E-commerce has become quite popular over the past few years. Many sellers advertise their products and services online and allow customers to make purchases without even leaving the comfort of their own homes or offices.
E-commerce platforms, popularly known as marketplaces, are the go-to solution when you need to sell apparel, electronics, appliances, footwear, cosmetics, groceries, and more.
However, as a seller, you may find it quite challenging to pick the best marketplace for your specific needs.
Two of the most popular marketplaces are Bonanza and eBay. Understanding some of the most important details of these two platforms can be key to determining the most suitable for your selling or buying needs.
What is eBay?
eBay is an E-commerce platform that allows individuals to sell their goods and services online. It is unique because it lets even the smallest of sellers list their goods and services.
eBay originally allowed individuals to carry out their business in an auction-style sale. However, it has made a lot of adjustments over the years.
Sellers on eBay are allowed to list their items for free over a limited period. Once this period elapses, sellers are required to pay a given amount of money to list their items on the platform.
Additionally, sellers are charged a commission when they sell an item through this marketplace. On the other hand, buyers can use the platform to carry out all types of shopping without worrying about paying a commission.
What is Bonanza?
Bonanza is an online marketplace that makes it possible for small-scale sellers to list and sell their own products. It works much the same way as eBay but with some slight variations.
With Bonanza, sellers do not have to make any upfront payments. Instead, the seller is charged a commission based on the item they sell.
That means sellers will only incur costs of using the platform when they make sales. Bonanza is designed in a seller-centric manner to ensure that sellers get the most out of the platform.
It is an ideal marketplace for small-scale sellers who wish to build a long-lasting customer base online. This platform plays host to over 40,000 sellers and has over 22 million products listed.
Getting started
eBay
Before you start selling on eBay, it is wise to get acquainted with their terms and conditions. You should be aware that there is a group of prohibited products that you cannot list on the platform.
The next thing to do is decide the type of account you want to create. You can either open a business account or a personal account.
A personal account is ideal for anyone that wishes to engage in casual sales. For instance, if you are the type of person that occasionally sells their old stuff, a personal account may be the ideal pick for you.
On the other hand, if you are the type of person that wants to get serious about selling products daily, you might want to go for the business account.
Regardless of the type of account you choose, you are free to open it without incurring any costs. When opening a business account, use your legal business name. If you are opening a personal account, use your legal name.
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Bonanza
To start selling on Bonanza, all you have to do is navigate to the home page and click on the start selling section. This will take you to a new page where you can enter your details.
When signing up, you’ll have to choose a username for your account and webstore. Afterward, you’ll be required to enter your bank account details.
You will also have to enter your personal details. Ensure that you use legal details to avoid any problems when processing payments in the future.
One difference between eBay and Bonanza is that the latter does not have a personal or business account distinction. When signing up, you’ll get the option to join the membership program on this platform.
The membership program opens up more perks to sellers. It is also at this stage that you can choose to advertise on Bonanza.
Like eBay, Bonanza does not charge you to sign up.
Verdict
Both Bonanza and eBay allow you to sign up free of charge. The process is pretty straightforward for both marketplaces and will therefore not take up much of your time.
As a result of these considerations, there is no clear winner when it comes to the sign-up process, it’s a tie.
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Exposure to possible customers
eBay
As a seller, you are probably looking for a marketplace that has a lot of unique visitors. That is because such visitors can be converted into customers.
eBay gets over 100 million unique visitors every month. With the right advertising strategies, you can easily turn site visitors into customers and therefore enjoy higher sales.
eBay has built a good reputation over the years and that is why it is trusted by many people across the globe. To get visitors to your page, you may have to employ a variety of strategies including on-page optimization.
This can be achieved by using specific keywords and phrases. When someone runs a search on the various search engines using such keywords, your eBay page is likely to be among the top results.
Another strategy you can use to get many visitors to your page is eBay-promoted listings. In this case, you’ll have to pay a specific amount of money to have your page rank highly or be placed at the top of searches.
For instance, once you opt-in to the promoted listing program, your products will always be shown first when a potential customer searches for that type of item.
With your page always appearing at the top, chances are that a lot of customers will click on your page and possibly make purchases from you.
Another way you can promote your products on eBay is by using a catchy brand. Once individuals identify with your brand, they are likely to recommend it to their friends and acquaintances.
When searching for products in a given category, such people will always look for your brand first.
