Amazon, Jet, Walmart and other online third-party marketplaces are excellent partners for growing your business. While they may seem like competitors at first, in reality, they’ll quickly end up being your best friends.
1. Increase Your Revenue
You have more opportunities to get your products in front of new customers. When you hit a wall in the number of people buying from you directly, expanding into online marketplaces can put you back on a growth path.
2. Reach Consumers at Preferred Channels
Many people would rather keep their online shopping simple and purchase through a centralized online marketplace. They don’t have to worry about keeping track of individual e-commerce websites, remembering the shipping costs and policies, and putting in their payment information. Instead, they go to a site like Amazon and pick up all of their items at the same place. Let your customers control their experience for higher satisfaction ratings.
3. Diversify Your Revenue Streams
The old saying “don’t put your eggs in one basket” holds true in the e-commerce and retail world. A Google algorithm change or a hike in paid social advertising costs could cut off your website from the traffic required for a reliable income stream. When you generate product sales through multiple channels, you make your business more resilient to unexpected changes.
4. Use Innovative Tools
The big guys have plenty of resources that let them create cutting edge e-commerce tools. You might not have that kind of budget, but when you publish on their websites, you often get an opportunity to use these features to your advantage.
5. Leverage Their Traffic and Marketing Efforts
Unlike your own website, you don’t have to worry about getting traffic to third-party online marketplaces. They handle marketing and advertising efforts directly, and you get to reap the rewards. As they onboard new consumers and put campaigns into place to encourage repeat purchases, your reach continually expands without significant resource investments.
It’s time to look beyond your own website walls. Put your products out there on third-party marketplaces and enjoy all of the benefits that this strategic move brings to your business. You’ll wonder why you didn’t do it sooner.