The ultimate guide to online marketplaces: Everything you need to know

E-Commerce

Online marketplaces are popular with consumers and companies alike because they offer numerous advantages that simplify and optimise the purchasing process. In this blog article, we therefore take a closer look at online marketplaces. What are online marketplaces anyway, what advantages do they offer and which one is right for you? Of course, we will also show you how PIM and DAM systems can help you to organise your online market presence effectively.

The importance of Online Marketplaces today

Online marketplaces have revolutionised retail and are now indispensable. They offer companies of all sizes an (additional) platform to sell their products and services digitally without having to bear the costs and effort of having their own online shop. The advantages are obvious:

• Easy access and a quick start: Getting started on online marketplaces is relatively easy, as the technical requirements and registration process are often straightforward. Companies can quickly create a seller account and place their products online without much effort, which enables immediate market access.
• Reach and visibility: Online marketplaces offer access to millions of potential customers worldwide. A small company can therefore compete with large brands and tap into new markets.
• Trust and familiarity: Large marketplaces enjoy the trust of consumers. Customers are more willing to buy products from a well-known platform as it generally stands for smooth processing, security and quality.
• Infrastructure and service: Many online marketplaces offer a comprehensive infrastructure that includes logistics and fulfilment services as well as integrated customer service. These services enable companies to handle the entire sales process efficiently and focus on their core business, while the marketplace takes care of order processing, shipping and customer support.
• Simple comparison options: Customers can compare prices and products directly on online marketplaces, which makes the purchasing decision process easier and often leads to faster sales.
• Round-the-clock availability and additional source of income: Online marketplaces are available 24/7 and offer a continuous source of income that enables sales at any time, regardless of normal opening hours.
• Personalised offers and recommendations: By using algorithms and artificial intelligence, online marketplaces can display personalised recommendations and special offers based on customers’ individual preferences and previous purchasing behaviour.

Despite all the advantages, it should be borne in mind that participation in an online marketplace also brings challenges, such as competition with other suppliers on the same platform, the price sensitivity of buyers or the payment of fees and commissions to the operator. This can also include the proper provision of the required product information if this is done manually rather than via a PIM system. But more on this later.

How to find the right Online Marketplace

When you think of an online marketplace, Amazon immediately springs to mind – and no wonder, as Amazon now holds around 60 % of the German e-commerce market. However, Amazon is not automatically the best choice for every company. Depending on the type and scope of your products, it may also make sense to look at other online marketplaces. Niche marketplaces often offer decisive advantages that need to be taken into account. To find the right online marketplace for you, we have put together ten important points that can help you make the right choice.

1. Target group and reach: Check whether your target group is active on the online marketplace, as a target group is more important than a generally high reach. Ideally, the marketplace should even offer you both: a high reach in the desired target group. This increases the chances of successful sales and minimises wastage.
2. Costs and fees: Pay attention to the cost structure of the online marketplace, including listing fees, sales commissions and possible additional costs for advertising or premium services – after all, the marketplace operator is an intermediary and wants to be paid for the service. Compare the fees with the potential turnover to check the profitability. And bear in mind that not all online marketplaces work on a fixed-price basis (keyword: eBay or the highest bidder wins the auction).
3. Competition and market presence: Analyse the competition on the online marketplace. Too much competition can make it harder to stand out, while niche marketplaces can be less crowded and thus offer advantages in not getting lost in all the competition.
4. Marketplace requirements and guidelines: Check the requirements of the online marketplace with regard to product categories, image quality, delivery times and returns processing. Make sure that your company can easily fulfil the standards and guidelines.
5. Sales and marketing tools: Investigate what sales promotion and marketing tools the online marketplace offers, such as adverts, discount promotions, and ways to improve product placement. These tools can be crucial to increasing your visibility.
6. Technical integration and user-friendliness: The integration of your product catalogue and inventory management should function smoothly. Check whether the online marketplace enables a simple connection to existing systems such as PIM, ERP or your existing shop system and is also easy to use.
7. Logistics and fulfilment options: Some online marketplaces offer their own fulfilment services that take care of shipping and customer support. This can save your company considerable time and effort.
8. Customer support and service quality: The quality of the customer support provided by the online marketplace is important in order to obtain solutions quickly in the event of a problem. A reliable service can make the sales process much easier.
9. Trust and reputation: Consider how the online marketplace is perceived by customers. A high trust factor can have a positive influence on purchasing behaviour and increase the conversion rate.
10. Internationalisation options: If you want to sell internationally, check whether the online marketplace offers international selling options, including multilingualism, currency support and international shipping solutions.

