$200 million in Gross Merchandise Value.
That's the low ball estimate of how many dollars-worth of goods are sold through eBay every single day.
Amazon doubles that amount, easily.
How many other online marketplaces do you know? Bonanza, CQout, ASOS, eCRATER? There are hundreds more.
I’m telling you this because it’s possible that more than $1 billion dollars-worth of goods is sold on those marketplaces in the span of a single day!
And we don’t even blink!
Thousands of regular Joe’s and Jane’s are making a tidy little profit using those sites and I don’t see why the rest of us can’t! The only thing that’s stopping you (and me for that matter) is the fact that we know very little about it.
Well, our ignorance ends here.
Mark Radcliffe from Great Britain made his first million way back in 1999 on eBay.
Alison Abruneiras and Anthony Ponsford did the same thing. They’re not magicians –they are regular people! Radcliffe stacked shelves at Tesco before he hit it big on eBay, for God sake!
If they can do it, so can you.
Here’s how.
Who Can Sell on a Large Online Marketplace?
Well, pretty much anyone, as evidenced by the stories above.
The first thing that you need to understand is that you do not have to sell your own products or be concerned with shipping.
You can, but you don’t have to.
You can use drop-shipping –a fulfillment model that allows you to partner with a whole-seller, purchase products individually, and have them ship those products to your customers, directly!
No hassle!
It doesn’t matter if you’re working on Amazon or eBay – you will find wholesalers willing to work with you on all large marketplaces!
What are the Benefits of Drop-Shipping?
This model has a number of advantages:
There is no initial investment in inventory, you buy a product when you have an order
You can have a very large inventory since you don’t have to pre-purchase it
You’re not dependent on a location – you work from home and your partners send products anywhere in the world
It’s easy to scale a drop-shipping business
Your risk is minimal – if things go south you won’t be saddled with a vast inventory
Where to Start
While it might seem overwhelming at first, successfully selling on a large marketplace comes down to preparation and dedication.
Here’s how you should start:
STEP 1 – Research the market – find good, profitable niches and stick to them
STEP 2 – Find a quality drop-shipper and build a good relationship – the product has to be delivered on time, always. This means that your partner has to process orders fast and provide shipment tracking. Also, focus on wholesalers who stock quality items and don’t vanish into thin air. This list will be a good starting point.
STEP 3 –Sell only quality stuff – you need people to come back, that’s how you build and grow your business. Also, bad reviews will quickly sink you.
STEP 4 – Customer comes first – always answer questions in a timely manner and go above and beyond to satisfy your customer, even if that means taking a hit such as a refund. People remember good, respectful sellers, and won’t hold a grudge about a mistake if it’s handled properly.
STEP 5 – Market your products – maintain a blog where you discuss all your products, offer tips on how to use them, and such. Make sure you’re on social media and that you’re guest blogging regularly so you can reach new potential customers.
STEP 6 – Keep learning – things are changing fast but don’t worry; successful people like to share their success. Keep tabs on the industry and keep learning from the best. Crazylister is a great source of information about everything related to eBay.
Online Marketplace Resources
1. Online Marketplaces
What was once frightening and difficult is now easy - selling on eBay and Amazon is a prime example of that.
If you have a keen eye for trends and a good understanding of customer relationships, you too can make a killing by selling on large online marketplaces!