![]() ![]() Whether it on eBay, Craglist or even building your own website, Kalt says there was some opportunity to build something in a community where people really obsessed over gear, whether it is guitars, drum kits, keyboard or anything. He began dabbling in trading vintage and used equipment on eBay and found the experience less than fulfilling. The company went public in 2005, and with some money from the sold shares, Kalt decided to treat himself with his dream vintage guitar. In 2000, two partners and Kalt launched OptionsXpress, an online trading platform. After college, the founder wen to Chicago, where he got a job in a recording studio, which event surprisingly introduced him to computer software. Kalt pick up and fell in love with the instrument since high school. In the middle of chaos, David Kalt remembers why he wanted to buy a guitar shop. ![]() Reverb’s Story: Always Remember Your Mission – Why You Started It? By the end of 2019, the company was acquired by Etsy for $275 million in cash. In 2017, Reverb launched Reverb LP, another platform for musicians to browse, sell and buy records.Įmployed about 170 staffs. The company raised $47 million in venture capital from investors such as Paypal founder Max Levchin. The company created a separate website instead of adding a section to its existing because the community of buyers and sellers for records is different than musical instruments.Founded in 2013, Reverb has built an online marketplace where shoppers can buy and sell new, used and vintage music gear. In January 2018, Reverb launched Reverb LP, a marketplace for buying and selling records. Plus, Reverb’s customer base that is only looking for instruments helps, he says. Since it started selling on Reverb in 2014, Monster Music generated more than double the sales on Reverb than on eBay as of early 2018, Reardon says. Promotion of sellers’ own sites is rare and often against the rules on larger marketplaces. On Monster Music’s storefront on Reverb’s marketplace, the company is able to link back to Monster Music’s own ecommerce site, which has led to some additional traffic, Reardon says. In addition to its retail store in Long Island, New York, the company sells on its own website, eBay and Reverb. For some sellers, selling on Reverb is more cost-effective than spending marketing dollars to attract customers to the seller’s ecommerce site or to listing pages on Amazon.įor musical instruments retailer Monster Music, the highly targeted audiences of some of the smaller marketplaces have made these attractive outlets for bringing in new sales, owner Brian Reardon told Internet Retailer in 2018. Reverb gives these sellers a targeted audience that’s specifically looking for products they sell. “We’ve seen more traditional retailers rely on Reverb for their ecommerce.” “Thousands of sellers are relying on us to do all of their marketing,” Kalt says. Reverb, for instance, gets 60-70% of its GMV from small sellers, Kalt says. ![]() Niche marketplaces can be particularly beneficial for small sellers that may be drowned out on large marketplaces, like Amazon, that have millions of sellers. Plus, Reverb sells products in a specific retail category: music. For Etsy, its products are all handmade and, therefore, different than other marketplaces such as Inc. Internet Retailer categorizes both Etsy and Reverb as niche marketplaces: specialized multi-merchant shopping sites offering consumers a unique set of goods in a specific retail vertical. ![]() Rethinking the Rules of Customer Engagement: Personalized, Proactive, Purposeful The Holidays Unwrapped: Global Shopper Insights & Predictions Walmart’s last-minute holiday strategies for the ecommerce marketplace seller! B2B Weekly Infographic: E-procurement is a priorityĪccelerating B2B Ecommerce in Manufacturing ![]()
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