The eCommerce platforms like Overstock, eBay, Amazon, etc., have seen much profit during 2020- 2021. As people are more inclined towards ordering their necessities from online platforms, switching to a giant marketplace like Overstock for selling is pretty prospective.
Hence if you are thinking of selling here, then knowing How to sell on Overstock Marketplace will be your primary concern.
Along with its more than 15 years of presence in the market and 30 million monthly visitors, Overstock comes with a significant opportunity for sellers with the possibility of higher sales volumes.
Hence opting for selling with this platform will be very useful for you to target higher sales revenue. Hence here are the crucial factors that you need to know regarding how to sell on Overstock:
Why choose Overstock?
Overstock allows you to expand your business the way you want. It has every kind of help you need, and you can choose them independently.
For example, you can access the advertising advisors helping to optimize your marketing potential. In addition, you will have access to buying and partner care teams for helping to grow your business.
You can team up with companies performing businesses differently by using your business with overstock.
The sellers in the overstock marketplace find success with various products. When you sell on Overstock, you can connect with millions of unique and potential visitors monthly.
Some advantages of Overstock include more personalized support and service, which can boost your sales. Besides, Overstock assumes every responsibility when it comes to customer service.
Requirements for getting approved for the Overstock marketplace
Overstock looks for relationships with reputed sellers, retailers, and brands with the given below potentials:
- You need to be capable of drop-shipping to the customers.
- You must have a US-based warehouse.
- You must be selling online.
- You need to be able to ship non-LTL orders within one business day.
- Products need to be shipped in plain boxes with no branding.
Advantages of Overstock
Some of the prevalent advantages of Overstock are as follows:
Brand Exposure: It has a multi-million customer base, and it allows you to improve brand awareness.
Partner services and platform: Being a seller on the platform, the partners get powerful email support and online training tools. Overstock handles every payment process and accepts orders from multiple credit cards and even cryptocurrencies like Bitcoin.
Co-op marketing: It offers paid promotion and advertising tools. This can improve brand awareness and product visibility.
Customer data and analytics: The overstock partners can access real-time consumer data, and compact analytics reports that you can use for marketing optimization and business expansion.
How do You Start Selling on Overstock?
Before you start selling at Overstock, you need to sign up with it as a seller. Hence you need to follow some of the easy and simple steps for starting your selling venture with this platform. Hence have a look:
- First, you need to visit the Partner website of Overstock, and then you need to click on the Get Started button.
- Then it is going to come up with some questions. You must answer questions about your business capabilities, sales details, product types, etc. Then you can click on the Submit button.
- Overstock is going to assess all the business details that you have provided. Also, Overstock would like to learn more about how you used to handle your past customers’ complaints, etc. It is probably going to take 1 week to get the response.
- Once you are accepted as an Overstock seller, you can log in to complete your seller profile, and then you can upload your item details and advertise in the most suitable categories.
What can You Sell on Overstock?
Overstock is a handy and famous platform for all buyers who want to get their daily essentials at the best deal. Hence you can sell a variety of products using Overstock. But before you start selling with Overstock, you need to know what you can sell here. Here are the product categories you can quickly sell using Overstock:
- Jewelry and watches
- Bed and bath
- Health and beauty
- Electronics and media
- Sports, hobbies, and toys
How much is It going to Cost to Sell on Overstock?
If you are considering selling with Overstock, then it is imperative to know how much it will cost you to sell with Overstock. Knowing the cost is essential for letting you a complete estimation of whether you will make a profit.
Various online sellers said that Overstock charges around 10 cents for each listing. Also, it includes a commission fee of 3% of the selling of items with a price up to $25.
However, it is still unclear how much you need to pay for items with more than $25. Also, the site Overstock does not come with such details. Overstock does not usually disclose its fees as long as you do not sign up as an overstock seller.
However, you can contact Overstock directly to determine what fees you will require for selling on Overstock.
As you sign in with Overstock, you can quickly access its fee list. The listing fee for Overstock is less than eBay. The registration and listing fees range between 10 cents to $3.15.
The final value selling on overstock fees is 3% for the items which are sold under $25 or so. If the items are not landing for sale, you can relish the items as many times as you want.
Upgrading your listings on selling Overstock costs $1 for bold and $5 for highlighting the product. You can also feature your listing at the cost of $13.17. The first picture you will upload for your product comes free of cost. Also, you can add up to 6 more at the price of 10 cents for each.
How do You Price Your Items on Overstock?
Pricing your item on Overstock is not at all that much difficult. Instead, it is easy. However, you must consider some factors while pricing your items on Overstock. So how to sell on overstock.com?
Have a look:
Overhead of your business: Whether you work as a drop shipping and selling your creations or reselling items, you need to work backward. You must also figure out the lowest costs you can support while staying in business. Also, you need to consider your shifting fee schedule for your Overstock before setting the pricing.
The market you are dealing with: While selling something, you need a sound knowledge of your market. To meet the overstock marketplace’s demand or sell a product already listed on Overstock, you must research the market correctly.
You need to use the existing pieces of the items to find the starting price point. Then you can shift it quickly as per your requirements. Also, to stay competitive in the market, going with the running deals on holidays is essential when most buyers flock around.
Your buyers: ultimately, you will set the price for your buyers. Thus, you must consider all the crucial factors about your buyers. You need to do more research on the buyers using the various analytic tools to know what kind of buyers come to Overstock and the sales and strategies for them.
How do You Market Your Product Properly with Overstock?
Overstock comes with a variety of listing boosters free of cost to help the sellers have an easy boost in their sales. To make your marketing more accessible and effective on Overstock, you can highlight your items which lets your product stand out as a significant one. Also, various other very effective and efficient marketing tools for sellers include advisers.
