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Before sharing the guide of sell on Bonanza, let’s get to know it. Bonanza, an online marketplace, conceptualized to empower entrepreneurs by enabling repeat buyers has revolutionized the business for small players. It has simplified the way you take your business online so that you could reach global customer base. It is all about simplifying the online sale through high-end customization to fit your business need.
You get universal automated inventory imports, multiple products or service editing, custom campaign run and zero-effort webstore to scale your business in the simplest possible way.
A Brief on Bonanza Market
Bonanza entered the online marketplace business in 2007 with an aim to eliminate the barriers that most of the popular sites like eBay were creating in the path of small entrepreneurs. In a short span of time the simplicity of the business model made Bonanza of the most favored destinations for online sellers. The seller centric marketplace approach gives it a unique edge over competitors like Amazon, eBay or Alibaba.
· Bonanza offers free listing with no monthly store fees, and no other hidden fees at all.
· You can make your product live in just one click and the company takes you to mega buyer platforms and takes load of initial promotions, until you start selling.
· Here it is not the platform, but sellers promote their brand and build customer relationship for future growth.
· Survey of over 50,000 sellers in 2016 rate Bonanza as “Most Recommended Marketplace” ahead of Amazon, eBay, Etsy and all other contenders.
· In the “Customer Service” and “Communication” Bonanza ranked better than the popular players in the same survey.
· The 2016 Entrepreneur 360 ranked Bonanza as one of the best privately-owned businesses in America.
· In 2015 the company was named Small Business of the Year and Best Place to work by Best in Biz.
The Background Burner of Bonanza was named one of Time’s “Top 50 Websites” in 2014.
Things To Consider Before Knowing How To Sell On Bonanza
Bonanza is an odd candidate in the online marketplace business model, but you have to fulfill some basic conditions to start selling. Here are some of the most basic requirements, you need to fulfill, so that your earnings remain legal and accountable.
· Genuine Products
Bonanza is the seller centric market place, making it possible for them to sell anything, anytime, and to anyone. You interact with your customers so the onus of proof and accountability is at your doors. You have just one restriction; you cannot sell illegal products through Bonanza. Whatever way you try, you will get caught and punished.
· Authorization Matters
If you intend to sell any popular brand as a third party seller, you need to have authorization to sell it via Bonanza. You must have your license and trademark paper ready to reach global market.
· Competitive Pricing
Bonanza has custom pricing model to offer discounts and coupons so that the quality products could be made available at competitive price to buyers. Sellers could design and publish coupons at will to fit their campaign strategy. You get all possible communication channels for free to market your special offers.
· Shipping Solutions
Bonanza understands the pain of logistics in scaling up the business. Accordingly, it has several custom solutions for all types of need. You select shipping options with offers of flat rate, free shipping or calculated shipping in defined geography. When it comes to international shipping, you have to fulfill some additional conditions. You have advanced integrated invoicing in place to make it easier for your do business without accounting headaches.
· Banking Loop
The seller-buyer transaction is fully automated and integrated with your banking channel. The moment buyers make final transaction you get notified and the amount get credited to your account with fee and commission adjustments.
· Advertising and Campaign
This is a most interesting feature of Bonanza. It has very flexible, customized solution for all types of vendors. It is up to you to decide how much you invest in advertising and Bonanza makes it possible for you to bear the cost initially until you start selling your products.
· Integration with Other Market Place
You want to leverage the online space to the max of your capacity. But you find it extremely difficult to track activity on all platforms. Bonanza offers you the option to integrate all other marketplaces. You have to add all possible channels one by one as all sites have different interfaces.
Benefits of Selling on Bonanza
Internet and mobile technology has changed the dynamics of the market in terms of reach and penetration. You can sell your to anyone, anywhere in the world. However, the challenge is information overload and bombardment at customer end. How to remain relevant in a crowded market place is the key to success. Bonanza makes it possible to get desired visibility in the simplest possible way. Here are some of the benefits of selling on Bonanza:
· Free Listing & Training
Bonanza has a totally free registration and listing system. Any seller with just a name and the few product related details can get listed to reach global customers and start selling. For those small business enterprises who haven’t yet explored the power of the digital revolution, Bonanza has very customized online and offline training program. Vendors get the opportunity to know the modern business dynamics and ways to quick adaptation. Industry experts share their knowledge how simple tweaking in packaging, logistics and the advertisement could boost their business. The idea is to help entrepreneurs achieve their maximum potential.
· Brand Building
Most of the popular market places focus on self branding, but Bonanza has seller centric brand building approach. Buyers come to the platform with faith to get good quality products at competitive price. It is sellers’ job to woo the buyers through smart marketing so that they could win loyal customer base and get repetitive buyers. So, sellers get better valuation in terms of money invested in promotion and campaign as they get loyal customers.
· Universal Reach
The online space doesn’t have the limitation of the boundary. All listed players have access to a global customer base. They have an option to select the geography where they want to sell and where they want to market. It is up to the seller to decide how far they want to explore and what suits their business model.
