High-volume sellers may benefit from looking beyond Amazon and consider selling in multiple sales channels. Investing in a number of sales channels provides sellers with more diversification and more exposure to new clients. Having sales campaigns on different websites also helps provides added stability if the primary account were to ever get suspended or closed. Aside from Amazon, some of the main channels to consider selling on are eBay, Walmart and Jet.com. Other sales channels worth considering are Etsy, Rakuten, Newegg and a few others as well.
Succeeding with Cross-Selling
Researchers have found that on average, multi-channel selling helps improve sales by nearly 200 percent more than a single channel. Like Amazon, Etsy, Rakuten and eBay get millions of viewers every day. Selling across a number of channels exposes sellers to new sets of potential buyers who typically only use their favorite shopping website exclusively. In the past, many have been able to sell across multiple channels by operating from an ecommerce store on their own website. More recently, high-volume sellers have been successfully accomplishing these tasks by operating from a cloud platform.
Prepping for Multiple Channels
In order to begin selling across multiple channels, sellers need to open accounts with each marketplace they want to sell on. To get started with a new marketplace, sign up for a seller account and set up an online store once the credit card has been approved and the verification process has been completed. Sellers are advised to take the time out to read the seller agreements governing each of the marketplaces they plan on using. Some niche marketplaces, like Etsy and Rakuten, require a more unique strategy to achieve high-volume sales.
For most sellers, the main priority should be focused on developing an effective inventory management system. Managing inventory data across several channels can be a difficult task that can cost sellers profits and their merchant account if mishandled. Automating the process to inventory data with a centralized inventory management system. This type of software makes it easier for high-volume sellers to manage vendor information, product descriptions, images, titles, quantities, tags and variations.
Having all the product names, descriptions, SKU numbers, dimensions and prices in one central hub makes it easier to identify and separate the core products from the rest of the inventory. Identifying the core products allows high-volume sellers to focus their efforts better and manage their time more efficiently. High-volume sellers cross-selling across multiple channels SKU everything in the inventory because it makes it easier to track individual products sent to different marketplaces.
Analyzing the different demand patterns and conducting market research helps sellers find the optimal time for obtaining product just as inventory levels are depleted. High-volume sellers interested in expanding their sales and minimizing their costs can benefit from investing in an inventory management application and signing up for some of the main sales channels and some of the other peripheral marketplaces.