International sales – newbie or seasoned pro?
To help you on your way we’ve put together a roundup of five of the most popular marketplaces.
Amazon is one of the biggest e-commerce companies in the world and a household name when it comes to online marketplaces.
One of the key benefits of selling on Amazon is that there is room for international expansion, with the company having separate retail websites in 15 different countries.
Another benefit is the huge popularity of Amazon and the trust and loyalty that millions of consumers already have in the brand.
You can also use the fulfilled (FBA) by Amazon service, where the company will pick, pack and ship your orders for you.
Check out the rest of our blog for some top tips on maximising sales through Amazon.
Launched in 1995, eBay is another of the larger online marketplaces and one that the majority of people have heard of. While originally thought of as a place to sell second hand wares, around 80% of items now sold on the site are new.
There are around 177 million buyers on the site, and roughly 25 million sellers.
As a seller on eBay, you will be able to reach a wide range of customers, as eBay has buyers in 190 markets.
With such a large international audience, eBay offers a great opportunity to expand your operations.
Ebay charges lower fees for product listings than other online marketplaces, which could have a positive impact on your profit, and you have the option of using either a fixed price listing or auction listing.
If you’ve got plenty of stock you’d probably use a fixed price listing. However, if stock is running low and demand is high, the auction listing could help you get a better price for your product.
Launched as an alternative to Amazon in 2002, Wayfair may be the place to go if you have niche homeware items that aren’t selling well on Amazon.
With over 12 million customers, the average value of a Wayfair order is $254.
In the US Wayfair ranks at number three in the home and garden shopping category, so this marketplace is worth exploring if this is the category your products fall in.
Something to bear in mind is that Wayfair operates on a dropship model and acts as a fulfilment channel. This basically means that Wayfair doesn’t carry any inventory, when an order is received the seller has to ship the goods to the customer. Sellers are able to use Wayfair’s accounts with third party shipment couriers, and therefore take advantage of discounted shipping costs.
If the products you are looking to sell are too artsy, creative or bespoke for a marketplace like Amazon or eBay, Etsy may be ideal.
Etsy is generally used to sell handmade and vintage items, and thirty million buyers from around the world shop on the site.
In 2018 the company had 2.1 million active sellers and over 33 million active buyers, and the customer base is very targeted. People go to Etsy for products they can’t find anywhere else, and customisable products are particularly popular.
Etsy Wholesale is also available if you want to reach clients looking to buy unusual items in bulk.
This is labelled as a ‘seller-friendly’ marketplace that sells in the UK, US, Canada, France, Spain, Germany, India, and Mexico.
There are around 2.2 million active users, and as a seller you don’t have to pay a listing fee, just a 3.5% post-sale commission.
This online marketplace allows sellers to sell anything from electronics to antiques in an auction style similar to eBay. It largely focuses on unique items.
The customer base is primarily from the US, although roughly a quarter of traffic comes from abroad.
However, unlike a lot of other online marketplaces, Bonanza has a built-in chat system which means you have a direct line of communication with customers – helping you build relationships and (hopefully) sales.
The site is straightforward to use and it’s comparatively easy to set up a booth and start selling.
These are just a few of the online marketplaces you have to choose from. Whatever marketplace you use, we’re on hand to help you maximise your return on overseas earnings.
If you’d like to find out more about using Currencies Direct to manage your international revenue, please get in touch on +44 (0) 20 7847 9400.