If you are a successful ecommerce company, you may wonder what creating an online marketplace can do for your business. Is it really that different to how you do commerce today? Today nearly half of all online product searches start on marketplaces. From Amazon to Tmall to eBay and more, marketplaces are where your customers are, and it's also where they make their search.
This means that non-marketplace online retailers are at a disadvantage when it comes to attracting and retaining customers. Shoppers prefer to use marketplaces because they can see an array of buying options for the item in question all at once. This means that they can compare pricing, delivery options, reviews and more to find the right choice for them.
Expose your brand and products to new customers on marketplaces
Marketplaces also serve customers who aren’t sure exactly what they want to buy. If we know what product we want or what brand we want to buy from, such as the latest iPhone, then it’s easy to go direct to the retailer’s website or store. But often we may want to buy something, like a razor, but don't know exactly which one. In this case, the customer is likely to turn to a marketplace as a point of discovery.
Brands who are not present on marketplaces therefore loose out. This makes sense because if a customer doesn’t know who you are, they’re aren’t going to be looking for your website. They need to be able to find you in other ways. By displaying your brand and your products on a marketplace your company can be found by new customers who you wouldn’t have acquired otherwise.