Why Multiple Service Industry Is Turning To Marketplace Selling Solutions?

Many merchants are successfully growing their businesses through online selling. But how do you know whether marketplace selling is right for your business? You have built a successful business offline but it’s time to take it up a notch. Or maybe you have been moderately successful but you know there is so much more potential. Whatever the industry and situation is, with marketplace selling you need new ideas to grow your sales and improve your profitability because marketplaces have transformed how products and services are bought and sold around the world.

Learn From Giants

                    While companies such as Amazon, eBay have led the way developing marketplace selling, many smaller businesses that started ‘nothing’ have grown into multi-million dollar enterprises. It’s important to note that they didn’t get there by accident. At every stage of the business, they hunted new tools, solutions, and processes, and made decisions about enabling technologies to help fuel their growth. Marketplace selling is constantly rising, evolving and new merchants entering these marketplaces are creating an increasingly competitive environment.

Marketplace – The New Fantasy                  

                   Online marketplaces are similar to ecommerce sites where products and services are listed by multiple third-party sellers (individuals or businesses) to be sold online. Sales are processed by the marketplace itself and orders are either fulfilled by the sellers or by the marketplace. Buyers are attracted to marketplaces because they offer a large variety of products, services from third-party sellers, have more competitive prices than physical stores, online retailer sites, offer a higher quantity of inventory, and provide the convenience of purchasing multiple products and services from a single source.

                    Many service based merchants are turning to marketplace selling because it allows more rapid business growth with minimal investment. Merchants spend significant time and budget on newspaper advertising, paid TV ads, email marketing, promoting special sales, and other selling tactics. By selling on a marketplace, merchants can minimize or eliminate the need to drive traffic to their listings or stores. This allows them to focus on other important parts of the business, including strategic planning, vendor relationships, sourcing new inventory, fulfilling orders, appointments, and satisfying customers. Also, merchants utilize marketplace selling to give away discounts, coupons, deals to cross-sell for acquiring more customers to their marketplace. It also helps to attract shoppers using mobile devices with marketplace apps. No matter the catalyst for branching into marketplace selling, the challenges of doing so require ecommerce solutions that streamlines, automate – order management, order fulfilment, pricing and after sales services.

How Marketplaces Make Sellers More Competitive?

  In our previous blogs, we keep stressing upon marketplace and its uses, trends and technology. We always made sure that the marketplace owners have infinite reasons to start a marketplace. We also advised sellers to seize “The Marketplace Opportunity.” Forrester – calls on retailers to embrace the Marketplace opportunity.  One of the main reasons is that customers value the convenience that Marketplaces offer.

This is because consumers are more empowered and informed than ever. Now is the time were it rightly proves “Consumer is the King”. They are basically in control. They know everything they want to buy (Trends), for how much to buy (comparisons), when to buy (seasonal offers) and from whom to buy (Seller ratings and marketplace services),   A consumer can get to the product competition in one click.  As a result, sellers must provide what customers want.  Not only do they want convenience, but they also want a fair price and a high level of service which they have been experiencing from big brand marketplace like Amazon or Ebay.

Today’s sellers and marketplaces need to deliver convenience, fair prices, and high quality service.  As per Forrester report upon price in one area where Marketplaces truly deliver on what customers want states that “competitive prices as being a very important attribute when shopping on a marketplace. In fact, 58% of respondents indicated that they had found competitive prices buying through marketplaces versus with an online retailer.”

With the Marketplace model, the innate competition between sellers will ensure product price optimization and equilibrium.  It is important to note that competitive prices mean fair business. And, because sellers pay nothing upfront for Marketplace products display, the commission received by marketplace owner is pure profit.  With the Exlcart Marketplace Platform, Admin and sellers can control and display what products make it to the Marketplace.  If admin or seller does not want to carry products that are too low priced to fit with the brand, they can eliminate those.  Or the admin can choose not to work with sellers that only offer low price products.  What is important in using the Marketplace model is a way to expand assortment and get the fairest prices because it is the most cost-effective and efficient method for both sellers and consumers.

