Thanks for joining me today for my review of the Bonanza Online Marketplace.
There are a number of online platforms available today where you can sell products, because of course selling items online is certainly not a new concept.
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However, finding a reliable online platform where you can reach your target audience, and therefore sell your stuff consistently, is not easy.
You may be tempted to develop an e-commerce website, but the costs and the time it will take to reach your audience may not make this a viable option for you. Alternatively, joining sites like eBay or Amazon may be a good option, but the competition that new sellers face from established members can make you give up even before you make your first sale.
However, with the emergence of platforms like Bonanza online marketplace, there has opened up other avenues for making online sales.
What is Bonanza Marketplace?
Bonanzamarket.co.uk is an online bazaar that allows you to list your products for sale.
This platform deals in the sale of not-so-common products such as artwork, collectables, antiques, memorabilia, stamps, home décor and a vibrant collection of clothing and fashion.
Listed items are classified into various categories to make it easier for buyers to find what they are searching for.
Getting Started With Bonanza Marketplace
Signing up is very easy.
You may create your Bonanza account using your Facebook or Google ID. Optionally, you may register by filling out your details, including your username, email, postal code and country of residence.
Setting up a booth
You must set up a booth before you can start selling items on Bonanza.
A booth is simply your virtual inventory that consists of your collection of items.
A booth is essentially your virtual online store.
Setting up a booth is easy as it only requires FOUR simple steps:
- Create a booth title
After creating your account, you just need to give your booth a title, which represents your storefront on this platform.
It is advisable that you choose a simple title to make it easy for buyers to remember your store.
- Fill out your address
Provide your personal information, including your address and phone number for potential buyers to verify where items ship from
- Choose your checkout options
Select payment options available, including checkout providers.
A PayPal address is compulsory for all sellers while Stripe is only available to sellers who have a Gold membership.
When adding your checkout options, you may also choose if you want Bonanza to advertise your items on your behalf (at a fee of 3.5% – 9% of the sale) on sites such as Google Shopping.
- Verify your identity
The final step requires you to verify your identity by providing your credit card information.
Bonanza will charge and reimburse your credit card a few cents as part of the verification process.
Selling on Bonanza Marketplace
Unlike other online marketplaces, listing items on Bonanza is 100% free. Also, you do not have to go through the hassle of posting items individually. You just need to add items to your booth and you’ll be good to go.
Adding stuff together (in a single repository) makes it easier for buyers to find exactly what they are looking for. It also encourages buyers into making impulse purchases as all items are located in the same place, thereby translating to more sales.
However, you still have to add photos, item descriptions, traits and prices to each item individually in order to entice customers.
Fees and Payments on Bonanza Marketplace
For every item you sell, Bonanza charges a commission of 3.5% on the final offer value and any other costs on shipping that exceeds $10.
For instance, if you are selling an item for $30 and your charged $15 for shipping, Bonanza will take 3.5% of $35, which is $30 for the item you are selling and the $5 that exceeds the $10 on shipping.
The minimum fee charged is $0.50, meaning that if you sell an item for $2, the commission charged is $0.07. This means that you still owe Bonanza $0.43. What is worth noting is that items sold at prices above $500 are charged twice. For instance, if you sell an item at $600, Bonanza will charge 3.5% of $500 and 1.5% of $100.
These charges and commissions might seem confusing at first, but are easy to grasp once you get a grip on how the Bonanza marketplace works. You may consider that the commissions charged are extremely low compared to what you stand to gain.
What Are The Pros?
• Free listing
• Low commissions charged
• Bonanza receives massive traffic
• Open to sellers across the globe
• Excellent support
What Are The Cons?
• Fees charged may be confusing
• Traffic is still incomparable to other sites like eBay and Amazon
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Final Thoughts on Bonanza Marketplace
Bonanza Marketplace has proved beyond doubt to be a worthy alternative to well-established sites such as eBay and Amazon. Even though it is yet to get a significant foothold on the market, it is dong well, and attracts a massive traffic of potential customers.
The listing of items on Bonanza is absolutely free, and the website charges low commissions on every sale. Putting these factors into consideration, the Bonanza online marketplace is worth a try.
Have you used this platform to sell products online? If so, and you want to share your experience, please do so in the comments section below.
Star Rating 3.5/5-A good marketplace for selling not so common items.
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