You can use the tools to enhance your potential and make your brand grow in a much more lucrative way that suits your business reports. Also, you can use analytics, various photo services, and SKU-building tools.
Things to Know Before Considering Selling with Overstock
Are you new to eCommerce selling? Then hearing about Overstock might sound interesting to you. But is it worth jumping right into it? Well, that’s the main reason why you should know all the essential factors about it. Have a look:
- Focus on the buyers: Most of your buyers will be US-based. Hence focusing much on the buyers from other countries, it is better to focus on the US-based buyers, as the main base of buyers for Overstock is from the US.
- You can sell only new items: While platforms like eBay let you sell old items or allow you to resell, Overstock is different from them. Overstock only sells new products. Thus if you are considering selling with Overstock, make sure you are selling only new items.
- Bidding is restricted: On Overstock, the power of Overstock sellers is not that prominent. Instead, buyers are powerful here. You cannot reject any bidding or opt to close an auction ahead of time.
- Fees are not transparent: Before you sell on Overstock, you must know that the fee structure is not so transparent here. You may not get detailed information on how much you will lose with your commissions and fees while selling your specific items until you sign up with it.
What Kinds of Payments does Overstock Accept?
When it comes to accepting payments using Overstock, it is very flexible. Overstock will easily accept various payment ranges like credit cards, store cards, or even cryptocurrencies. Here are what Overstock is going to accept for the payments:
- Visa card
- American Express
- Overstock Gift Cards
- Overstock Store Credit Card
- Progressive Leasing
Customers are going to get charged as they place an order with Overstock. However, sellers will not receive compensation until you ship the item. As Overstock verifies the order’s completion, they will transfer your profit using the bank transfer.
How do you get paid by international buyers?
Overstock issues all international transactions using the e-commerce system FedEx Cross Border. It comes with an additional fee for the buyers on this platform. This works as a benefit for the sellers as it comes with a few advantages. Have a look at the advantages you are going to get with international selling and paying off items:
- You don’t have to worry about anything with the international rates for exchange.
- In such cases of International Payments, Overstock will handle all the payments.
- Getting the payment is guaranteed, as you will ship the item to the buyer.
- In case you face any trouble regarding international payments, the Overstock team will help you in various ways to resolve your problem.
Is it Worth Selling on Overstock?
Based on the rapid popularity of the eCommerce platform, it is worth starting to sell on a popular eCommerce platform like Overstock. If you have your business specialized in name-brand, designer home goods, or a variety of new products, then switching to Overstock for selling will be very profit-making.
Starting selling at Overstock is going to help you with reaching up to more than 46 million people or potential customers. Overstock works as a very lucrative platform for boosting your online business. The company helps with many accolades and robust customer service, making it trustworthy as a platform.
However, you should also remember that Overstock’s traffic is less than the other platforms like eBay, Amazon, etc. But you can also increase the chance of selling successfully as the Overstock marketplace is quite impressive.
However, we have a few simple tips to boost your sales in a much more impressive way. Have a look:
Start Selling High-Quality Products
If your item does not have the name or recognition of similar items on Overstock, then you need to accept the most innovative ways of boosting your product’s performance. Or you can switch to any other bargain-focused platforms if unsatisfied with Overstock.
Stay Simple to Control the Budget
Overstock marketplace can upcharge you for bolding, highlighting, or rapidly promoting your products if you are thinking of staying consistent with the growing competition. Though these strategies are beneficial, staying within your budget while opting for promotions is essential. However, if you have a close look at the pricing list of Overstock, then you can see it is not at all as pricey as eBay or other popular platforms. Hence it is not at all going to be a pricey venture, but it is better to stay on the safer side.
Opt for Help from the Overstock Team
Overstock comes with partnership options and access to the initiatives which can link your product for better growth. You can also use the data-driven backend to investigate why your product is not performing well. Hence you can opt to ask for help from Overstock’s robust customer care team.
The sellers cannot list different items under one Dutch auction, and you cannot have a private auction listing, and also, they are not allowed to block the bidders for any reason and cannot cancel bids. However, the sellers may add a subtitle to their auction listings and offer items at fixed prices if they want. At the bottom of every listing page, you can check how many items your product has been viewed.
Managing the seller account of overstock
A web-based platform is offered by Overstock for the stakes. As you are the administrator of your account, you can upload and manage your products in line with Overstock’s format needs and information.
Like any professional sales channel, Overstock possesses its standards and requirements of information and content. Therefore, you will have to adjust your content to the right format for uploading your inventory to the seller account on Overstock.
The listing options
It becomes easier to look for auction items, and bidding on them becomes simple. The advanced search functionalities make things easier while looking for specifics. The way your search results are listed and sorted can be changed. The number of search results displayed on the page can also be changed. The listings can be sorted in different ways, including the number of bids, time remaining, and price.
Overstock depends on the typical feedback program and allows sellers and buyers to leave ratings and comments about the other members. The buyers and sellers can describe their experiences based on their previous transactions. To deter sniping, every overstock auction is placed on soft closes.
This means if any bidding activity takes place within the auction’s last 10 minutes, the auction will be extended for an extra 10 minutes, and the bidding will close after that. The high price products need the bidders to place the credit card deposits as earnest money on the product they bid for. And after the auction closes, every deposit will be refunded.
So if you are thinking of targeting your US audiences in a much more effective way, then opting for the Overstock marketplace will be the best platform for you. Though it may seem difficult for beginners, it comes with various helpful insights and guides for sellers.
For more extensive business requirements and the associated problems, you can find solutions from any of the Overstock Integration extensions, which will help you have better conversion rate growth and scale your business with Overstock properly.