Make-Over tips for your Marketplace

Marketplaces, either physical or online, customer attraction and engagement are a must. Marketplace owners spend lot of money upon creating website, functions, features and more but if it lacks the basic functionality of customer engagement, then you may lose upon your potential customers. Customer engagement encourages visitors to keep browsing through your online marketplace and keep returning for more. Below are few things you can try to boost your marketplace attractiveness and customer engagement.

Go Live With Your Customers

Provide visitors the option of Live Chat on your marketplace website. It is a quick and simple way to interact with your visitors. It gives you the chance to answer your visitor’s queries immediately converting them as your customer. It increases their ability to make quick and definite purchases from you. And it also allows your visitor to stay longer which increases your websites creditability among search engines. With instant response and help available through the Live Chat option more visitors will like to shop on your marketplace.

Make Your Visitor = Customer = Friend with Social Media

Social Media is an amazing platform that can help you reach out to multiple demographics sitting in one corner of the world. It comprises of networks that link strangers to various businesses, individuals and more. Google Plus, LinkedIn, Twitter, Facebook are few of the resources with huge potential to display promotional messages, offers, discounts and new products launch and more.

Go Blogging

To get top position in search results you need to get noticed online One of the way to reach there is by publishing informative blog in regular intervals. Blogging enhances the customer’s experience while browsing through your marketplace. Blogs can deliver facts about your marketplace, its products, new product launch and tips on how to make the best deal. By this you will get instant traffic and instant engagement all in one go.

Breaking News with Newsletters

Newsletters are weekly or monthly emails that provide your customers with the essential highlights on products or new products. It includes attractive captions, images and short content to attract its subscribers and visitors. Newsletters with its promotional offers and special discounts are another way of engaging more customers.

Touch of Personalization

Reach out to specific customers like working business persons and college students or men and women, kids special with personalised messages and product suggestions. With this your customers feel delighted and thus it becomes a perfect way to get attention and hold on to them.

Preserve Your Marketplace Brand with Quality Sellers.

Marketplace is a platform where multiple vendors sell products. Success of marketplace relies upon the ability to recruit and maintain multiple vendors. By ‘recruit’ we mean credible and high-quality vendors. And by ‘maintain’ we mean quality service of these vendors. After all these vendors is the face, extension of the marketplace brand and marketplace promises to customers.  Marketplace buyers expect a positive and consistent customer service, regardless of who is fulfilling the actual purchase. After going through various organizations that run successful third-party Marketplaces, we would recommend following points to preserve your brand integrity with Marketplace sellers.

 Sales Performance Check

Any marketplace having multiple sellers and multiple products should keep a check upon sales and performance of those vendors. This responsibility must be taken care by accounts and business development team by tracking each and every order.  They should be tasked with specific level of service indicators to continually help sellers improve their performance.

 Seller Audit

Continuous audit of sellers is necessary to keep good customer service consistency. There should be powerful tools and features which track activities of sellers upon customer service, delivery and more. Service indicators can be configured to automatically suspend a seller in accordance with your terms and requirements. The Marketplace team should be alerted of these suspensions and reasons behind immediately, allowing them to take appropriate actions.

Brand trust and transparency

Keeping your products, sellers, terms & conditions straight forward establishes trust and transparency among the customers. Online marketplace is a platform where buying and selling happens without any human interactions. As a Marketplace operator, customers put their trust in your ability to select credible and high-quality sellers. Being transparent means making sellers’ information available, including name, address, shipping conditions, shop and seller ratings to customers. While recruiting sellers – identify, qualify, analyse, and prioritize your sellers. While expanding Marketplace products – see to it you give your customers what they need. Please make sure that resources are available to manage and track their quality of service because this will help you to preserve your brand integrity and showcases your marketplace business dynamics.

4 Types of Sellers to Recruit in Your Marketplace

Recruiting right sellers can be the most important and difficult decision while operating a marketplace. There are different types of seller profiles to consider when recruiting for your Marketplace because sellers can range from very small local businesses to large international companies. We need to consider various factors, different level of services, product range, product quality, sales strategy and then prioritize them accordingly.  It can be dangerous to diligently qualify all sellers, with no consideration on their profile, or size of their business potential on your Marketplace.  

