By now, Amazon pretty much controls e-commerce. Many customers are turning to the online marketplace conglomerate for the majority of their purchasing requirements, particularly in light of the fact that Amazon Prime members receive free two-day shipping. The rising costs of staying competitive on Amazon make you question whether selling on the platform is even beneficial, despite its popularity.
Nearly three-quarters (73%) of brands selling on Amazon are advertising on the marketplace, a 26 percent increase from 2019. This is according to a 2020 report from Feedvisor, the AI-powered optimization, and intelligence platform. There are thousands of brands selling on the online platform, and even if most of them are advertising, that’s a lot of competition for smaller retailers who might not have as much money for advertising.
Larger Marketplaces vs. Smaller Marketplaces
According to Liat Karpel Gurwicz, Head of eCommerce Marketing at Wix, “on the one hand, bigger and more popular marketplaces provide exposure to many shoppers because they have a large customer base, but it is also very competitive.” The primary obstacle presented by larger markets is that retailers must conduct research on their product categories and rivals in order to determine whether or not it is feasible for them to compete on the market.
In a crowded market, it can be especially challenging for smaller brands to get their products in front of customers. This is where niche and local marketplaces can be of assistance because, despite their small size, they give independent retailers who want to spread their name more visibility. It is simpler and less expensive to pay for advertising because there is less competition on the platform. This can quickly elevate your brand name to the top of the list.
Do Your Homework
The majority of sellers will choose to sell on eBay instead of Amazon, but even eBay can be a large and competitive market. Bonanza.com and Poshmark are just two examples of other local and niche selling platforms; however, there are hundreds of other online marketplaces that are a less expensive way for retailers to increase brand awareness.
This is where Liat advises small businesses to conduct research and select the most suitable selling platform. You can easily match the right market if you know your target audience well and how they live their lives. Keep in mind that today’s social networks can function similarly to marketplaces. Although you aren’t reaching shoppers who are actively looking at products, you can still reach a specific audience and your followers already have an interest in your brand. Using targeting capabilities is a method for re-engaging or attracting new customers.
Growing Your Business
Liat suggests that brands use both an e-commerce website and an online selling platform for retailers who are just starting out. Because websites are long-term investments, customers can keep coming back to the website to make repeat purchases or find new products as they gain exposure through marketplaces. Indie retailers may want to consider investing in SEO in order to boost organic traffic to their stores as well as other advertising options as your brand’s exposure grows over time. Always make sure to do your homework first and find out who your rivals will be before making any rash investments in expanding your business.
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