This is even more crucial right now because of the epidemic of coronavirus keeping people indoors and limiting their ability to shop in brick and mortar stores. Many items on Amazon are backed up too. When people are searching around different sites, you want your products to be available on every platform they look at, or a majority of them if you can.
What’s going on in the world right now is that if you sell a physical product and sell to a retailer, you’re likely in trouble. That is, unless you sell to Costco, grocery stores, or a pharmacy. For the most part, people are not doing well with this pandemic shutting stores down and putting major gridlock on shipping. Generally, it’s important to get your product in front of as many eyes as possible. This means going beyond Amazon and eBay, two of the biggest and most well-known online marketplaces (or eCarts). Even if it weren’t a coronavirus craze, you’d still want to broaden your reach using different online marketplaces. But, with everything going on, your only opportunity is to heavily utilize the internet. We don’t know what’s going to happen at this point, so keeping your business going through redundancies on online marketplaces is the best thing you can do.
Before you decide on anything, remember that expansion like this also requires research and resources. Make sure you find the ones that are right for your company and its market, and ensure that your company will be able to handle more orders. What it means to find one that’s right for your company is looking at factors such as the fulfillment policies, any fees, eligibility criteria, and any pricing rules.
Ready? Here’s our top 5 online marketplaces:
Walmart is a massive chain of stores across the country where mostly lower or middle class families go to shop. Walmart may have always been known for toys and electronics, it has broadened itself massively over the years to be a one stop shop for everything. You may think of Walmart exclusively as a physical store and know their traffic is in the hundreds of millions people per year. What you should also know is that they’ve brought all of what they have to offer online to appeal to those same people, including third-party sellers like yourself. You would also be able to sell on their affiliate platforms, such as Jet.com. There’s no commission fee to sell through Walmart, but remember that with the most common demographic searching on Walmart, the price point will likely be lower. Note: Walmart can be hard to get into so start the process sooner rather than later. They normally want to see that your company has had success on other platforms before taking you. But, they could be more open to taking you during this pandemic.
Newegg looks very similar to Amazon, and while it isn’t as huge, it still reaches millions of users every year. While the claim to fame for Newegg is more geared toward tech products, one will now see more sections on their site, from home, apparel, home, and toys. The commission fee ranges from 8 to 15 percent, but keep in mind, the average seller on Amazon pays a 15 percent commission fee, so Newegg is actually on the lower side. Something touchy about Newegg is that they require shipment within 48 hours of purchase and will cancel any orders that haven’t been fulfilled within 72 hours. Can your company handle that along with orders from other sites?
Sears is smaller than the rest and receives 15 million users per year. While Amazon and Newegg are similar in that they’re only online and have always solely been based online, Walmart and Sears are the opposite. They both started as physical stores and have now taken advantage of selling their products online, as well as inviting third-party sellers onto their platform. You can pay Sears $39.99 a month to fulfill your orders for you, but the monthly fee for using Sears as a platform is also $39.99. This monthly fee is waived if you don’t make at least $400 in sales. Additionally, the commission fee ranges from 7 to 20 percent depending on the product category. But remember, you’re broadening your reach on these sites and engaging an audience that may not use Amazon because they’re intimidated by AmazonPrime. Or maybe they have been shopping at Sears for a long time and trust the brand. Same goes for a seller like Walmart.
Yes, Google has a selling platform! Why does this feel so weird yet isn’t surprising? But how else would those retailers get on the “Shopping” tab of Google searches? It isn’t automatic, one has to set up their account. A plus here is that you can integrate your Google Ads into your Google Shopping account and it’ll give you “personalized recommendations to improve your business.” Obviously there’s benefits to being a part of Google Shopping, like Google’s reach is huge, but the downside is that the competition will be too. Also, the average commission fee for Google Shopping is 12 percent, the range being 5 to 20 percent.
The QVC website is really big, and their unique factor is that they want to sell your company’s “story” not just the product. They also have a TV channel, although you can sell online without your product going on TV. The channel does broadcast to around 350 million homes and has an evaluation of $8 billion though. No big deal. The great thing about QVC online too is that you can do a trial run of a product, pulling it if it doesn’t profit. If you’re serious about selling on QVC, you can sell your products wholesale to QVC, which makes life much easier. Utilizing dropship means you don’t have to keep merchandise in your warehouse or deal with returns. Give the product to QVC and you’re done.
There’s a lot to know about each platform, but these five are worth investing time into research. You always want to get your brand in front of as many people as possible, from ads, social media, SEO performance tools, and eCommerce platforms. If you don’t think your products are getting the amount of exposure they deserve, reach out to us and we’ll fix it for you.