What you need for a successful presence on an Online Marketplace

Like everything in life, success on an online marketplace depends on several factors that together create a strong market presence and attractive offers for customers. The quality of your products is beyond question, which is why we are not mentioning this point separately here. Here are the most important aspects that will help you to be successful on an online marketplace:

1. High-quality product presentation: High-quality product photos, precise product descriptions and detailed information about your products are essential to convince potential buyers. Make sure that your product images look professional and show the products from different angles. Once the photo has aroused interest, your product descriptions need to be convincing. If they are up-to-date, correct and, above all, appealing, the first foundation stone has already been laid. This is because your potential customer relies on this product information to make a purchase decision in good conscience.
2. Competitive prices and attractive offers: Prices can be compared incredibly quickly on online marketplaces. And honestly, why should a customer pay more for the same product? Therefore, analyse the price structures of your competitors on the online marketplace and adjust your prices accordingly. Use discount campaigns, special offers and volume discounts to increase the attractiveness of your products.
3. Good customer service: Excellent customer service is an important success factor. After all, it is the only direct way in e-commerce to interact with your customers in the real world. Respond quickly to customer enquiries, provide helpful information and support your customers with problems. Positive customer service also leads to better reviews and increases the likelihood of repeat purchases.
4. Positive reviews and customer feedback: Reviews play a major role in e-commerce, as the product cannot actually be inspected. The experiences and opinions of other customers therefore have a significant influence on the purchasing decision of potential buyers. Consequently, good reviews and feedback strengthen trust in your brand. Actively promote positive reviews by offering an excellent service and encouraging your customers to share their positive experiences.
5. Efficient inventory and delivery management: Fast and flexible delivery has become the standard. It is therefore important not to lose sight of shipping, as delivery is sometimes a decisive factor in purchasing. Therefore, make sure that your stock levels are always up to date. Not only to avoid overselling, but so that you can actually deliver when the time comes. Fast delivery times and reliable shipping increase customer satisfaction and have a positive effect on your ratings.
6. Targeted marketing measures: Use the advertising and marketing tools of the online marketplace to increase the visibility of your products. This can be done through sponsored adverts, discount campaigns or participation in special marketplace events.
7. Data analysis and performance monitoring: Use the online marketplace’s analysis tools to monitor the performance of your products. Identify bestsellers and analyse which products are selling well and where there is potential for optimisation. Evaluate customer feedback and always keep an eye on market trends as part of your analyses.
8. Strong brand presence and SEO: A clear brand strategy helps you to stand out from the competition. Use consistent branding that is tailored to your marketplace presence and communicate your unique selling points clearly and convincingly. Also use relevant keywords (headings, bullet points and product descriptions) to increase the visibility of your products in the search results of the online marketplace. Effective search engine optimisation helps to make your products easier to find and SEO optimisation on online marketplaces is often less complex than with search engines such as Google.
9. Flexibility and adaptability: React flexibly to market changes, customer feedback and new trends. If market conditions or the requirements of the online marketplace change, you should also be prepared to adapt your strategies.
10. Efficient use of PIM and DAM systems: With Product Information Management (PIM) and Digital Asset Management (DAM), you can efficiently manage your product information and media (e.g. images, videos or documents) and present them consistently on online marketplaces. This ensures a professional presentation and saves valuable time thanks to the automatic provision of data.

OMN: The tool for successful product presentations in E-Commerce

Our specially developed OMN (Made in Germany!) fulfils all the functions you need to market your products in e-commerce. It is equipped with a PIM (management of your product data), a DAM (organisation of all your assets) and Channel Management (syndication of product data). OMN is also packed with the latest AI technology to automate time-consuming and costly manual processes during product communication.

OMN’s open interfaces ensure seamless integration into existing environments (e.g. online stores, marketplaces, ERP or CRM systems) to enable smooth data exchange between the systems. A proven PXM system of the latest generation!

We would be happy to convince you personally of OMN’s capabilities – free of charge and with no obligation:

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