· Simplification
You are just 3-4 steps away to reach your customers. You have to register with primary information, then list products and make it live for sell. That is all you are supposed to do. You have no limit on number of products and pricing variables. Most importantly, you don’t have to pay anything to use the platform. You pay only when you earn.
· Operational Support
Bonanza offers a total solution involving listing, marketing, selling, shipping, invoicing and payments. Small enterprises get access to a global audience with a dynamic operational support system. This is of great help in terms of operational efficiency, cost cutting and selling opportunities. You get enough time to focus on product enhancement and diversification along with growth strategy.
What Can You Sell at Bonanza Market?
Bonanza in an online marketplace where products are well classified with several defined categories and brands. Once a customer reaches specific category, the person could apply filters of choice to refine products and add product to cart to finally place the order. Here are some of the top categories under which you could list your product and get the attention of customers in real time:
· Women’s Fashion:
In this section you have categories of clothing, shoes, accessories, vintage, formal & Wedding. Within each category, you have brands, age, size, color, price and other filters to make the selection process easier. Alternatively, you can directly go to brand and select accordingly. Similarly, you have dedicated men’s section with all possible categories and filters.
· Home & Garden:
Under this section you have categories of bath, bedding, furniture, home décor, home improvement, kitchen & dinning, lamps & ceiling fans, yard, garden & outdoor accessories. Within each category you will have all possible filters to further refine your selection based on color, price, size etc.
· Health & Beauty:
This section has categories of bath & body, dietary supplements, fragrances, hair care, health care, makeup, nail care, skin care, vision care.
· Collectibles & Art:
Under this section you have categories of art, collectibles, antiques, crafts, coins & paper money, entertainment memorabilia, pottery & glass, sports memorabilia.
· Handbags:
You can list your products under this section with brand names. Almost all global big brands are here so that you could get good relative positioning.
· Jewelry:
Under this section you can list your products under the category of fashion jewelry, fine jewelry, handcrafted jewelry, vintage jewelry, wedding jewelry, watches,
Apart from these major sections you have opted to list products under these categories, namely baby, books, business & industrial, cameras and photos, cell phones & accessories, computers & tablets, consumer electronics, digital goods, dolls & bears, DVDs & movies, music, musical instruments & gear, parts & accessories, pet supplies, specialty services, sporting goods, tickets & experiences, toys & hobbies, travel, video games & consoles and everything else.
What You Can’t Sell on Bonanza
Based on regulatory and legal requirements, here are some of the product you cannot list and sale of Bonanza.
· Adult content
· Amazon devices and Amazon device accessories
· Animals and animal products & medications
· Automotive
· Cosmetics, skin & hair care
· Currency, coins, cash & gift cards
· Dietary supplements
· Digital books and textbook
· Drugs & drug paraphernalia
· Expired products or products that have been recalled for any reason
· Fake, imitation or knock-off items
· Licensed food and Beverage
· Gambling and lottery items
· Hazardous and dangerous Items
· Human parts and burial artifacts
· Illegal and unlawful items
· Offensive materials
· Tobacco or nicotine products and accessories
· Weapons and related items
Other prohibited items
What Are The Conditions Required To Sell on Bonanza?
As a law abiding citizen, you have to fulfill certain conditions to do business in any geography. Here is some basic minimum requirement to be a seller on Bonanza:
· You need to be a major to do business or you need to be under some guardian.
· You have to be accountable for all your products and related services.
· Deliver as promised.
· Stick to your price commitment and elated discounts, and coupons.
· Use advertisement and campaign tolls judiciously.
· Fulfill tax related formalities.
· Maintain a healthy relationship with customers.
Transparent shipping and return policy.
Bonanza Sellers Fees
There is no fee to list products on Bonanza. You get the opportunity to display the product to the world at no cost at all. You pay when you earn. If you achieve the threshold, the platform starts charging some marginal fee depending on the Final Offer Value (FOV). The fee varies depending on the value of the order, whether it is less or more than $500.
Foe FOV under $500 you need to pay 3.5% of FOV for standard booths and for greater than $500 FOV, you need to pay 3.5% of FOV plus a flat 1.5% of the amount over $500. There is a minimum fee of $0.50.
How to Create Bonanza Store from Scratch
Bonanza names your online store as “booth”. Here you display all your items in defined categories so that it could be visible in open search as well as independently shown within your booth.
Posting all items under one booth helps you in terms or correlation and visibility. People judge your business by the products on display and diversity. It helps in impulse buying. If one product is smartly linked with other the likelihood of the sale of that product is much higher.
Setting up a booth is as easy as opening the door of your office and bring everything in action. Here are the steps for setting up a booth:
· First of all, you need to sign up for an account on Bonanza. The registration is totally free.
· The start posting your products one by one for sale.
· You have to set-up your seller account.
· You need to confirm all your details to activate your digital space i.e. “booth.”
· You don’t need to repeat the process every time you add new products.
· You can always come back and edit details.
· You need to provide shipping details so that your logistics could be arranged.
· You have to provide your account details so that your payments could be settled at schedule time.
· Your booth will remain active until you wish to close it.
You are live on Bonanza with all possible support to improve your operational efficiency. Mobilize your resources and focus on product improvisation and marketing so that you could serve better and earn better.
