Meet the Marketplaces Part 2: Target+ Marketplace
Target is one of the largest retailers in the United States, with over 1,900 stores located all across the country. Known for their more ‘upscale’ take on retail shopping, Target stores offer a bright and modern design with a wide range of affordable private-label brands across numerous verticals. Target does not operate internationally; however, its online presence has grown significantly over the last several years with the launch of their eCommerce platform, Target+.
Why Should Brands Sell On Target+?
Target+ is a top eCommerce marketplace that launched in early 2019. A huge point of differentiation for Target+ compared to other marketplaces is that it is an invitation only platform, meaning the company hand selects the brands it wants to be available on the platform. This provides buyers with an added layer of trust and confidence, as they know they are purchasing from credible brands that are trusted by Target. In 2022, Target saw a 3.2% increase in sales growth as seen in the graph to the right. As this is a relatively new marketplace, it is still growing and evolving, making it a great opportunity for brands looking to develop a multi-channel strategy and market to Target’s base of loyal customers. Brands that are able to emerge successfully on the marketplace while it is still in its earlier stages will be able to more easily gain market share on the platform and establish a strong relationship with Target customers.
How Can I Get My Brand to Stand Out?
Since Target+ is an invite-only platform, it is more difficult to become a seller on this platform. To better align your brand for selection by Target, there are a few things you can do. First, ensure that your brand aligns with Target's values and mission. Research Target's brand values and make sure your brand message aligns with them. Along with this, build a strong online presence. Have a well-designed website and active social media accounts with engaging content that showcases your brand and products. Make sure that your product listings online are optimized and that your packaging is also visually appealing and stands out from the competition. Additionally, competitive pricing could help you get recognized. Conduct research on your competitors and ensure your pricing is competitive without compromising your profit margin. Lastly, consider partnering with influencers. Influencers can help increase brand awareness and credibility, which can make your brand more attractive to Target+. Overall, it's important to approach the process with a strategic mindset and be patient as it may take time to be selected as a seller on Target+.
Benefits of Target+ Marketplace
- Large Customer Base: Target has a loyal customer base that trusts the retailer's brand and values. By selling on Target+, brands can tap into this customer base and potentially reach new customers.
- Less Competition: Because Target+ is an invite-only platform, sellers will have less competition to deal with, making it easier to gain brand awareness and increase sales.
- Improved Customer Experience: Target is known for its exceptional customer service, and brands that sell on Target+ can benefit from this by providing customers with a seamless shopping experience.
- Increased Sales: By selling on Target+, brands can potentially increase their sales and revenue, particularly if their products resonate with Target's customer base.
Overall, selling on Target+ can be a smart business move for brands looking to expand their customer base, increase their brand exposure, and boost their sales and revenue. However, as with any marketplace, brands should carefully consider the fees, terms, and conditions before deciding whether to list their products on the platform.
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