The Importance of a Multi-Marketplace Strategy
When was the last time you purchased something from a single platform, without researching any other marketplaces first?
The simple fact is this: not only are there more marketplaces emerging than ever before, but customers are continually exploring and utilising these different marketplaces to identify the best prices and delivery terms. You only have to look at eBay to see what we mean – with the famous auction site starting to abandon its original philosophy and instead embrace a marketplace presence which directly rivals that of Amazon and other big players. Marketplaces are big business – and with so many of them available out there, the opportunities are endless.
With that said, how can a multi-marketplace strategy benefit direct sellers like you?
What does a multi-marketplace strategy look like?
When customers have options, they become more widespread – especially with more and more marketplaces embracing the same values and selling strategies. Amazon is no longer the only top dog in the industry – other marketplaces are rising to meet Amazon’s standard, and customers are opting to spread their wings and try other sites and destinations.
For sellers, that means that spreading your own horizons across a number of marketplaces could see your sales figures double if not triple – simply by making yourself known across a greater spread of sites.
Tapping into your local marketplace is a great way of establishing a reputable and trustworthy local brand presence, while operating and building a name for your brand on alternative marketplaces saves you from the old adage of “putting all your eggs in one basket”.
Things to consider before launching a multi-marketplace strategy
While multi-marketplace expansion is a way of tapping into different markets and maximising both your brand’s online presence and ability to sell, there are things you need to consider in order to create an effective rollout plan.
One of the most important is channel management, making sure that your products undergo a rigorous pricing process which remains unchanged regardless of the channel you are selling through. When you market and operate your sales through a selection of marketplaces, it can be tempting to adjust the price to appeal to that market – however interchangeable pricing can cannibalise sales and will drive down the credibility of your products and your brand.
A much better plan is to create a strategy which aligns pricing with a promotional calendar. This means that every platform and marketplace sees the same promotions and sales at the same time – uniting your sales strategy, making marketing campaigns more cohesive, and establishing that trust that your customers will be looking for.
Keep reading for more tips on how to expand with a multi-marketplace rollout.
Our tips for a multi-marketplace expansion strategy
When it comes to creating and devising a solid expansion plan, work on building a brand presence on a selection of different marketplaces – enticing a broader customer base and tapping into the movements of those customers who are moving away from the single-track Amazon market.
As a general rule, we recommend sticking to the following rollout plan:
- Phase One – Amazon
- Phase Two – eBay
- Phase Three – Groupon, Wish, OnBuy
- Phase Four – targeted marketplaces for your industry or product type
When you stick with one single marketplace, not only are you limited in terms of customer reach, but you also only benefit from one marketplace’s marketing plan, seller support team, and advanced feature base.
Embracing a multi-marketplace strategy will expose you to a wider cross-section of both your industry and other similar products and industries, will enable you to learn from and pick up other marketing and seller techniques, and will of course put your products in the face of a wider customer base.
For more support and guidance on embracing a multi-marketplace strategy, get in touch with us today or visit our website for a full breakdown of our account management services.
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