Lessons to Learn from Failed Marketplaces

“Failure is the stepping stone to success”. Avoiding mistakes is impossible for a human being but learning from our mistakes makes once thought as impossible things also possible. When it comes to the world of online Marketplaces, there have been many examples of success and failure. A Marketplace is an ecosystem that needs to be regulated and managed to ensure high standards of quality always. Unfortunately there have been marketplaces which couldn’t fulfill the same and gave a lesson to other marketplace of what not do. We are going to see few of the lessons in this blog.

Lesson 1: Customer Satisfaction Is a Must

All the big brands have found out the key to their success is in a great customer buying experience. A good customer experience drives happy customers. And these happy customers then attract more customers through word of mouth, social sharing buying experiences, which attracts more sellers to marketplace, increasing products choices for customers, and driving down costs to meet the competition, and competing on great after sale service. And this leads to more delighted happy customers. The cycle goes on and on. To cope up with it entire Marketplace team should put efforts every day on improving customer satisfaction and thus improving marketplace sales.

Lesson 2: Funding Can’t Guarantee Business

Homejoy – A service marketplace platform which connected house cleaners with its customers started in 2012 which saw a very quick growth from 2012 to 2014, closing a $38 million round of funding in 2013 led by Google Ventures. Unfortunately the company closed down in July 2015 because Homejoy’s cleaners were independent contractors and they could not be legally trained on how to clean a house. This led Homejoy unable to manage cleaning process and thus gave bad services and lost customer trust. This situation killed such a promising business with a market estimated at €400-800 billion. Homejoy Marketplace learned funding can’t guarantee business the hard way.

Source: Internet

Lesson 3: Good Buying Experience, Service and Trust Building

A main objective for any marketplace should be creating trust with customers through transparency and regulation. A Marketplace operator builds trust by providing a good buying experience that provides all relevant information about products, seller’s details, resolves any issues encountered with sellers if needed, seller ratings, returns policy, seller and buyer chatting system and more. For Homejoy, the inability to ensure consistent service using the above features led to a poor customer experience and poor trust building – To have a marketplace built with all the above trust building features then log on to www.exlcart.com.

Why Seller Ratings Has Become A Crucial Part Of All Online Marketplaces?

Not all sellers are same when it comes to business, strategies, services, delivery, customer interactions and more. Some simply don’t have what it takes to perform well on Marketplaces. It’s because they lack the willingness or just don’t have the knowledge to succeed. All your sellers should go through a resource training program before launching their products and bring themselves on board. Along with this be sure that the sellers are ready to face the customers and are willing to sell products and their motive is to sell and not to just promote. To ensure that sellers perform well, leverage a rating system on your marketplace. Hence it makes grading / rating the sellers a crucial part of marketplace. In this blog we will see what are other reasons that motivate marketplaces to have seller ratings.

Seller rating drive competition

When your marketplace has good number of sellers with rating system, competition arises, and thus benefits to improve the customer experience in 2 ways: First – Sellers will compete for the best possible price. Second – Sellers put efforts to offer good quality services to win orders and ratings. Consequently, the more sellers you will have, the higher your level of service will be, as competition drives better and better customer service. Sellers with good ratings will flourish, while those with poor ratings will diminish.

Seller rating provides transparency

By the year 2020 customer experience will overtake price and product as the key product brand differentiator. In a report from Forrester – “Consumers are highly influenced by ratings and reviews and will often only consider products and/or sellers that have active ratings and reviews.”

By rating system, you not only manage high quality service and competitive pricing, but also communicate to buyers to prioritize transparency. Such an open, and honest, rating system implies your marketplace honesty towards customers, and dedication to provide the best possible customer experience.

Infuses product in stock.

Displaying multiple offers, product, seller reviews, and seller information will help you offer a great buying experience to your customers through high product availability. Implementation of a strong rating system and appropriate atmosphere will build a best buying environment for both sellers, and buyers.

Why Visual Search Is Experiencing Greater Adoption In Ecommerce?

Searching is a fundamental human activity. Searching online using text is common. But online visual search is something which is getting main stream now. People search a visual stimulus amongst other visual stimuli. The more stimuli there are, the more time it takes to find a target stimulus. In a visual search, a target is the item that you need to find online. People search by taking a picture: pointing their mobile phone camera at a painting, a famous landmark, a barcode or QR code, a product, or a popular image. And if it’s available online in its database, it will provide you with useful information.

So who does such searching online? A company named Like.com established in 2006, enabled visitors to upload a photo to search for products. Like.com was popular as a price comparison website, but visual search did not experience wide adoption at that time in retail community. Google realising its worth in future, purchased Like.com in 2010.Amazon’s mobile app has included visual search since 2014.In 2015, Pinterest launched a visual search feature that allows searching part of a pinned photo for products. Google’s “Images” search now includes visual search. Let’s see the reasons why visual search is experiencing greater adoption.

Evolution of Mobile Commerce

The rise of mobile commerce has made it convenient for the users to take a photo and search it anywhere. Retailers can make use of this technique by implementing visual search and enabling the consumers to upload a photo and easily search for a product in their website and then buy it.

