How Small Businesses Can Benefit From Online Marketplace
- Author Lance Troh
- Published March 20, 2019
- Word count 613
With the rise of social media and online technologies, digital marketing has gradually earned itself a prominent position in the online business sector. Such technologies have allowed new waves of entrepreneurs and businesses to join the market. Many artists, artisans and service providers are among those enjoying the convenience and benefits of digital marketing. Numerous industries have been known to offer a safe marketplace for their users to sell and promote their businesses, with the largest sectors being clothing, shoes and sneakers industries.
But What Is A Marketplace?
A marketplace is a virtual store that allows business owners to promote, sell and make profit even in the absence of a brick and mortar shop. It’s a quick and easy way to showcase your products and merchandise as well as enables you to make profit in an efficient manner without incurring many risks and operational costs. In this article we will discuss how small and medium sized businesses can profit from the advertisement and usage of marketplaces.
Why Sell Your Brand On A Marketplace?
Without a physical store, many businesses would’ve struggled to even start working, but thanks to the internet and online marketplaces, several successful brands have made profit selling and advertising their merchandise. There are several reasons why young businesses are turning to e-commerce and online marketplaces for increased profit.
Some of the main advantages to such approach are discussed below:
• Increase in sales and profit: Many brands seek online marketplaces to help promote their products and hopefully, get to sell them. Sometimes an inventory that doesn’t sell quite well can benefit from being promoted online, which can help in getting them noticed. According to Malcolm Smith of Bloomforth, 55% of the businesses selling on marketplaces have profit margins over 20%.
• New customer influx: Fashion as well as shoe and sneaker brands benefit the most from new customer influx. This is especially true, considering how easy it is for customers to select and buy a product online without the need to physically be there, as long as the sizes information is available. According to an article by Sarah Perez, 79% of Americans shop online. This means that there is a big chance your brand will get noticed if you place it on a marketplace.
• Low setup cost: It costs almost nothing to set up an online store, mainly menial costs for a website if needed or for advertisements. But other than that it can be as easy as filling out forms of information about your products, sneaker sizes and delivery systems. Also, since a physical store isn’t required, physical displays of your shoes and sneakers isn’t needed. Moreover, the use of mockups or photoshoots helps enhance the product display manifold and showcases your products in a much more interesting way, making it approachable for everyone online
It is important to remember that owning a website for the brand you’re selling is great, but investing in a marketplace store can be a game changer for your business. It can help not only boost your client base but also help your business find new customers just by being within reach of multiple buyers online. Marketplaces create a sense of community on a global scale. While they are not usually aimed at certain niches, the customers not necessarily browsing for your product may get interested after passing by your online store and deciding to peek in for a closer look. You can multiply the sales of your shoes and sneakers by having an online store in a marketplace full of potential buyers, so take your designs online and get the recognition your brand deserves.
Lance Troh is the founder of an online community for shoe and sneaker lover. Let's connect. Join us at Ownkicks.com
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