time and energy on marketing?
Everyone knows that the most time spent on any business is in getting traffic to gain customers. Paid ads, direct email, and social media efforts are necessary for each marketplace. Promotion is paramount, so making contact with customers past, present, and future, through a variety of channels, is a good policy. Put your all into making each store one that customers will return to again and again.
4. Are you providing excellent customer service today?
Excellent customer service is the one thing that brings shoppers to your stores time and again. To be successful, be prepared to offer excellent service to all your customers on all your sites. Make sure packaging, shipping, and returns are worry-free.
5. Can you manage all your orders in one place?
One best practice to managing orders for several marketplaces is to consolidate fulfillment through one platform. eShipper integrates with some of the most popular shopping carts including Amazon, eBay, Etsy, Shopify, and WooCommerce so you can manage all stores from one page. Plus, you get significant savings on shipping with trusted carriers like FedEx, DHL, UPS, Purolator, CanPar, and Canada Post.
To get started managing multiple marketplaces in one place, contact us, or email email@example.com.