Business View Magazine | March 2021

15 BUSINESS VIEW MAGAZINE MARCH 2021 O ver the past year, we have seen more businesses make the digital switch and take services online than ever before. For many, an ecommerce offering was a means for survival during an incredibly volatile and unpredictable time. While for others, an online focus has been slowly developing for some time now as the digital revolution becomes increasingly undeniable. Marketplaces have their challenges, too. And for businesses utilising these sales channels for the first time, or for those struggling to make them work to their advantage, it is likely they are making one, or some of these common mistakes… Choosing the right platforms Today, there are countless online marketplaces to choose from, all offering their own unique benefits. It is likely you have heard of some of the biggest, including Amazon, eBay and Alibaba, but there are also many smaller ones which can be just as effective at generating revenue for your business. Generally, businesses tend to flock to the more well known platforms when setting up shop on an online marketplace. And understandably so, as these platforms attract the largest number of users, thus putting your brand in front of more customers. They also tend to be perceived as more trustworthy, which can then reflect positively on your brand. However, as more and more businesses take this viewpoint, it is to be expected that the competition on such marketplaces is also on the rise. Therefore, businesses need to take a strategic and informed approach when deciding which marketplaces to use. And this decision should be based on which is frequented by or accessible to your target audience. For instance, if your target demographic is categorised by geographic location, you may want to consider using platforms that attract the largest audience in those specific countries, such as Alibaba across Asia, and Amazon and Walmart in the US. In Europe, Zalando is the marketplace of choice for fashion. But with advancements in technology and The Business of Ecommerce: Heading online? The most common ecommerce marketplace mistakes