Using high-quality videos and images is another way to ensure that you capture the attention of the millions of visitors that make purchases on eBay.
eBay does not sell any branded items of its own and that ensures that it is not in any competition with sellers on the platform.
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Bonanza
Bonanza gets over 150,000 unique site visitors daily. That translates to roughly five million unique site visitors every month.
Bonanza is unique because it pays for each ad click that brings potential customers to your page. That means once you list items on the platform, some background advertising will start taking place.
Of course, you are not required to make any upfront payments. However, once your item sells, the company will factor in the amount of money they used to advertise your item and then include it in the commission you pay.
Another way you can promote items on this site is by backlinking with your social media pages. Remember that a lot of people spend their time on social networks and are, therefore, more likely to bump into your products if you advertise on such networks.
The use of keywords and phrases on your pages is another way to ensure that your page ranks highly. You may have to carry out some research to find out the best keywords to use for your type of product.
Bonanza also allows sellers to create coupons and use them to promote their items. Coupons often ensure that customers can save some money and act as an incentive to make them buy more.
Another strategy to keep in mind when trying to reach customers on this platform is the use of high-quality images and videos.
Bonanza does not sell any items and therefore does not get into competition with sellers that list on the site.
Verdict
eBay has a huge customer following and this makes it one of the best marketplaces for anyone that wants to reach a lot of people. In comparison, Bonanza is still growing and does not have as many visitors.
When it comes to customer reach, eBay is without a doubt one of the best marketplaces for you to go to. Another impressive aspect of using eBay is that it can list your items at the top of searches.
This may cost you some money but it is still a good strategy because it has the potential of winning you a huge chunk of the market share.
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Costs and payment methods
eBay
To be a successful seller on eBay, you must choose your preferred method of payment. This enables your customers to send money to your account and then have you process their orders.
eBay allows sellers to use a wide variety of payment methods depending on what they find most convenient. Some of the ways you can receive payments include
- PayPal account
- Credit and debit cards
- Google Pay
- Apple Pay – Spendable funds
- Bank account
- Money orders
- Checks
- Other online options like Allpay.net and CertaPay
eBay charges two types of fees including an insertion fee and a final value fee. An insertion fee is incurred the minute you list an item on the eBay platform.
A final value fee is charged when you sell an item on eBay. It is worth pointing out that eBay allows sellers to make up to 250 entries each month without incurring any fees.
Once you go over that figure, you will automatically start incurring the insertion fee. It is also important to note that if you list your item under two different categories, you’ll pay an insertion fee for each category.
The amount you pay as the final fee is calculated depending on different factors. Some of these may include the value of the item and the category under which it is listed.
Your seller conduct and performance on the platform can also help determine the amount of money you pay as commission.
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Bonanza
Bonanza allows its sellers to accept payments through three main methods. These include PayPal, Stripe, and Amazon Pay.
You can choose your preferred method when signing up. Of course, you can always change the preferred method at any time.
Bonanza does not charge sellers any fee for listing items on the platform. Instead, the seller incurs charges when they finally make a sale.
The amount you pay depends on the value of the item on sale. Costly items often attract higher fees, while their cheaper counterparts attract lower fees.
Verdict
When it comes to the diversity of payment methods, eBay is one of the best marketplaces to opt for. The platform lets you work with a variety of payment methods to ensure you close as many deals as possible.
Bonanza is limited when it comes to methods of payment and that makes it an undesirable option under this category. However, Bonanza comes out on top when it comes to cost-effective sales.
The marketplace does not charge any fee for listing items and that helps ensure that sellers can manage the costs of running their businesses. eBay on the other hand may force you to pay for listing items even before you make any sales.
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Competition and communication
eBay
eBay is a massive marketplace that plays host to over 19 million sellers. With this in mind, it is not difficult to understand why it is one of the most competitive platforms to sell on.
Thousands of sellers offer the same type of items and this forces each seller to constantly come up with unique ways of staying ahead of the competition.
Even if you come up with a new strategy to boost sales, your competitors are likely to pick up on it quickly and use it to catch up. Another important point to note is that eBay does not offer live chat support.
That means if a seller or buyer has a question to raise, they have to navigate to the eBay support forums and try finding pre-written answers to their questions.
While the support forum has a lot of helpful information, there is always a chance that a unique problem that has never been addressed may arise.
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Bonanza
Bonanza has just over 40,000 sellers on the platform. While this is a significant number, it pales when compared to established marketplaces.
The fact that it is still growing and has only a few sellers means that competition is relatively low.
