A great way to build a strong business is by partnering and collaborating. Being an island off to yourself or refusing to work with others can sabotage our success in business. Some of the e-commerce giants have recently shutdown due to refusing to advance with the current trends.
Instead of starting from scratch, why not partner with someone who has more expertise in an area that you’re struggling with? Why not build a relationship or partnership that works best for both parties?
Always remember, we are stronger together.
The model of working together with well established marketplaces was the very thing that led me to earning my first $1,000 with online selling. I sell on marketplaces like Amazon, eBay, and Bonanza. Marketplace selling helped change my overall business performance and positioned me to earn increased profits.
Refusing to do what’s best for your business and advance with the times can be the very thing that could possibly take you out of business.
So, how can you benefit from marketplace selling?
The pros of selling in online marketplaces
1. Low start-up funds – You don’t need your life-savings to get started with marketplace selling. You can get started on some marketplaces for little to no cost. No worries with store design headaches, expensive marketing campaigns or too many monthly subscription fees.
2. Easy to learn – The learning curve for marketplace selling is much shorter than that of a self-managed platform. Most marketplaces have easy to follow step-by-step instructions.
3. No need for a fancy store design – The work has already been done for you.
4. Ease of use – Easy uploading of images, listing products for sale, returns process and more.
5. Free Traffic Provided – You can focus on listing and other tasks in your business while they provide the traffic.
The cons of selling in online marketplaces
1. Seller fees – Most marketplaces will charge you a percentage each time you make a sale. Others will charge you the fee in addition to a monthly subscription fee for selling on the platform.
2. Compliance and Performance Metrics Requirement – Almost all marketplaces will have rules and guidelines that sellers are required to abide by. Some more strenuous than others. It’s important to them that sellers maintain the customer service value that they guarantee for marketplace shoppers.
3. Less control – It’s impossible to completely control your business when selling on a marketplace. Some decisions will be made that you may not always agree with.
4. Store Suspension – It’s possible that your store may be suspended and earnings frozen if the marketplace finds that you aren’t abiding by their policies.
5. Buyer Guarantee – Oftentimes, marketplaces side with customers regardless of whether they are right or wrong and give less options for sellers. This may cause loss in profit periodically on the sellers end.
The choice is yours. You can either sell, get in the game and keep up with what’s working, or possibly get out of the game and be sold.
Which will you choose? Let me know in the comments.