— October 22, 2018
It’s well documented that Amazon and eBay are the global online leaders (the ‘big two’) when it comes down to online market share as business platforms for online sellers.
What is less known is that there are second tier marketplaces which can offer brand differentiation, exposure to new audiences, plus country-specific advantages over the big two – and they are growing fast!
According to research completed by WorldFirst, 78% of businesses are considering entering a new marketplace, with many companies already selling in multiple countries through sites like Amazon and eBay to help extend their reach.
In this article, I share 3 online markets that need your consideration if you are looking to explore new opportunities and grow your business.
Etsy the new eBay?
To place Etsy into perspective, you might want to consider Etsy as the new eBay of vintage, creative, handmade and bespoke product selling.
If you have artistic and creative flair and are looking to expand your business outside of the local marketplace, or the commercially maximized sites like Amazon and eBay, then Etsy is worth reviewing.
Based on a new survey completed by Emota, Etsy has:
- Over 25 million active users
- Does not charge any monthly fee
- Includes a cost per listing of 0.20 dollars
- Has a flat commission structure (3.5%)
The core benefits of Etsy over other online marketplaces include; Etsy payment which is built into the platform, plus a two-pronged approach for selling; Promoted Listings and Google Shopping.
There are some interesting characteristics of Etsy worth looking into more, like the custom pattern website provision.
Free advertising through flubit
flubit has a consistent claim of being cheaper than Amazon on over 1 million items, and with a market of 10 million users +, combined with zero selling fees (yes, no fees to sell at all), you can start to see the attraction of flubit for online sellers.
An interesting characteristic of flubit is that it is driven by SKU Cloud, the fastest UK growing marketplace.
Through SKU Cloud sellers can add there product feed/catalog to a single platform and it becomes visible and available through other platform sites too (including; Mirror tech games, Mighty Deals and more).
Exploring the niche
‘NotOnTheHighStreet‘ reflects the growing demand of personalization, niche, and more thoughtful buying trends.
There is an opportunity within online selling platforms like this to showcase your audience awareness and insights by being in places they will be present, but your competitors are likely not (yet).
If your business operates within occasions like wedding, anniversaries, a new child or birthday niches, you will not want to miss out on the value that this marketplace can bring.
According to Notonthehighstreet:
“(They’ve) scoured the nation to bring together beautifully made designs from thousands of the UK’s best small creative businesses – from handcrafted creations to personalized gift ideas brought to life with your own words”.
There are many tier two online marketplaces that can offer a competitive advantage to small businesses, most notably when they are paired with the brand or product differentiation and have a genuine affinity with the audience you are selling to.
An easy step from eBay and Amazon would be Etsy however, don’t limit yourself to the easy choices, as there are many online marketplaces that are quietly becoming well-established challengers to the big two.
The important thing is to broaden the marketplaces you chose to explore for selling online and diversify into new untapped audience areas that can drive your business expansion with futurity in mind.