Diversifying your online presence by expanding to more marketplaces can bring several advantages to your business. Let's explore these benefits:
Increased Reach and Market Penetration
Expanding to more than one marketplace allows you to tap into new customer bases and target audiences that may not be actively shopping on a specific platform, offering opportunities to expand your reach and increase sales.
Diversification and Risk Mitigation
Relying solely on one marketplace carries inherent risks. By expanding to multiple channels, you reduce dependency on any single platform, minimizing the impact of policy changes, disruptions, or fluctuations in sales. Brand Expand facilitates this diversification, enabling you to drive traffic and sales to products across multiple marketplaces.
Access to Specific Niche Markets
Each marketplace caters to a unique set of customers and niche markets, allowing you to target specific demographics and reach customers with specialized interests or preferences. Brand Expand empowers you to optimize your listings and marketing strategies for each marketplace, ensuring your products resonate with the target audience on each platform. Here are some examples of popular marketplaces and what to expect as a seller:
Competitive Advantage
While there are dominant eCommerce players, expanding to other marketplaces allows you to differentiate your brand and products from competitors. Brand Expand provides promotional campaign tools that help you run targeted and impactful campaigns on any marketplace. These campaigns can increase visibility, attract customers, and give your products a competitive edge.
Comprehensive Marketing Research
Brand Expand's marketing research capabilities offer valuable insights into consumer behavior, market trends, and competitor analysis across multiple eCommerce channels. This data empowers you to make informed decisions, refine your marketing strategies, and optimize your product offerings to resonate with the unique audience on each platform.
Proprietary KPI Tools for Growth Tracking
Brand Expand equips you with proprietary Key Performance Indicator (KPI) tools to track and measure your business's growth and success on various channels. These tools provide essential metrics, such as sales data, conversion rates, keyword rankings, and customer feedback. By leveraging these insights, you can identify opportunities for improvement, optimize your campaigns, and drive growth on Amazon, Walmart, Target, eBay, and other eCommerce channels.
Notable Marketplace Trends
Before considering expansion to other marketplaces, consider the below trends and insights into the most popular eCommerce channels. Additionally, leverage our team to gather additional information needed to help you make the most informed decisions before marketplace expansion.
Amazon.com - Accounting for 30-40% of all eCommerce sales, Amazon is the first place most shoppers go to buy products. Generally speaking, customers on Amazon are price sensitive, searching for inexpensive products across a wide range of categories. However, increased competition on Amazon comes at a cost. In a recent study done by Marketplace Pulse, most third-party sellers give 50% of all their revenue back to Amazon in the form of advertising fees, FBA, referral fees, and more.
Walmart.com - Similar to Amazon, customers are more price-sensitive when shopping on Walmart. Categories like Food & Beverage and Sports & Outdoors are big on Walmart. With a fraction of the reviews on Walmart vs. Amazon for major products and brands, sellers who position themselves on Walmart early may benefit from the inevitable shift Walmart must make from traditional retail to eCommerce.
Target.com - A more exclusive network of sellers, and boasting less competition, Target has a large presence in Apparel & Accessories, Beauty, Baby, Pets, Food & Beverage, Home Goods, Appliances, and Sports & Outdoors. Target customers are very loyal, with an estimated 90% of sales coming from repeat shoppers. Becoming a Target Plus seller is challenging, so make sure you have a brand presence on other channels or independently before going through their application process.
Etsy.com - Etsy is popular for Handmade, Vintage, Unique, and Crafted items. Etsy has seen explosive growth in sellers and sales over the past few years and presents an excellent opportunity for sellers who sell in these niches. Additionally, as of 2023 Etsy sellers reported profit margins in the range of 30%-50% which is far greater than margins on other major marketplaces.
eBay.com - eBay has been declining in popularity over the past decade but it is still very much present. eBay is popular for Rare, Collectible, Niche, or high-demand products (due to its bidding system), so sellers interested in eBay should make sure their products fit in these eBay-specific niches before considering expansion.
Shopify.com (and other independent marketplaces) - The objective for many online sellers is to have their own independent store which (in most cases) generates the highest profit margins, validates a strong brand presence, and allows sellers to build loyal customer lists to boost repeat purchases. Sellers looking to build their own independent stores need to understand it takes a large investment of both time and money to accomplish this successfully.
In conclusion, expanding beyond one marketplace brings a range of benefits, and Brand Expand serves as a powerful platform to drive explosive growth on any eCommerce platform. With our promotional campaign capabilities, marketing research tools, and proprietary KPI tracking, Brand Expand empowers you to optimize your presence, reach new customers, and achieve remarkable success across multiple marketplaces.