Selling online is a great way to increase your sales. It’s flexible, can be done from anywhere, and you don’t have to worry about significant investments. To make the most of your online sales, you need to find the best marketplace to sell online that fits your business and meets your needs.
But first – what exactly is an online marketplace, and how do you know if it’s the right option for your business?
What is an Online Marketplace?
To put it simply, an online marketplace is an online platform that helps to connect buyers and sellers of a particular product or service. Users can browse through different products and services through the marketplace and then communicate with the seller to arrange a deal and make a purchase.
Marketplaces range from large-scale operations with thousands of sellers to small niche websites with a handful of vendors, though most marketplaces are a blend of the two.
How Do You Choose Where to Sell?
As you’re weighing your options for where to sell online, it’s essential to consider several factors.
First, you’ll want to determine which marketplace will work best for your business. There are several different options to choose from, so it’s essential to do your research and find the right fit.
- Open Marketplaces: Open marketplaces are the most common marketplace, featuring a large network of buyers and sellers worldwide. They’re great for those who want to increase their sales volume and reach, but don’t have the time or resources to manage a more complex marketplace. Open marketplaces also make up the vast majority of marketplaces today.
- Private Marketplaces: Private marketplaces are similar to open marketplaces, but feature a smaller network of buyers and sellers. They’re an excellent option for those who want to focus on sales but don’t want to be overwhelmed with the additional volume from an open marketplace.
- Hybrid Marketplaces: A blend of open and private marketplaces, hybrid marketplaces are an excellent middle ground between the two. They feature an extensive network of buyers and sellers, but are still relatively easy to manage.
Once you’ve decided on the marketplace that best fits your business, the next step is to narrow your options even further by looking at specific features and benefits offered by different marketplaces.
For example, some marketplaces offer additional services like shipping, payment processing, and advertising. Others focus on a specific industry, making it easier for sellers in that industry to connect. It all depends on your needs as a seller and where you see your business going in the future.
10 Best Marketplaces to Sell Online
Selling online can be a challenge, but these top eCommerce marketplaces can help you reach a larger audience. Below, in no particular order, are 10 of the best marketplaces to sell online:
- Etsy is an online marketplace for handcrafted, vintage, and unique goods. It’s an excellent option for those who want to sell small-batch and handmade items or vintage finds. The large community of sellers on Etsy makes it a great platform to grow your brand – and the vast selection of customers makes it a great place to find new buyers.
- Amazon is an online marketplace that sells a vast assortment of products. With more than 100 million products to choose from, it’s a great place to build your brand and reach a broad audience. The Amazon community is engaged and loyal, making it a great place to build a profitable business.
- Walmart: The retail giant, Walmart, has its own online marketplace! The Walmart Marketplace features a large selection of products, which can be sold and fulfilled by Walmart. This makes it a great option for those looking to increase their sales volume while also having many
- Hudson’s Bay is a Canadian online marketplace featuring a large selection of high-quality products at great prices. It’s considered a more private marketplace and currently hosts roughly 500 third-party sellers with a wide selection of fashion, gadgets, and home goods.
- eBay is a global platform that connects buyers and sellers of everything, from antiques to apparel. It’s a great option for sellers who want to expand their reach, as the eBay community is passionate and engaged. The eBay platform is also one of the most trusted, making it a great place to build your brand and reach new customers.
- Facebook Marketplace is a section of Facebook that enables users to buy and sell locally. The Marketplace features a wide range of products for sale, which can be set as private or public. It’s an excellent option for those looking to build a community of loyal buyers and sellers while focusing their attention on the local market.
- Handshake is considered a wholesale marketplace that helps bring together brands and sellers to fulfill orders. The platform is still in its early stages and is only available in the U.S. market. The team at Handshake handpicks each brand that sells on the platform to ensure quality products and service.
- Swappa is an online marketplace for used smartphones, tablets, and other tech devices. The Marketplace features a wide selection of pre-owned devices, which can be sold and shipped directly from the Swappa platform.
- Rakuten is a Japanese online marketplace that connects buyers and sellers of products, services, and digital items. It’s an excellent option for those looking to reach a new audience, as the Rakuten marketplace reaches approximately 87% of the country’s population. The large selection of products, which can be found on the marketplace, and the large selection of sellers, make it a great place to build your brand and reach a large audience.
- Wish is a marketplace that sells a wide selection of products at affordable prices. The platform is known for its wide selection of products, offering everything from apparel to home goods. The Wish Marketplace is also an excellent place for new sellers, as the platform offers tools and resources to help sellers grow their business.
Choose the Marketplace that’s Right for You
While there are a variety of marketplaces that can be used to sell products online, it’s important to choose the right one that will work best for your business. By researching marketplaces and learning how they work, you can find the right platform to help you reach your sales goals.
Finding the right marketplace that works best for your business may take time, but the effort will be worth it in the end. By choosing the right marketplace, you can increase your sales volume, build a loyal customer base, and expand your reach.