When talking about online marketplaces, the fast thing comes in mind is eBay, Etsy and Amazon; as these are the biggest online marketplaces to gain more exposure of your products. But there are other biggest online marketplaces where you can find more potential customer to expand your business. Such as: BigCommerce, Rakuten’s Play.com, Shopify, NewEgg, BestBuy, Sears etc.
The best way to Expand your Business is to establish your-self or brand to one marketplace and then move to the other, you should not expand your business with more than 2 marketplaces at a time, otherwise you will lose your position on the established marketplace that you have gained after a long fight, as it’s a highly competitive marketplace, where your strategy have to be dynamic to survive in this battle.
Now, the real question is should you expand your business beyond your online store and start selling your products other marketplaces?
The answer is... it depends, as a marketplace strategy can be a boon for some and a bust for others. You need to consider a lot of variables; including the type of products you are selling, the demand for such product in the marketplace, intensity of competition, fees and limitation in the marketplace and so on.
But if you are confident about your products and your strategy is well planned there is no stopping for you to expanding your business to the other marketplaces to capture the huge potential customers waiting for your presence.
My advice to you is to Research your target audience, find the weakness of your competitors, Build a Strong strategy, Implement the smartest systems and let them know your presence.
If there is any questions, please feel free to ask! here.
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