{"id":247097,"date":"2023-10-13T00:00:00","date_gmt":"2023-10-13T00:00:00","guid":{"rendered":"https:\/\/www.stamps.com\/?p=247097"},"modified":"2024-05-15T16:23:38","modified_gmt":"2024-05-15T16:23:38","slug":"importance-of-online-marketplaces","status":"publish","type":"post","link":"https:\/\/www.stamps.com\/article\/importance-of-online-marketplaces\/","title":{"rendered":"The Importance of Online Marketplaces\u00a0"},"content":{"rendered":"\n
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Our recent study with Retail Economics<\/a> found that 88% of customers plan to make their holiday purchases online globally. With a percentage this high, your business should sell products through at least one online marketplace. The holiday season is quickly approaching, so the sooner you can set up an online marketplace, the better. If you aren\u2019t sure where to begin or are unsure about what an online marketplace is, we\u2019ll get you selling online in no time. <\/p>\n\n

How do online marketplaces work?<\/h2>\n\n

Simply put, an online marketplace is a website where merchants can sell their products to customers. Online marketplaces serve as an organized location for shoppers to search for and compare products. Customers can leave reviews and even create carts or wish lists for future purchases. Online marketplaces are becoming increasingly popular because customers can purchase products within a matter of clicks  Additionally, some marketplaces offer refurbishment and\/or authenticity guarantees, so customers don\u2019t have to worry about buying imitation or faulty products. <\/p>\n\n

What are the biggest online marketplaces?<\/h2>\n\n

Marketplaces like eBay and Amazon have become two of the most well-known and most-used online marketplaces. In fact, 42% of Gen Z shoppers and 40% of Millennials say that they use marketplaces for convenience globally. Between easy browsing and an increasing customer base, your business can only benefit from selling online. <\/p>\n\n

The benefits of online selling <\/h2>\n\n

We\u2019ve discussed the basics of online marketplaces, but what are some of the biggest benefits? You should consider using online marketplaces because: <\/p>\n\n

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  1. North America is projected to have $183 billion in online sales: <\/strong>With sales projected to be this large, your business has a good chance of seeing a boost in sales. Stamps.com integrates with major marketplaces (more on this later), so you can create a centralized workflow and stay organized as your order volume increases. <\/li>\n<\/ol>\n\n
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    1. It puts your products in front of a larger audience: <\/strong>88% of customers plan to make their holiday purchases online globally. There are a lot of eyes on the ecommerce space, so you have the chance to make your products shine during the holiday season. Also, if you create a great customer experience, it increases the likelihood of repeat business after the holiday season ends. <\/li>\n<\/ol>\n\n
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      1. There\u2019s the opportunity to recommend products for customers: <\/strong>Regulations and guidelines around product suggestions will vary by the marketplace, so we recommend reaching out to your marketplace of choice. However, if your marketplaces allows it, you can recommend products to customers based on their previous purchases from your business. You can also make recommendations on your business\u2019s website for products based on their purchase and browsing history as well as items in their cart. <\/li>\n<\/ol>\n\n
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        1. Marketplaces like Amazon allow customers to choose expedited shipping options as Prime subscribers: <\/strong>Our study<\/a> found that 61% of global customers are willing to pay up to $9 extra for same-day, next-day, or scheduled shipping. If customers are already Prime users, Amazon will give them expedited shipping options up front that include as a feature with their subscription. <\/li>\n<\/ol>\n\n

          Sending shipment notification emails to customers <\/h2>\n\n

          15% of the customers we surveyed stated that the visibility of delivery was the most important factor when shopping online, and the merchants we surveyed believe that only 9% of customers care. Providing customers with tracking information can help your business stand out from the competition and better align with customer expectations. <\/p>\n\n

          Stamps.com merchants can customize branded ship notification emails<\/a> for customers. These emails can include sales or promotional materials, your business\u2019s logo and social media links, and other personalized details. Customers can not only track their shipments, but you can promote your business and special deals at the same time. <\/p>\n\n

          Connecting online marketplaces with Stamps.com <\/h2>\n\n

          Once you\u2019ve decided which online marketplace(s) are right for your business, you can connect them to your Stamps.com. Stamps.com offers integrations<\/a> for major marketplaces like: <\/p>\n\n