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For more than a decade, July has been Independent Retailer Month, a time to celebrate the strides independent retailers are making in their local communities. There is much to celebrate this year. For every $100 spent at an independent retailer, of at least $68 stay in the local economy. Despite this, new small business data from the National Federation of Independent Business (NFIB) shows persistent inflation, labor shortages and other threats to local retailers and other small businesses.
That’s why it’s important for small independent retailers to start thinking beyond their brick-and-mortar Main Street stores, and even beyond their own websites. To combat the costly and burdensome overhead of physical retail stores, small businesses should fully embrace online marketplaces and the opportunity they provide to expand your reach, impact and success. Independent retailers in the United States and around the world can take advantage of these benefits at little or no additional cost.
almost 70% of small business owners have claimed that online marketplaces have helped them increase sales; now the same can happen for you. Here are five reasons why your business should consider expanding to online marketplace platforms.
Related: 3 Reasons Online Marketplaces Benefit Entrepreneurs and Should Be Protected
1. Increase your reach worldwide
Small businesses often struggle with limited visibility and reach. Online marketplaces provide a platform where small independent retailers, such as local shops, can showcase their products or services to a larger audience. In fact, 70% of consumers they already try to support local businesses by shopping online or a combination of online and in-store. Besides, 92% of US consumers shop online are already using an online marketplace, and as of 2022, online marketplaces represent most of the online shopping around the world.
This is a huge consumer segment that your business could tap into by selling on online marketplaces.
2. Streamline business operations to save time and money
Creating and maintaining an online presence can be expensive for small businesses if they are looking to do it entirely through their own website. Online marketplaces offer an affordable alternative as they handle the technical aspects of website development, hosting and security. Your small businesses can simply set up a profile or online store on the marketplace, reducing the financial burden and allowing you to focus on your core business operations.
Payment processing, for example, is simplified by online marketplaces, which typically provide secure systems that allow small businesses to accept multiple payment methods without having to set up their own payment infrastructure. This makes the purchasing process easier for customers and provides your independent business with a reliable and secure way to receive payments.
3. Optimize your online marketing
What many independent retailers may not know is that online marketplaces invest heavily in marketing and promotional activities to attract customers to their platforms. These markets have a large customer base and strong marketing strategies, allowing small businesses like yours to reach potential customers, ranging from new cities to new countries, that they might not otherwise have access to.
Marketplaces typically employ a variety of marketing techniques, including search engine optimization, paid advertising, email marketing, and social media campaigns to drive traffic to their seller lists. Marketplaces can also provide information that can help your small business make informed decisions about how to market goods and services. Your small business will benefit by leveraging the market’s marketing efforts, increasing visibility, brand awareness and ultimately sales.
Related: How online marketplaces are changing the face of entrepreneurship
4. Generate trust and credibility with consumers
Most online marketplaces have built-in systems for customer reviews and ratings, which can help build more trust with your customers. Positive reviews and high ratings for your products can improve your small business reputation and attract more customers. They also have world-class systems that proactively monitor and mitigate fraud or other nefarious activities, ensuring that the customer has the safest and most authentic experience.
5. Access more diverse financial support opportunities
In addition to hosting independent retailers on their platforms, many online marketplaces offer grants for small businesses i relief programs throughout the year. Programs like these can be instrumental in getting many independent retailers off the ground, helping you expand your operations or keep overhead costs manageable.
Ultimately, if you’re an independent retailer, online marketplaces offer an unparalleled ecosystem to expand the realm of possibilities when it comes to who you serve and how you serve them, helping your brick-and-mortar storefronts open virtual doors to the rest of the world. With the ubiquitous economic challenges small businesses face every day, now is the time to diversify your retail presence and join the many others turning to online marketplaces.
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