GS1 sets product identification standards to ensure that consumers are able to locate the products that they want, whether in-store or online.
Its UK arm has over 32,000 members, 67% of which joined to sell on marketplaces like Amazon and eBay, while 9,000 admitted that they do business on online marketplaces.
As the number of businesses using online marketplaces to sell products increases, GS1 saw the need to identify the purpose of these businesses and the challenges that they face.
That way they’ll be able to provide every online seller the products or services that best suit their needs.
The findings of GS1’s market research reveal that there are six types of online sellers whose reasons for selling on online marketplaces are triggered by various factors.
Get to know them below.
They are independent and capable of turning their passions into products that people will love.
Their attention to detail increases their efficiency in producing standout products, which they sell to make extra income.
Most Creatives are marketplace newbies and would need advice on how to create great listings so that they can sell more on Amazon, eBay, Etsy, etc.
As they’re more astute than their creative counterparts, Traders know a lucrative opportunity when they see one.
They know exactly where and how to source a high volume of low-cost products, which they sell through multiple online marketplaces rather than their own website.
On-trend products are high on their list. They buy these in bulk and use an automatic listing software to list them on various online marketplaces.
Meet the brand builders. Their goal is to create major breakthroughs that will benefit their target customers.
They sell their products on their own website and are looking to increase their brand awareness.
While other sellers prefer to work alone, innovators employ a small team of like-minded individuals to help them achieve the objectives of their business.
Integrating their marketplace profiles with their website will do them good.
From operating traditional bricks-and-mortar shops, these entrepreneurs are slowly taking steps to get their business a piece of the eCommerce pie.
They know that digital technology has massively changed the way things are done in the retail industry, so they are starting to make their brand felt online.
Having a website is a priority, but they also need to understand the importance of using their physical store alongside online marketplaces to get the most out of both platforms.
Before Amazon and eBay became household names, this type of sellers were already making money online.
They know the ins and outs of selling on online marketplaces and are comfortable with the profit that they’ve been making.
While selling their products through online marketplaces is convenient, they only do so for a select product type.
The Pioneers are constantly looking to expand their business using a range of other platforms. They should consider investing time and resources into automated solutions to reduce their cost.
Now we have here a group of sellers that knows what sells not only locally, but more importantly, internationally.
They utilise Amazon, eBay, Alibaba, and other relevant online marketplaces to get in touch with customers in different parts of the world.
Their brand is so popular that people aren’t hesitant to pay a premium for it.
However, they need a bespoke product management system to address the complex needs of their business.
To find out more you can download the GS1 Whitepaper report here.
So, what type of online seller are you? Take this quiz to find out and then share your result in the comments down below.
As always, to your continued success,
Dave & Matt