Why settle for selling your goods in somebody else’s marketplace, when you could sell them in your own?
That way you don’t have to pay any ‘pitcher’ fees. You don’t have to worry about any third parties taking a cut of your profits. You don’t have to play by anybody else’s rules. When you own your own marketplace, you sell on your own terms and by your own rules. Below you can find advice on how to set up an online marketplace and how to get the most out of it.
And you can breathe a sigh of relief because setting up your own online store doesn’t have to necessarily be a pricey venture. In fact, the only expenses you will really face in the actual setting up of the store are in relation to domain names and website building — and even those aren’t expensive bases to cover. But don’t forget to factor prices in relation to the goods you will be selling into your budget, especially if you are buying goods in order to sell them.
Once you’ve pinpointed the system you will be using to set up the store, you should start making plans on how you are going to get the best out of it. And one way to do this is to start scoping out any competitors you may have. This may be competitors who are selling the same sorts of goods as you. They may be competitors who are at the same stage or are the same size as you. Or they could be competitors who are geographically located near you.
No matter what kind of competitors they are, scope them.
And in your scoping you should look out for aspects such as what goods they are actually selling. How much they are selling their goods for. How they are promoting themselves — both on the marketplace and off it on other online platforms, such as social media. And, quite importantly, what their USP is and how they are catering to it. Once you have deduced all of this information, you should start using it to formulate how you are going to be doing business once your marketplace is up and active.
But getting your marketplace active does not mean your job is done. No, you have to ensure it remains active. Customers who specifically use online marketplaces do so because it offers them the chance to do their shopping wherever and whenever they like. Because of this, potential customers of yours are liable to log on to your marketplace at all times. So, you have to ensure it is active at all times. One way to do this is to take uptime technology up on its offers.
This technology keeps a metaphorical eye on sites, whether they be marketplaces or just websites, and alerts the owners of them when they are down. UptimeRobot is one such example of this kind of technology that, if you used it, would alert you to the fact your marketplace was down via SMS or email. This would mean you would be able to catch your down marketplace as quickly as possible. And this is important because, if your store was to be down for too long, you could miss out on a host of potential customers and custom.
And once your marketplace is up, running (at all times) and making you a steady income, why not take it further? Why not master the world of online business by expanding even further and selling even more things via your marketplace? What’s stopping you? You could become the next marketplace mogul!
Founder Dinis Guarda
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