Sellers from Physical stores

Your Marketplace can see a huge scope from traditional brick and mortar stores. They have no online presence with least knowledge about it and sometimes it’s more difficult to on board these sellers to sell successfully via marketplace platform. But you can anyway convince them to do so for the sake of mandatory technological advancements requirement for their business and that to in a small or no investment.  These sellers may signify an enormous growth possibility.

Sellers of Brands 

To bring good value to your marketplace business recruit Brands. Brands should have good name and should be in demand. As they own all marketing materials and capabilities, they have more flexibility to manipulate prices, and control their stock. But, it can often take longer time to onboard brands as they go under regress research before being a part of a marketplace, especially in cases where they need to adapt their B2B business for B2C consumers.

Wholesale Sellers

Just like brands, wholesalers are professionals in a particular industry sector with huge catalogues and product variants.  Wholesale sellers are also flexible to manipulate prices as per demand but may take longer time to onboard as they need to adapt themselves from direct –to- retailer business model  to a direct-to-consumer business model.

E-commerce website sellers

 Sellers on ecommerce websites are specialists in one particular product or category, or generalists with a variety of options. Sellers who fall into this category are well experienced e-commerce professionals at their core. These sellers know very well how to manage online customer orders, stock maintenance, shipping and services, and understand what e-commerce shoppers expect from marketplace. These sellers are often easy to contact, quite receptive to the new opportunity of selling on a Marketplace, and are faster to onboard.

The key factor is to add sellers with products that fit your marketplace brand DNA. No matter how you recruit sellers, but understanding their specific preferences and priorities will help you to craft relevant business strategies and structure opportunities that mutually benefit you and your sellers.

How to Get Right Sellers for your Marketplace?

If developing a Marketplace is one of the difficult tasks, then finding right sellers for your marketplace is another difficult task. Having good and right sellers in your marketplace ensures a robust and varied product catalog. But there should be good efforts to maintain good amount of right sellers in marketplace to ensure continuous product availability, good quality and product choices. By all the below given points, you can improve your sellers quality, improve customer satisfaction and improve customer loyalty.

 Customer Analysis

When a customer doesn’t find a product in your marketplace, it’s a failed buying experience. So, understand the types of products your customers are searching for on your marketplace. Use this detail to identify missing products, brands or even categories your customers are looking for. Once you get to know the products demanded, approach sellers / brands who can join your marketplace to sell them. This would be a win – win situation for all, as knowing what the customer is already looking for is a good indicator thatthey will buy it when added to the product catalog in marketplace. By this you improve sales, earn profits and satisfy customers.

 Competitors’ Analysis

Every business has competition, so is Marketplace. If you are competing with other Marketplaces, identify their top performing categories, products, number of customer orders, seller ratings, and all reliable sellers behind them. To recruit these high-performing sellers you can visit into sellers’ details page in their shops, get their contact details and approach them to add in your marketplace. Some sellers / brands sell different products/ services upon different Marketplaces. Brands for instance can add their current collection on one Marketplace and former collections on another depending on their marketing strategy.

Products Analysis

By product analysis we mean to find sellers with those products which retail teams cannot offer due to profitability issues or product constraints or due to traffic issues.These products usually attract a lot of traffic. Then, approach those sellers offering them to improve sales in your marketplace.

Search Engine Analysis

Searching for products that customers would be interested in and analyzing its search engine results. This is a challenging analysis as it is time consuming and you need to determine a reliable seller, who is not selling on any marketplace but from his own website. A quick analysis of the seller’s website filters out a certain number of demanded products to add in your marketplace. While doing this analysis look for a trustworthy website, clean catalog with good images, data quality, and clear descriptions.

What does it take to build an online multi vendor marketplace?

Apart from the initial investment for starting a marketplace and its paid promotion, the marketplace owner need not spend money. Once their multi vendor marketplace website gets a good promotional reach they can earn good sum through commissions alone. In that manner the risk factor associated with marketplace is too less compared to sole selling ecommerce store. In this blog we are going to see what it takes to build a marketplace from marketplace owner’s point of view.

First of all to build your own multi vendor marketplace, you can follow these 2 ways: First option is to develop your own multi vendor marketplace by coding it from the scratch. And for that you will need to hire or employ experienced developers and designers, hire an office space, desktops, and other technical equipments to build your website, purchase domain name, hosting and plan your theme, develop smart and unique features and optimize your website’s speed to amaze your customers, deploy SEO elements to improve your website’s visibility and the list goes on. The entire procedure requires high investment and is very time consuming too.

