Whether or not you're an avid online shopper, we're pretty sure you know the big names in the eCommerce world—Amazon and eBay. These two eCommerce giants have a vast volume of sellers and buyers, making them a go-to choice for anyone looking into entering the digital marketplace.
As a business owner, you want to make sure that you're reaching all your potential leads as much as you could. But even if you sell your products on popular platforms like Amazon and eBay, you may be selling yourself short. This is why it's a good idea to expand your horizons, but it’s not as simple as it seems. First and foremost, you need to ensure your business is on a reputable alternative marketplace.
With the right business strategy, getting regular eCommerce accounting services, and adapting to your chosen platform, your business will definitely flourish and be one of the biggest contenders on your side of the digital landscape.
If you're thinking of expanding, keep reading. Here are some alternative marketplaces you should check out. Let's dive into it!
Alternative #1: Google Shopping
One eCommerce platform that's been making waves in the eCommerce world is Google Shopping. Being part of the Google Search Network, it's easy to say that its online marketplace is massive.
Boasting more than 100 million consumers every month in the US alone, Google Shopping is a great digital shopping platform you'll want to consider if you want to tap more leads and improve your online visibility. Additionally, its conversion window is notably shorter than Amazon's, giving you more chances of sales and rapid ROI.
Alternative #2: Walmart Marketplace
We all know how big Walmart is and how it's dominating the retail industry. Being the largest employer in the US, when you join the eCommerce platform of Walmart, you're gaining ground in the eCommerce scene.
Although it's relatively young compared to Amazon and eBay, it still ranks in the top 3 largest online sellers in the US. Walmart Marketplace uses their physical stores as warehouses, allowing them to provide quicker shipping options and gain more satisfied customers. So if you're thinking of tapping a US-based audience, you might want to check this out.
Alternative #3: Rakuten
Suppose you want to tap the Asian market. In that case, you might want to check out an online marketplace that many people consider as the "Amazon of Japan." Rakuten has been growing in the past years, increasing the number of online sellers who join their community and tapping a new niche — the Japanese consumer.
If you're thinking of tapping into a massive pool of Asian consumers, consider joining Rakuten. However, you might want to hire an eCommerce tax accountant to ensure that you're aware of the taxes included for international shipping and eCommerce.
Alternative #4: Etsy
Etsy had an incredibly humbling beginning — what started as a small online community for people passionate about making art now boasts of 1.6 million sellers and 26 million buyers. According to online sellers, Etsy now stands in the top 3 in profitability, trailing closely behind the industry moguls.
Handmade goods and craft supplies are the biggest items consumed on the platform, so if you're not into creating crafty things, you might want to check out another marketplace.
The Bottom Line: The eCommerce World is Your Oyster; Expand Your Horizons with Other Marketplace Platforms
Although selling your items on Amazon and eBay is ideal, expanding your reach and tapping into various online communities will widen your reach and lead you to more online selling opportunities.
By choosing the right alternative marketplace, getting reliable eCommerce accounting services, and making your brand known, your online business will flourish in whatever digital marketplace you choose.
How Can We Help?
Anything money-related, such as taxes, bookkeeping, financial reports, and more, can be quite intimidating, making people ignore it and deal with it at the last minute. Doing this, however, can give you unnecessary financial issues to deal with. Thankfully, The ECommerce Accountant is here to help you.
We provide fantastic and passionate business advisors who help online sellers and influencers deal with their financial responsibilities. If you're looking for eCommerce accounting services, check out how we can help you!