Building Robust Online Marketplaces that deliver real results!
Online marketplaces wherein the seller does not own the inventory but instead sells inventory owned by other brands or local manufacturers with its own replacement guarantee have made their impact felt in the online world and physical retailers are feeling threatened by the rise of such online marketplaces in cities like Connecticut.
Quite a few tech-savvy business people have spun off E-Commerce portals as an extension of their physical presence by outsourcing the management, construction, and maintenance of these portals to third-party vendors while they keep their focus on getting high-quality inventory at low prices and managing vendor relationships.
Web-based business proves to be far superior to a “brick and mortar” business in terms of reach and effectiveness. If you have taken a decision to build an online marketplace you will have to approach it just as you approach any other business. You should not expect immediate returns and be prepared for the long haul. The key to success in the online world is patience and constant innovation.
Host shopping carnivals at regular intervals on your portal
These online shopping carnivals are the best opportunity which brands can use to sell-off left-over inventory at deep discounts and build customer loyalty and at the same time shoring up their bottom-lines. The success of these online shopping festivals has proved that this arrangement can be a win-win situation for both parties: online merchants as well as customers.
Using the affiliate marketing route to full effect
Under affiliate marketing, merchants permit their affiliates to sell their products or services directly or indirectly on the internet. This is done by directing more and more visitors to the merchant’s website. Affiliates get a small commission for each sale that occurs when a visitor from his site purchases the product or service. This kind of marketing is very popular for marketing pharmaceutical or adult entertainment in Connecticut which users are reluctant to buy over the counter at medical stores. Popular affiliate networks include Click bank, Link share, Commission junction etc.
More revenue models to your arsenal
Similar revenue generating methods include CPM advertising networks where users are paid according to the number of page views/impressions that the ads displayed on their site will generate. Direct banner advertising, selling or renting the internal pages are some of the ways by which users can monetize their online real estate. All these methods prove useful when only when a website has very high number of visitors. Only then will advertisers find value in placing their ads on your website.