Marketplace sellers should not have all their eggs in one basket, and they mostly don’t. Many are omnichannel sellers whose eggs are listed in multiple places, with first-party websites and social media being the most popular. But, are new marketplace sellers forgetting to look beyond the marketplace and unknowingly holding their business back from its true potential?
A new report released by PYMNTS shows that although only 12% of businesses sell on marketplaces exclusively, it is the newer businesses that are limiting themselves.
In the last few years, online marketplaces have given businesses far and wide a place to sell when brick-and-mortar struggled but as the pandemic has taught us, it is important to evolve and creating limitations could come back to bite us in the future.
Social media platforms are starting to build on the knowledge that brands are seeking them as another way to grow revenue. Today, social platforms are building on ways to become more than just marketing portals, by also implementing functionality that accepts sales. Younger businesses should take note and see how bringing their business to other channels can help them grow.
Social commerce isn’t the only consideration sellers should make when looking to expand. Selling on multiple marketplaces is another key aspect of getting success out of being omnichannel. Fifty-two percent of marketplace sellers who fulfil up to 75% of orders on them plan to increase their use of websites operated by marketplaces — a strategy that 34% of the marketplace exclusive sellers say they plan to mirror.
To conclude, the digital world is expected to grow in diversity and businesses will be using this to their advantage. Marketplaces although vital are most complimentary when paired with other channels.