The second option is to go in for a ready made marketplace script. By which you can create an online marketplace without any technical expertise. Software companies like Exlcart offer ready made software and apps that help you to start building marketplace based on your brand name,  install software and apps and get professional assistance in case of any technical issues. Another advantage of buying a ready made module is that the features are similar to the ones available in the popular marketplace websites like Amazon, EBay, Alibaba, etc. And can also be customized based on your needs, design aspects and specifications.

If you see the real life cases of Amazon, eBay, Alibaba they have been raking enormous profits year after year. Take the case of Amazon, they have a generated a turn over of $22.9 billion in the first quarter of 2015. Source: Internet. By this we can at least come to a conclusion that marketplace whether made from scratch or made from ready made software; it is profitable to invest in Marketplace. The present ecommerce trends and its statistics make it a viable decision to go in for a multi vendor marketplace platform.

Do You Know How Online Services Marketplace Work?

Maximum savings and minimum expense is the main focus for almost every modern organization and individuals in the current economic environment. Many organizations and individuals are turning to online services marketplace to optimize their indirect expenses. You get the talent you need to support your business ‘operations and household through an online services marketplace. It is like shopping at a grocery supermarket versus your local convenience store. By supermarket we mean much broader option to choose from, better pricing, support team to help you find the exact thing, handle ‘s  payment processing, and delivery options too. The local convenience means just the convenient shopping, where you need not go far but have to pay high for the same product or an inferior offering.

How Does An Online Services Marketplace Work?

A services marketplace is similar to online marketplace where you buy consumables, but in services marketplaces you buy services instead of physical products. Here you get to have access to the skills your business and household work requires, at a given time, for the pricing you need. Services Marketplace saves time and energy by helping you spend less time in sourcing skills and delivering the same and giving more time to innovate your business or spending leisure time at home. In this blog we are going to see the simple steps that incorporates services marketplace.

Sourcing

It’s a challenging task to find the talent you need, but with online services marketplace, you can access various skills from vetted service providers without investing much time. Services Marketplace enables businesses and individuals to source a wide variety of services across different categories – from Accounting to Property Services, Automobile Service to Health, Beauty & Fitness – which can be delivered locally. Services marketplaces can be found in various countries with their local service providers. No more Google. No more frantic phone calls. No more sticking with under performing providers. Now it’s easy to complete a simple online brief form to outline your requirements and buy a service from a pre-vetted provider.

Purchasing

The competitive bidding procedure in Services Marketplace helps you save for your organization and household. Once you have a talent requirement, you need to outline your requirements by submitting your brief form. It will be shared with the appropriate providers who will draft and submit quotations outlined with their skills, experience, and your specific deliverable.

Managing

For any effective project management, efficient communication and collaboration is required.  Service provider and service taker will gain access to an in-platform task management tool and online collaborative environment. All the task information, from initial to regular status updates, is completed through the cloud software and managed services platform. Few platforms also have Instant Messaging feature which allows service taker and service providers to communicate in real-time.

Delivery

Online service marketplace and its dedicated service providers ensure that the task stays on time, on budget and delivers in line with the terms agreed. These marketplaces have review system and social shares to help service takers get confidence with the platform. Exlcart Team with its unique Service Marketplace platform has the capability to manage various service providers and their projects and tasks from start to finish, achieving the best possible outcomes for your marketplace.

Many Vendors Choose Online Marketplace Over Personal Ecommerce Website – Know Why?

These days businesses are highly adopting online presence. They have realized the fact about online selling and its necessity. Now the question is which type of online presence is more advantageous.  Vendors are going more into exploring the different options of selling online. And they have to choose between having a personal ecommerce website or getting into online marketplace? In this blog, we will talk about why it makes more advantageous to pick online marketplace.

Ecommerce website is a standalone platform owned, developed, managed and maintained by single vendor and its team of developers. Whereas online marketplace has multiple vendors, panels of developers, website managers, with regular product updates, expansion of product categories and constant advertising at all times. These things make online marketplace to reach the masses and grows more than ecommerce website. We will give you great reasons why you should take advantage of an online marketplace like Ebay, Amazon, and not only depend on your own e-commerce website:

Online Marketplace gives Global Presence.

