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Seeing Bonanza Marketplace with Fresh Eyes

Bonanza marketplace
Seeing Bonanza Marketplace with Fresh Eyes

An executive who joined Bonanza to run its online marketplace in January shared a post on Tuesday that highlighted some ways for sellers to sell items and pay no fees.

Greg Braukus was brutally honest about the fact he hadn’t realized Bonanza offered various ways to sell for free.

His epiphany came when he was looking through daily sales transactions scouring for trends, issues, and opportunities that could benefit sellers. “I saw a terrific order from one of our veteran sellers which totaled $300 for 14 unique items,” he wrote. “What astonished me, was that the Final Value Fee (commission fee) for the total order was 0, zip, zilch, nil, nada, zero!”

He checked in with his team before writing his post. “I want to highlight that these free tools are NOT short-term promotions in response to COVID-19,” he noted. “They are everyday methods we’ve had in place for years that every one of you can leverage to make your booth more profitable.”

He listed the following methods:

Customer Marketing Tool: Build repeat business and pay no commission fees with marketing campaigns to your past buyers.

Bonanza Promotions: We simply forego what we would collect from you in sales commission fees and pass that amount on as an enticing discount coupon to shoppers.

Free Referral Website: Designate a website you own or plan to drive traffic from and you pay nothing when buyers click from this site and purchase your items.

Social Media Marketing: Add your account’s unique referral ID to your business’ social media posts to pay no commission when buyers click your link and make a purchase.

Redeem Reward Tokens: Apply your reward tokens to save $1 off that month’s Final Value Fees for every 500 tokens redeemed.

Seller Referrals: Earn 5,000 tokens when a seller you have referred to Bonanza makes their first sale and use them to take up to $10 off your Final Value Fees!

Bonanza Webstores: Webstore transactions are not charged a Final Value Fee.

The post elicited various responses. One seller pointed out that since he also had his own website, he sends buyers there instead of to his Bonanza booth.

Braukus replied, and while acknowledging Bonanza traffic volume would “likely always be dwarfed by eBay and Amazon,” he said the company has a plan to work on several facets of traffic. “The most important of which is developing “organic” traffic. Part of our plan is to create a sustainable mechanism to get our brand name out there. This will be coming,” he wrote.

He also mentioned Bonanza’s Seller Advisory Council, which the marketplace had announced in late April. Members of the group will provide feedback on how they use the site and how they feel about proposed changes to the site. Among the benefits is a badge that displays their participation – transparency that is a breath of fresh air in an industry where sellers don’t always disclose such relationships.

You can find Braukus’s full post about ways to sell for free on the Bonanza blog – let us know what you think.

Ina Steiner on EmailIna Steiner on LinkedinIna Steiner on Twitter
Ina Steiner
Ina Steiner
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com.

11 thoughts on “Seeing Bonanza Marketplace with Fresh Eyes”

    1. Because PayPal is the oldest platform, the safest platform, and most secured platform. I’m with PayPal since 2002, used with my first website. PayPal is simply THE BEST. Period. No need anything else.

        1. Sounds like Zigmund made an informed “choice,” as a seller…..He/she is likely not robbing his/her self…….If Zigmund’s business is doing well (as a seller) – why change?

      1. Yes they actually do. They force sellers to accept PayPal. They took away offline methods a few years ago and won’t let you link a Stripe account without PayPal enabled. When I inquired about that, they lied about it being for buyer and seller protection. Sounds like they’re saying Stripe isn’t safe, which is a baffling position to take. Not only does Stripe offer the same buyer protection as every other processor, why would Bonanza offer something unsafe?

    1. “The End,” I challenge you to stand behind your comment using facts and data – RATHER THAN CAPS LOCK, to compare Bonanza with eBay and Etsy. My guess is that you won’t/can’t reply.

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