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Marketplaces are booming business!

How to grow your e-commerce business with marketplaces

Nowadays, many e-commerce entrepreneurs place their products on marketplaces and this has to do with a number of reasons. The main reason is to increase their reach; as many more consumers can be reached at once with marketplaces. By making use of the European and international marketplaces, it has become easier for e-commerce businesses to sell their products in other countries.

When looking across borders, strong growth is predicted. European Crossborder marketplaces are expected to grow by more than 50 percent in the short term. Research conducted by Cross-Border Commerce Europe has shown for this to be the case.

Looking at Germany, over 47 percent of German e-commerce takes place via marketplaces. That means that almost half of all German e-commerce is realised on marketplaces, the German marketplace already has over 19 million monthly visitors! Marketplaces, e-commerce sites that are not necessarily the stockholders themselves, have realised a substantial growth in turnover in recent years.

Recent market information shows that the start of the customer journey increasingly starts with a marketplace. Consumers more often prefer marketplaces because they simply offer more products than brands and retailers, which results in an easier provision of consumer needs. In the eyes of the consumer, online marketplaces are the perfect solution for their needs.

As a retailer you can be active on these marketplaces and benefit from the aforementioned advantages that come with selling via marketplaces. In order to gain the most out of selling via marketplaces, we have outlined a few tips which will help your e-commerce business grow with the help of marketplaces!

Create your own brand

The first step to growing your e-commerce business, is to set yourself apart from the other retailers. Many e-commerce entrepreneurs sell brands and products of other manufacturers, however the margins on these products are significantly smaller. Another trend among retailers is to sell no-no products, which are unbranded products that are free to buy for everyone. The downside to these products is that they are accessible to everyone and that the competition on these products is enormous because it has no brand or value for the customer.

Set yourself apart from these retailers by creating your own brand and thus add value to your products. Start by researching your target group, figure out what their needs and desires are and incorporate this into the development of your product.

Make decisions based on data

In order to grow your business, you have to make the right calculations to gain more profit. A good way to get insights into the popularity of your products is Google Trends, which provides you with a clear overview of the products that have increased or decreased in popularity. This data can help you make the decision which products to keep in your assortment and which to remove.

Another way to measure the popularity of your products are obviously the reviews from the consumer, which are often the most critical and objective. You can use these reviews in order to make improvements on your products.

Automate your business

According to Bas Urlings, CEO of DisQounts, the key to ensure growth is to work with a virtual team. Instead of hiring a lot of staff and renting or buying housing, a lot of work can be done by just a few people. The most important lesson is that with fewer staff, there also fewer ‘headaches’. With a virtual team you can let people carry out tasks and you pay for that. When you no longer have tasks or work for these people, you can easily disconnect them from the company and continue alone or with fewer people.

Besides working with a virtual team, a lot of other things can be automated. By means of automation you save time and money! Marketplace management or content creation, technically anything can be automated!

One of the most time consuming tasks that come with selling via marketplaces is retyping orders. It is not the most fun task, it is time consuming and of course prone to errors. By letting your employees do this work, you simply aren’t making full use of people’s potential and they will have less time for other valuable tasks.

A way to automate your sales via marketplaces, is with the marketplace integration of EffectConnect. With the integration you will receive all of your marketplace orders automatically in your webshop, your stock levels are continuously updated on all of the marketplaces and when necessary replenished, Track&Trace codes are sent back to the marketplaces and logged off.

About the author

Olga van Borren is part of the EffectConnect team since 2019. As content marketer she writes blogposts, whitepapers, prepares newsletters and records company videos.

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