If you can come up with good marketing strategies, you can quickly rise through the ranks and become one of the most popular sellers on the platform.
Another positive aspect of using Bonanza is that it has integrated a live chat feature on the platform. That means buyers and sellers can engage in conversations in real-time.
Note that live chats almost always reassure buyers and help them make more informed decisions before closing deals.
Verdict
eBay has a large number of sellers who are offering identical items and this makes it difficult for a new seller to penetrate the market. It takes a lot of time and money to cut a niche on eBay and start making sales.
On the other hand, Bonanza still has a few sellers and this means even newbies can build their brand and get a sizable share of the market.
The live chat feature on Bonanza also makes it stand out as a people-centered marketplace because it facilitates convenient communications.
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Platform features
eBay
eBay has a simple user interface allowing customers to easily navigate from one point to another. The platform also lists items according to specific categories making it easy for buyers to find what they want.
This marketplace has a feedback feature where buyers can leave reviews regarding the products and services they received from particular sellers.
Feedback plays a role in ensuring a seller’s credibility goes up or down.
eBay also has a ‘Report Item’ section that allows anyone on the site to report anything that seems to be fake. You can even report items if they violate the eBay rules and regulations as stipulated in the terms and conditions.
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Bonanza
Bonanza has a simple interface allowing both sellers and buyers to navigate with relative ease. Products are listed under categories for quick access.
This marketplace also has a product import feature that allows you to copy listings from other popular marketplaces such as Amazon and eBay.
That means if you are already managing listings on those marketplaces, you can easily transfer the details to Bonanza with a few clicks of a button.
You can even import eBay feedback information into Bonanza. This means you won’t have to build your reputation from scratch, instead, you can rely on your eBay reputation to gain ground on Bonanza.
Another outstanding feature of Bonanza is the picture burner. This is a photo editing tool that lets you remove distorted or poor-quality backgrounds from pictures and have the subject of the picture displayed better.
Verdict
When it comes to platform features, both eBay and Bonanza offer some of the most exceptional options. For starters, you can edit your photos using built-in editors.
Both allow you to report fake or suspicious items and you also get to build a reputation thanks to a feedback system. It is, therefore, true to conclude that these two marketplaces tie in terms of platform features.
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Marketplace apps
eBay
eBay has a convenient app you can download and install on your iOS or Android device. The app makes it possible for buyers to make purchases with a few clicks of a button.
The app also notifies buyers regarding price drops so that they can get good deals on various products.
With this app, sellers can easily create, edit, and monitor their listings on the go. Finally, the app allows sellers to relist products and even add tracking information.
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Bonanza
The Bonanza sellers app was built to help sellers manage their businesses on the go. This particular app is currently available for Android and Apple iOS devices.
With this app, sellers can create, edit, and delete listings as they deem fit. Individuals can also read and reply to emails sent to their Bonanza accounts.
The app allows sellers to view, accept, and mark orders as shipped. Another advantage of using this app is that sellers can enable push notifications to let them know when they have made sales or if they have received an email.
Verdict
Both eBay and Bonanza offer exceptional apps that make it easy for sellers to manage their inventory. The apps ensure that sellers can respond speedily to customer inquiries and orders.
Having gauged both apps it is easy to conclude that both marketplaces are thinking of making interactions and transactions even more convenient for their sellers and buyers. For that reason, it’s once again a draw in the apps category.
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Bonanza vs eBay: Similarities and Differences
Similarities
- Both marketplaces allow the sale of a variety of products
- Both marketplaces have apps for mobile devices
- Both Bonanza and eBay charge a fee for final sales
- Both provide shop analytics
- Sellers can set fixed prices on both platforms
- Both have simple and easy-to-use interfaces
Differences
- eBay starts charging listing fees after sellers reach a certain threshold
- Bonanza features software for importing listings from other marketplaces
- Bonanza does not charge any listing fees
- Bonanza has a live chat feature for easy communications
- eBay offers more payments methods than Bonanza
- eBay charges a fee for sellers to obtain in-depth shop analytics
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Conclusion
After careful consideration of both Bonanza and eBay, one can conclude that the former is the ideal place for new sellers to build their businesses. It offers an easy and affordable way to set up and run a small business.
On the other hand, eBay is a good choice for any individual that wishes to expand their business and gain more reach. eBay enjoys a lot of trust from buyers and sellers, which is why it is among the leading online marketplaces in the world.
