HOW TO MAKE SIX FIGURES SELLING THROUGH MARKETPLACES
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I’m going to show you how to go zero to six figures selling online products through marketplaces!
First, this mini guide is not for beginners. What does that mean? You should have some knowledge about online stores, know what your niche is, maybe even have an online store already, etc.
The reason I share this little disclaimer upfront is because I don’t want to leave you in the dust. I won’t be talking about how to start an online store, store setup, marketing, etc. For more on that, check out Starting a Profitable Online Store.
Let’s get started!
WHAT’S A MARKETPLACE?
An online marketplace is a platform that offers selling space to tons of vendors. An example: eBay. Marketplaces spend lots of money in advertising and promotion to get millions of visitors to check them out online.
When you join, you set up an account, store name, add your products, and you’re off to selling! Depending on the marketplace, you may or may not have to pay a monthly fee.
The advantages of selling in a marketplace:
- Separate self-sufficient platform from your private webstore so, you can operate your store completely on the marketplace or alongside your private webstore.
- Tons of exposure-Marketplaces usually get millions of pageviews monthly
- Less complicated-Because of the rules and regulations each marketplace employs, it’s typically less complicated than running your own private online store.
Disadvantages of selling in a marketplace:
- Rules and regulations: You may not agree with every rule set by the marketplace but if you agree to the terms, you must abide by them.
- Fees: Monthly fees for hosting your store on their platform and other miscellaneous fees like shipping heavy products, commissions on your sales, late fees, late delivery fees, etc.
- Less design freedom: You won’t have unlimited ability to design your marketplace store like you would with your private online website.
- No .com: This means you may not have the www.yourwebsite.com url. Marketplace stores typically have a url that looks like this: www.marketplacename.com/yourstorename
WHY I LOVE MARKETPLACES
I have experience running private online store websites and operating in marketplaces. I love having both! You get the best of both worlds. What I love the most is the exposure you get to a new audience and also lots and lots of viewers.
Here are some marketplaces to get you started:
- Country Outfitter
You can sign up for one, some, or ALL of these! If you decide to get set up with multiple marketplaces, make sure you give each one equal attention.
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Here are some tips for marketplace success…
TIPS FOR SUCCESS
These success tips I follow myself. I’ve been dealing with marketplaces for about 5 years. I’m no expert but I do have a fair bit of experience.
If you have any questions about a specific marketplace, make sure to ask the company directly or check their Terms of Service.
- Make sure you abide by the Terms of Service (TOS). TOS can change often so make sure you are alerted when changes happen so you aren’t violating any rules.
- If a marketplace offers marketing/promotion options, take it! Some marketplaces may offer (for a fee) to include you in their newsletter or advertising. Every time I have done this, I see really amazing results. I have paid as much as $4K-$6K month for services like this. It really pays off.
- Create a brand: If you’re dipping your foot in the water to try out marketplaces, make sure you brand well. This means, if your store name is Lisa’s Treasures, for example, make sure you have a Lisa’s Treasures email, social media accounts, PayPal accounts, etc.
- Add products frequently: You’ll want to add new products on a pretty regular basis. A lot of retail stores get new inventory in once or twice a week. You’ll wanna do the same.
- Keep good inventory counts: Nothing is worse than OVERSELLING a product. It’s happened to me a bunch of time and it is not fun! Keep a good inventory system in place to avoid this. (Many online retailers go with fulfillment houses like Amazon’s FBA or you can go with inventory software.
- Write stellar product descriptions: Every detail counts. Write (or pay someone to write for you) AMAZING PRODUCT DESCRIPTIONS. Create an illustrative, eye-catching description, complete with all the tiny details like length, dimensions, material, care instructions, batteries required, product weight, etc.
- Don’t forget the business stuff: Since you’ll be selling as a business, you need to make sure you have all your biz/tax docs in place like a tax id number, seller permit, business license, etc. (A lot of marketplaces may require this upfront too!)
You might enjoy: How to go Zero to $5,000/month with Daily Deals
MY MARKETPLACE RESULTS
I’ve made hundreds of thousands from marketplaces. Here’s the proof!
This is from one marketplace. Imagine doubling or tripling this if you were listed in multiple!
Marketplace sales can be very lucrative and rewarding. If you’re interested, review your favorite marketplaces to get started.
What has been your experience with marketplace sales?
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