Before we had a better understanding of the internet and eCommerce marketplaces, the only places to sell your goods or services and promote your business were physical stores, yard sales, and newspapers. People can now easily and comfortably buy and sell in the corner of their room thanks to the various e-commerce websites and apps available.
E-commerce stores have fundamentally altered how we think about running a business. We have over 100 online marketplaces that you could use to reach a large number of customers and generate revenue for your company.
All you need is a good and marketable product, a perfect online marketplace to sell the goods, and making it available to the right audience, and you’ll be well on your way to earning money online.
One thing to keep in mind is that different online marketplaces sell different products. You must understand the type of marketplace in which you are advertising your products, as well as the expectations of your potential customers.
Selling on an e-commerce marketplace provides you with benefits such as a large customer base and even strategies and tips to increase your chances of successful sales.
A sales channel is ideal for you regardless of your goal or what you’re selling. That is why we have compiled a list of the top 5 online selling methods.
Five Effective Ways to Start Selling Your Products Online
1. Create Your Store
Creating your online store comes with challenges, but it can also be extremely fulfilling and profitable if done correctly.
One advantage of eCommerce business is that your profits are yours – there are no commissions, and you have complete control over your pricing strategy.
The biggest downside is that you must market yourself and drive traffic to your site, just like starting a business. At this point, you’re creating your brand, and a fast way to gain ground and recognition is to spotlight your business on remarkable websites like Infoguidenigeria.com.
Here’s the best platform that you can use to create your own e-commerce. When it comes to creating your website to sell your products, Shopify has got to be one of the easiest to use and most trusted. As of October 2019, over 1,000,000 merchants were using Shopify to market their goods and services.
It’s beginner-friendly and easy to use, with excellent customer service. Plus, there are various Shopify apps that you can use to customize your store, including wholesale marketplaces like Handshake.
The basic Shopify fee is $29 per month. This includes your website, blog, SSL certificates, abandoned shopping cart recovery, and social media sales channels, among other tools and perks.
There is no initial setup fee or hidden fees unless you use a different payment gateway than what Shopify provides.
Amazon is a trusted, go-to website that sells over 400 products per minute. So how’s it able to sell that much so quickly? Well, people feel a sense of comfort and trust when buying from this site.
Amazon is known to verify sellers and keep counterfeit products out of its marketplace. And it’s earned people’s trust by delivering the items they want on time. So many people consider it their go-to marketplace for online shopping. Such a large number of perks means that your products are more likely to be sold, but it also comes with more fees.
A professional selling account on Amazon requires an application and a $39.99 monthly fee. There are also fees for each item sold. However, if you don’t plan on selling more than 40 items a month, you can get an individual seller account that requires no monthly fee.
The individual seller account charges a $0.99 per item fee plus percentage fees, depending on the category in which your item is selling. Amazon is great for those looking to move large quantities of products or people looking how to publish books on Amazon.
eBay has been in existence since 1995. There is almost nothing that you can’t sell on eBay, so if you’re looking to sell something a little weird, this might be the e-commerce platform for you.
eBay charges a non-refundable fee to list an item and another “insertion” fee if you decide to list the same item in another category. There’s also a “final value fee” that is a certain percentage (they say it’s 10-12% for most categories) of the price your item sells for, plus a percentage of the shipping fee.
These fees vary and are calculated based on what your product is, how many, what types of categories it is listed in, and shipping.
eBay has over 1.3 billion listings and 182 million users worldwide, according to 2021 eBay Statistics. So, similar to Amazon, it’s an incredibly large buyer network. However, remember that your customers have less trust based on eBay than in Amazon.
This Seattle-based company is relatively new to the online marketplace, yet is doing remarkably well. With over 50,000 sellers and 35 million different items, Bonanza is a large and growing community of online shops. Entrepreneur.com named Bonanza one of the “Best Entrepreneurial Companies in America” in 2016.
The fees for selling on Bonanza are relatively minimal and are based on what they call the “Final Offer Value.” The Final Offer Value is the combined dollar value of what the buyer paid plus the portion of the shipping fee that exceeds $10. So if you sell an item for $20, then charge $12 for shipping, the Final Offer Value is $22.
The selling fee is 2.5 percent of the Final Offer Value, so in this example, your fee would only be $0.77. The same rules apply if you sell items for over $500, but there is an additional 1.5 percent flat fee on any dollar amount over $500.
This online selling site works well for those unable to pay listing fees. Setting up a shop is easy, and you only pay fees if you make a sale.
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5. Facebook Marketplace
If you are familiar with Facebook, then the Facebook marketplace shouldn’t be strange to you. Facebook marketplace is a convenient destination to discover, buy and sell items with people in your community. Facebook Marketplace makes it easy to find new things you’ll love and find a new home for the things you’re ready to part with.
Due to many Facebook users, you should be assured of getting a buyer for your products. However, as a buyer, you have to be careful because, unlike Amazon, Facebook doesn’t verify the status of sellers.
The Marketplace opens you to many items that people near you have listed for sale. To find something specific, search at the top and filter your results by location, category, or price. You can also browse available in various categories such as households, Electronics, and Apparel. In addition, you can use the built-in location tool to adjust the region you’re looking in or switch to a different city altogether.
However, note that Facebook does not facilitate the payment or delivery of items in the Marketplace.