Today is another day of eCommerce Unlocked, and today we're going to be diving into sales channels. RESOURCES & LINKS:
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Nowadays, smartphones make up the majority of eCommerce transactions. More people are shopping through smartphones than they are from their desktop computers. So what's going to happen next? What do millennials want? What do people want? Well, trends continually change, and if you adapt, that's how you win.
And before we go over the sales landscape, I wanted to first break down some of the history so you can see how eCommerce has adopted over time. Trends are very important because if you ride the trends, you can ride those waves and catch a lot of sales.
So what's working in eCommerce right now? Well, if you're not paying attention to other businesses out there, products that are working, the marketing tactics, you're going to be in that 80% just like everyone else, where you have this eCommerce store and you're not really generating any sales.
Most marketing tactics don't work. Following what everyone else is doing is going to lead you to fail because most people fail when they create an online business. It's usually due to low sales, or lack of experience, or tons of competition. No matter what your business is, if you make enough sales, everything else pretty much takes care of itself.
See, in eCommerce, you don't just have to sell products on your own websites. You could take some of these other stores that are really popular, like Amazon or Walmart, and start selling products on these sites as well. With Amazon, yes, they take a percentage of the transaction, but at the end of the day, you could end up making a lot of money by just having your products on Amazon.
When you choose the right sales channels for your business, you can leverage their infrastructure and allow you to get more visibility and generate more revenue. There are a lot of different sales channels out there, and each one has their own pros and cons, and we'll cover most of them, but I want to dive into a few of them right now.
So Amazon, of course, is the number one site out there when it comes to eCommerce. According to research, 55% of Americans begin their product search with Amazon. It's easy to use. They have a huge multi, you know, billion, actually, trillion plus dollar market cap, and they're continually growing at a fast pace.
Then there's eBay. It's a marketplace that connects buyers and sellers directly together. Auction-based system. You can have a buy-it-now option.
And if you're going to do handmade goods, Etsy is the place to go. They charge a listing fee plus per transaction. They also have a multi-billion-dollar market cap.
If you have a technology company and you're selling technology products like, let's say, computers, you can go to Newegg. It's a great channel for that. They have billions of dollars in transactions on Newegg. It reaches more than 20 countries and more than 40 million customers.
So you got to look at all these channels. And also figure out, "Hey, my product, is it right for that channel, "but also, can I make good money on that channel?" Because sometimes their listing fees may be too high based on your margin. You got to take all those things into account.
So when you're developing your eCommerce strategy, you need to look at things like your audience, where are they, the payment processing systems. Does your audience prefer Apple Pay or Paypal or Google Wallet? And how do those payment processing channels interact with some of the platforms out there? All these things will affect where you need to list your items.
Most people will start with their own website, and that's fine. But remember, if you list on your own website, you have to do your own marketing. When you list on one of these other websites, they already have visitors. Sure, you may have to do marketing on their own platform, but they already have the eyeballs. You just got to convince those eyeballs to go to your product instead of someone else's.
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