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Chapter 6. E-Commerce: How to Buy and Se... > Choose Your Sales Channel Strategy - Pg. 99

E-Commerce: How to Buy and Sell on the Internet 99 Upside:You can sell fewer of these items at a higher profit margin if you know the market. Successful sellers become category experts and attract repeat buyers. Downside:It takes time to become an expert in a particular category and to build an online reputation. You may want to experiment and sell both new and used products. Don't be afraid to make a few mistakes in order to find the right product mix for your business. Choose Your Sales Channel Strategy The Web is unique in that it offers you multiple ways and multiple locations to sell your products. You can use this to your advantage if you understand the benefits of the different online sales formats and channels available to you. Online Store Sites Run an independent storefront within the context of a large marketplace, which attracts a critical mass of buyers shopping for both practical consumer goods and collectibles. Sell at a fixed price in volume. Auction Marketplaces Inexpensively market and sell your products to a worldwide audience in auction and/or fixed-price formats. Sell practical goods or collectible items. Enable competitive bidding on your items and achieve the truest market price. Acquire new customers and guide them to your business Web site, where the cost of business is lower.