To start with, I would like to say that, it all depends on your business goals as both have advantages, but to help you understand marketplace potential, I want to discuss that. Here are some few things I think you should know about marketplaces before you decide on which way to go.
- MARKETPLACE INFRASTRUCTURE
Marketplaces have been developed to host a large variety of products with the ability to host, reach and sell to a massive amount of buyers every day. Customers go to marketplaces for the convenience of this all-in-one shopping experience, product comparisons, and streamlined checkout. And not only to the customers, but they also make extremely easy on the merchant side as the marketplace mostly handles the entire transactions.
2. POTENTIAL FOR MORE SALES
Marketplaces have a huge online presence with a ton of daily traffic, your products will have greater exposure in front of more potential customers. Just imagine eBay alone has over 149 million active users, so with this large number of customer base, it’s likely for your business to see an increase in sales. Another marketplace, Amazon gives you access to over 244 million global buyers which indirectly gives you access to international markets. Other marketplaces like carousal give you access to a large yet targeted customer base with an emphasis on handcrafted and preloved items.
3. CREDIBILITY AND TRUST
It is a safe bet for a customer to buy from a marketplace because it seems “familiar” to them. For example when you go to marketplaces like Amazon, eBay Lazada, etc. there is a sense of credibility and trust hugely because they have been serving customers for quite some time now with a proven system and track record.
In conclusion, I recommend that you sell on marketplaces, it is better to sell in a marketplace even when you have your online store.