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!

How Blog can be your Marketplace’s business saver?

Among top 10 things that a multi vendor marketplace should have, BLOG plays a significant role. They make the website visitors trust you.  More than 80% of the major eCommerce and marketplace websites have set up blogs with continuous updates. Usually a marketplace is a platform for small to medium sized vendors who concentrate more on selling products than writing blogs. So it’s the responsibility of the site owner to improve their vendor’s promotion, marketing and trust through blogs.

A blog can go a long way in improving sales. Let’s take this example: Your multi-vendor marketplace sells clothes online and you have lot of competitors who does the same. What makes the visitor to buy from your multi-vendor marketplace? Apart from quality, packaging, shipping and customer service, the important metric is TRUST. How will you gain the trust from a first time visitor? If it is offline or a physical store, you can easily create a positive personal vibe with your visitors through good services, support from your employees etc. But for an online marketplace, one of the significant ways to gain a trust and personal relationship is through blogs.

For a successful marketplace, a personal connection is always important. Sometimes the quality of product or services becomes secondary to the personal connection created with the visitors through blog. Visitors have lot of options online to buy, but they come back because they trust you. So a blog for your marketplace business acts as a human connection between your stores and visitors. It is the face and personality of your multi-vendor marketplace business.Never give false information’s or try to fool your visitors. Present blogs that make them get interested more. Write what helps them to choose the products, write about tips for safe payments and automatically a personal relationship will be built.

Blogs can help the SEO part of your marketplace business boost. Once the blog posts gets ranked well on search engines, due to shares or likes, your overall marketplace will be pushed up because Google focuses more on social metrics than building links. Thus your marketplace should be regularly updated with useful blog posts helping visitors learn more about what your vendors sell. Write a detailed post or a short blog, and post them regularly to keep your visitors intact.  You don’t have to write posts related to what you sell. It can be of general shopping experience, like how to compare products while buying, protectyourself while using credit cards in a website etc. These sorts of blogs are the ones that help visitors for easy buying and thus make a huge impression about your brand.

As a whole, a blog for your marketplace website will boost up your sales in long run.

Are you sure you know everything about online Marketplace?

What is it?

Marketplace platform attempts to connect consumers directly with producers or service providers by cutting out the middleman while maintaining convenience and quality.

Why do we need?

The online multi-vendor marketplace platform is for all the marketplace owners who want to build a huge platform to connect multiple vendors and consumers.

Marketplace predictions

  • Worldwide B2C ecommerce sales are going to increase by 17.1% by the year 2017.
  • Additionally, Asia – pacific region is going to collect the highest percentage growth in 2017 that is going to be more than double the current growth rate.
  • More than 60 % of the online retailers expect online marketplaces to grow.

Reference: Forbes

Few of the famous marketplaces are Ebay, Amazon, Etsy, Airbnb, Taskrabbit, Uber, Freelancer, and Elance.

Types of e-marketplace

Based on a range of business models and on the way in which they are operated.

Independent e-marketplace

An independent e-marketplace is a B2B online platform. It is operated by a third party where buyers or sellers in a particular industry can participate.Registering on an independent e-marketplace, you get access to classified ads, requests quotations, bids in your market sector. To participate, you need make some form of payments.

Buyer-oriented e-marketplace

A buyer-oriented e-marketplace is managed by a consortium of buyers to establish an efficient purchasing platform. If you are having an idea to purchase, then participating in this kind of e-marketplace can help you decrease your administrative costs plus get the best price from suppliers. If you are a supplier then you can use a buyer-oriented e-marketplace to advertise your product catalogue to a set of relevant customers who are looking to buy similar products.

Supplier-oriented e-marketplace

Also known as a supplier directory, this marketplace is set up and operated by a number of suppliers who are seeking to establish an efficient sales channel via the internet to a large number of buyers. They are usually searchable by the product or service being offered. Supplier directories benefit buyers by providing information about suppliers for markets and regions they may not be familiar with. Sellers can use these types of marketplace to increase their visibility to potential buyers and to get leads.

Vertical e-marketplaces

Vertical e-marketplaces provide online access to businesses of a particular industry sector such as chemical,textiles, automotive, or construction. Buying or selling in a vertical e-marketplace for your industry sector decreasesinventories stocking, procurement-cycle time and supply chain costs and increases your operating efficiency.

Horizontal e-marketplaces

A horizontal e-marketplace connects buyers and sellers across different industry sectors or regions. To purchase indirect products like office equipment, stationery, furniture’s, mattresses etc., use a horizontal e-marketplace.

Online marketplace is a situation where everybody wins.

  • For the vendors, possible to focus on product manufacturing and shipping, with least efforts on promotion but still exposed to huge market.
  • For the marketplace owner, there is no risk of holding stocks. Earns, when vendors sells.
  • The customers, comparing products becomes a breeze. Lower cost due to huge competition.

Benefits of marketplace

  • 24/7/365 days open
  • Wider catalogues & products
  • Product comparison
  • Lower costs
  • Accurate payment processes
  • Quick placement of orders and return facilities
  • Transaction security and buyer protection policies
  • Unlimited space and registrations
  • Boosts confidence with Reviews and ratings
  • No geographical hindrance.