Visual Search as a Service

Various ecommerce features gained popularity when developers made those features available easily. Website owners integrate them to attract more customers. For example, the ratings-and-review features. It is an easy-to-integrate service, so the adoption picked up, with thousands of website owners adding product ratings and reviews to their websites.A similar adoption is happening with visual search. Many ecommerce and app development company have made it easier for ecommerce owners to integrate visual search into their websites and apps. Exlcart being one among them helps you to setup such feature in your ecommerce store. Once the setup is complete, visitors can upload photos to run their searches.

Artificial intelligence in Ecommerce

Artificial intelligence is the ability of software to learn based on data provided to it. Visual search is an artificial intelligence challenge, where the software needs to identify the products in a photo and execute a search to find matching items among the billions of images, objects, and shapes. With recent advances in computing power and Big Data analysis, softwares can compare it with the billions of other products, to identify the exact one. Speed has greatly improved as the results show up almost as fast as the text-based search.Software almost assures that the right products will be returned for visitors when they execute a visual search by uploading a photo.

5 Steps To An Engaging OpenCart Mobile Appfor Your Online Business.

We all know that online businesses are no longer limited to just desktops but have moved more towards hand held mobile devices due to their increased global usage. Ignoring mobile devices and mobile apps for the expansion of your online business can hit your business hard in the long run. Mobile apps have become lifeline of many online businesses. Mobile apps fetch high revenue and conversions than that of desktops and thus having mobile app can become a fortune to any online business now-a-days.

Sometimes, mobile apps can also be a reason of disappointment if not properly planned. Not all mobile apps can act as a great start for your online business. Note your audience, their habits, their convenience and then plan your mobile app. In order to make a good mark in terms of customer engagement, you can take the help of OpenCart mobile app module from Exlcart. Following are the step by step guidance that can help in ensuring a successful and engaging mobile app for your OpenCart online store.

To boost your Opencart online business, store owners should purchase a feature packed OpenCart mobile app module for attracting mobile users. To accomplish this main task, take the help of Exlcart OpenCart mobile application that can deliver wonderful mobile apps for OpenCart store.

  • After the purchase of Exlcart OpenCart mobile application module, our developers will install and configure this module in store owner’s OpenCart online store to achieve the desired conversion rates.
  • While installation, the store owner will be presented with a set of questionnaire that will help in providing the required functionality to the Opencart online store and mobile app.
  • Once the website and mobile app prerequisites are received, it will be much easier for our OpenCart mobile app developers to deliver store owners the required mobile app for their OpenCart website.
  • Once the desired customization is accomplished on the OpenCart site, developers will export the mobile apk file on Google Play store for Android mobile users.After that, the OpenCart mobile app will be published on the Google Play store.

Launching your Opencart mobile app with your brand name on the Google Play store, will help you achieve the desired conversion rates without any hassles. Reach Exlcart through our website www.exlcart.com and take your opencart online store to great heights among other competitors. Get your online business goal easily achieved by our OpenCart mobile app.

Do You Know Why Traffic to Your Marketplace Isn’t Growing?

Your online marketplace is in place to start and you have given your best into your website’s Search Engine Optimization (SEO). You have traced your semantic kernel, Meta tags, Meta keywords; Meta titles to every page, framed unique content, but the result of the hard work aren’t great. So what to be done next? Hiring an SEO expert? Wait! Before taking that step, you must recheck your website for the following small & common defects which can be rectified by yourself.

Website is in a “Sandbox”

Sometimes a newly created online marketplace lands into the “Sandbox”. If the website is created within the past six months and is in a competitive category, then attracting few visitors is common. “Sandbox” is a holding area for the website and have their search ratings on hold until they can prove worthy of ranking.To ensure a good ranking, update website content regularly, create relevant text content, use long tail queries.

Website is unavailable for “Indexation”

A very common mistake done by the developers is to neglect the submission of the search engine indexation of a new website. For e.g., in robots.txt, instead of just the site’s technical section being offline, the entire website is set unavailable. This leads to a situation where search engine might not find the new website to index its content.

Website’s internal re-optimization.

Website’s internal re-optimization like Meta tags (title, description, keywords), tags (h1, Alt), text content, internal interlinking, images and videos might help the website ranking to rise. Google has a number of filters that respond to website re-optimization.

The semantic kernel is wrong or poor

The right choice ofsemantic kernel(keywords) helps promote a website. To increase the traffic to your marketplace website, you should optimize your website for those keywords, revise all of your queries, and expand queries by adding more keywords.

Seasonal demand for the products

If your website deals in seasonal products like tourism, sweater & jackets, perfumes, then there may be an influence of seasonal factors that the website’s traffic is not growing, don’t worry, you just need to pay attention to current trends.

Website’s Search Engine Ranking

Business and service websites like emergency services,tow truck or taxi companies, weather reportsneed to be at the top of web search results. If they are not in the top 3 Google search results, then there would be no traffic at all. Fight for your website ranking because the market is competitive.

Global Influence

No one is immune to different types of global events and influence. Like from revolutions to natural disasters, political influence to diseases.These influences might drop the website traffic and demand. It can happen in any country and influence online traffic.

After above recheck points, you might find the website traffic reaching thehigh point in your market niche. Your keywords are trending, so what should you do in such a situation? -Look at your semantic kernel in the detail and create more relevant text content with long-tail queries.