While Amazon is the biggest online marketplace in North America, many will advise against selling only on Amazon. A robust and diverse marketplace presence offers increased brand recognition and a larger opportunity to earn more revenue.
Participating in different marketplaces can bring greater exposure. This is the same technique used by brick-and-mortar sellers who place their products in different stores to maximize their retail opportunity. Likewise, online retailers can consider diversifying across different platforms.
- Sell on Amazon, eBay, Jet, and more – Selling online? Diversify and sell through additional marketplaces than just the one you’re on.
- E-commerce platforms – Sell, promote, and advertise products on your own websites.
- Offline marketing – This marketing channel extends beyond just brick-and-mortar locations. Retailers can advertise or promote their products through local markets, print and radio ads, catalogs, and trade shows, including Internet marketing expos.
Diversifying your sales channels will have the following benefits:
- Improved brand awareness – Brands cast a wider net for brand awareness when they are sold through different channels.
- Increased sales – As brand awareness soars, so do profits.
- Increased customer base – As buyers increase, vendors can study buying behavior and offer more high-demand products.