In the world of retail, we are seeing sales slow down as competition rises and people are heading more towards buying on the bigger marketplaces like Amazon. What we are starting to see more is what I am calling the rise of the Mini Marketplace. Retail stores are starting to collaborate with each other and becoming smaller versions of these larger marketplaces. Have a listen to see how this has all come about.
Howdy, Brad Younger here, and welcome to episode 12 of the podcast. Today I’m gonna be chatting to you about a little phenomenon that I’ve been noticing recently, and it’s what I’m calling the rise of the mini marketplace.
We’re seeing several sellers of … I’m definitely seeing more and more sellers looking at selling other people’s stuff within their retail store. In doing so, they’ve created, in themselves, what I’m calling the mini marketplace. It’s basically a place where people can come if you’re selling shirts, they could buy some sunglasses or some shoes that match that, for instance, and you don’t necessarily need the product, you’re selling other people’s stuff.
It’s been the uprise of the drop shipping model that’s really allowed this to happen. It’s enabled this mini marketplace to happen and to grow so quickly. And it’s the likes of big marketplaces like THE ICONIC, and Amazon, and Catch of the Day that is really pushing this model even further. Whilst they’re getting large market share, I’m seeing these mini marketplaces, they’re starting to grow a little bit, as well, in that they’re getting … it’s like a marketplace with a boutique feel about it. So, maybe even a boutique marketplace.
It’s easy to get started, so the technology is definitely lowering the barrier of entry for creating things like these mini marketplaces, and people can get started with their existing stores, with their existing brands, so if you’ve got a good list of customers already, you can go out to those customers and say, “Hey, I can now sell you X, Y, and Z. They’re now part of the marketplace. Come and buy.” And it’s really easy then to transform your retail shop into one of these mini marketplaces.
So is this something you may be thinking of doing, or is it something that you’d like to do but you haven’t actually got there? Maybe you thinking, “Oh, it’s all a bit too hard.” Maybe drop shipping’s a bit too hard, maybe the technology is becoming an issue. I’ve got some answers for you, but also got a few tips on … Ah, man.
So is this something you’d like to get into?
Maybe you’re trying to work out how you can get going with your existing store and your existing customers. The first thing you can do is find some brands that compliment your own, and just ask them, and ask them if
“Are you okay if I promote your products?”
You don’t necessarily have to have those products directly on your website, making sales to start with. Maybe you do something like an affiliate link, or even just drive the traffic directly to that customer, and say, “Hey, I want to test this. Do you mind? I’m going to put together a newsletter that says here’s some of my stuff, and mix in some of your stuff with it.” So it’s a good way of starting to get a feel for whether the mini marketplace is going to work for you.
Once you’ve reached out and have a few brands that are working, establish your drop ship model. There are a few extra pain points in there. You gotta think about how the payments work, how do you pay for your goods, how do you keep the information up to date on your website. There’s a whole bunch of stuff. We’re actually putting together a tool that’ll handle a lot of this stuff for you. It’s just starting out with Shopify, but we’ll be looking at building the tool out a bit further. A bit more information on that in a little bit.
The next thing you want to do is add the products to your store. At that point, you can start adding products to your store, start taking sales for it. It could be as simple as just emailing the supplier just every time you get a sale, and say, “Hey, I’ve got a sale of this.” Then work out how to pay it, et cetera, to start nice and simple with the process. But, if you just start getting going, you will work out the rest of the nuts and bolts as you go along.
As I mentioned before, we’re looking to put together an app that actually handles a lot of this leg work for you, so take care of the payments, take care of the information seek. It’ll even do things like create products for you on your Shopify store. There’s a few really cool stuff in there. We’re calling it the mini marketplace app at the moment. We’re just about to open up a beta program for the app, so we’re looking for people to enroll, and got their hand up and say, hey, they want to be a part of it. We may even share, if you’re happy with it, we may even share with each other, each of the brands as being on the list, and being accepted into the program, you may find other suppliers that you could sell, or maybe you could sell your goods to some other retailers as part of it.
So why not apply now to join our beta program? It’s free. It’s not going to cost you anything. You’ll get the very early access to the app. You’ll get going with the app. You’ll get free access for the life of using the app, as well, as being a beta tester.
You’ll get free access to the app for the life that you use the app. We’ll also ask that once you get going that you help us spread the word about the app. But I’m pretty sure once … But I think if we get it right, I think this will be a no-brainer for you. You want other people to get in and start using the app so that each of you have more things to sell of each other’s stuff pretty much, and grow your own mini marketplaces.
So I hope you’ve enjoyed this episode. If you have, I’d love it if you could share this with your colleagues. Just hit one of the Share buttons below, and don’t forget, if you want to be a part of the beta program, just sign up for the program today. There’s a link just below. Thank you, and we’ll see you on the next episode.