Vendors can register to giant online marketplaces where they can get into touch with the most remote areas to international borders within the same platform. Delivery, Packaging, shipping and logistics is not at all a problem because these marketplaces give special solutions to their vendors. This kind of support is missing on individual personal ecommerce websites and can impact the vendor costing and overall experience of the customers.

 

Low Investment on Online Marketplace.

Investment plays a huge role in any business. Online marketplace gives its vendors an easy registration process to sell on an online marketplace within minutes. The investment is low as they charge a few nominal fees. No investment on IT infrastructure, web hosting or technical staff, no salaries or bills and you start earning as quickly as you registered on the marketplace. You get quick ROI with worry free business.

 

Online Marketplace Generates Brand Awareness

Maximum customers make purchases on a well-known popular platform where they believe upon quality of the products, services, reviews and feel their money is safe.  New vendors find it hard to get customers on their new ecommerce website as it takes a long time to build customer trust. On the other hand well-established online marketplace already has brand popularity so it works in favour to get orders quickly for their vendors. On few online marketplaces you can even advertise and promote your own brand and products.

Having an ecommerce website has its own advantages too, so you cannot completely ignore having the same. But with online marketplace you can quickly start expanding your business online and have a full-fledged online store.

Today’s Most Profitable Business Online – Marketplace for Digital Goods

Marketplace

Online business has never been easy, and nor will be. The innovation, the competition, the technical advancements and the race to keep a close pace with it are few hurdles to overcome to run your online business. The difficult part is not to start the online business but to know what exactly we wish to sell, how to sell, where to sell and whom to sell. Physical goods marketplaces are many but there is great opportunity for digital marketplace too.Services like writing, marketing, designing and development works are popular between freelancers, but then there are also things like eBooks, books, digital goods like graphics work, photos, videos, custom fonts and so on, that can be sold online through a specific sales page.

Digital Marketplace

Everyone can be a creator these days.  Technology has democratized the creative process, resulting in sales of creative products like music, photography, videos, eBooks and artwork online. As said every coin has two sides, likewise while online marketplaces will guarantee your product a lot of visibility, there is a lot you have to give up in return. Subscription based Marketplaces often take a significant cut of your sales, plus you are not in control of the look and branding of the website and sometimes you don’t even have control over the pricing of your products.This is where customized marketplace for digital goods comes in handy.

Exlcart’s eVendor – A marketplace combination of physical, digital and service related products.

Exlcartconnectsyou and your customers directly, with its eVendor marketplace software. You purchase just once and you are the sole owner of the software and its source code. In future, digital downloads is a billion dollar industry. You, standing out and making real money is possible but it won’t be accomplished selling on third party websites. Sure, there are few who do end up making some decent money, but they still have to give up a percent of their earnings. Starting your own online marketplace allows you to brand your product, market your product and sell your digital downloads on your terms, without paying any marketplace fees. On the other hand handling the sales and digital distribution, cutting out the hassle and letting you focus solely on the products is what our eVendor will do. With Exlcart’s eVendoryou have to just upload your digital download files from the back end, to start selling your digital products through the website. Often stated that Exlcart is the most versatile, feature-packed, ecommerce marketplace tool you can find, and selling digital products is no different at all. Your customers get access to the digital content immediately and you can even forward product updates to people who have previously purchased using our marketing tools.

Start Selling

Once you make up your mind to sell digital goods online, one of the few things you will want to make sure before installing eVendor is to have a reliable hosting account that’s both secure and managed so that if there are ever any problems with your hosting, you are able to get the solution quickly and effectively. You will also want to make sure that your website product looks good, and that the digital selling platform you are going to use is integrated with your website management platform, and that you have the required specifications to host a version of the softwarewith website.

The best part is, it’s really simple to get started with Exlcart’s eVendor marketplace platform for digital downloads. You don’t need manufacturers, packagers, suppliers,shippers and all the other operational hurdles that come with physical products. Decide your digital product types, set up your marketplace, and start selling!