Multi Vendor Ecommerce Platforms: Their Why and How

If you think that ecommerce has been primarily responsible for changing the face of retail, then let us tell you that multi vendor platforms have taken ecommerce to the next level. Today, we will explain the details of their fundamentals and discover reasons why ecommerce entrepreneurs are investing in the same. These e-marketplaces are preferred against the normal online stores and there definitely are various reasons for the same.

Multi Vendor Ecommerce Platforms: Exploring their pros

Investing in the services of a Multi Vendor Ecommerce Platform Development Company will only go on to benefit you in more than one ways. We will learn how it does that. Make sure you’re selecting the developer with proven credentials. Here’s more about these models.

Now, to start off with, let us tell you that some of the biggest online stores have invested in the multi vendor systems. Flipkart, Jabong, Snapdeal, Amazon, Alibaba and Etsy have all experimented with this particular model and emerged successfully (need we even say that?).

However, it is not really prudent to try e-marketplace out without really comprehending its fundamentals (i.e. what it exactly is). A multi vendor platform enables every vendor to have a separate shopping area inside the model itself. The one who owns this entire model has to do nothing except processing the order, tracking payment and charging commission to these vendors. The sellers, on the other hand, are responsible for maintaining inventories, product descriptions, logistics and other updates. As a vendor, one does not really have fret hearing all this – simply because the platform owner will give them a system to manage it as per their convenience and comfort.

Now, entrepreneurs are quite noticeably interested in this particular model because of the following benefits offered by the same. As the platform owner can easily shift several responsibilities (like the logistics, inventory management etc as has been mentioned above), it makes the job a whole lot easier for you. Carrying out all these responsibilities all by yourself would actually require the efforts of a large team. So, a multi-vendor platform owner definitely scores over a regular ecommerce store owner as far as this particular aspect is concerned.

The liberty to delegate work and take advantage of reduced costs

Since you are not required to hire a large team to get the aforementioned jobs done, you can expect your expenses to be under control as well. In fact, ecommerce startups are known to have suffered the most owing to their human resources and warehousing related costs.

Offering different platforms to multiple famous vendors would only ensure huge sales and traffic. It just goes on to make your job easier. When you’re going all out with your promotions – telling your prospects that you’re selling products from well established brands like Nike, Nestle, Vero Moda or for that matter any other reputable name, would only mean that you can attract more people than what would have been the case if you had set up a regular online store.

It is Time For an ECommerce Merchant Account

When it comes to business, you have to know just what is the current trend. You have to find out what other businesses in your niche are doing. You also have to see and understand how people in your market are spending. That way, you will be able to find a good strategy to get a good amount of sales. You definitely want that. After all, you did not put up your business so you would just keep on spending on something that does not mean any kind of revenue for you.

One of the most common trends at present is going for ecommerce. Ecommerce may be a new term for you but it simply is the shorter term for ‘electric commerce’. In other words, it means advertising yourself and your business and selling what you have to offer online. Transactions are done through the internet and so it is oftentimes not even needed for you to set up your own office.

Many people have gone to ecommerce not just because it is more convenient on their end. It is also because a lot of consumers are purchasing online with more and more getting easy (and even unlimited) access to the internet. With that, you definitely would want to get a portion of that market. Over setting up a store in your area, going ecommerce definitely allows you to reach a larger range of consumers.

When you are into ecommerce, it is also essential that you have an ecommerce merchant account. This is because having a business online means having your customers pay you through credit card transactions most of the time. It would be a hassle for them to find a wire transfer service just to pay you. With that, you should have an online shop that is not only easy to use but is also secure and has the ability to process credit card transactions. And that is where the ecommerce merchant account comes in.

With that, you should be able to understand the importance of finding the right kind of ecommerce merchant account to get. Though there are plenty of those available, what is important is that you are able to trust the company that you will be working with and they would be able to give you what you need. Consumers would most likely go to your online shop if they know that their transactions are secure and that they are getting the best products and service from you.

9 Effective Tips to Make Your eCommerce Business Successful

Tip #1 – Never Rush. Putting up your own online business nowadays has never been this easy. All you need is the right product and a computer with an Internet connection. Making a website only requires you to sit in front of your computer and watch online video tutorials on how to make one all day. Once your website is up, voila! You have an eCommerce website.

As easy as it may seem, most budding online entrepreneur make the mistake of rushing the launch of their website. The common misconception is once you have a website that’s up and running, you’ll be able to have a successful business. They couldn’t be more wrong.

Keep in mind that a website doesn’t generate site visits by themselves. There has never been a case where a new store was put up in the corner and people started flocking to it; unless of course if you’re an established brand, which you are not. If you rush the launch of your eCommerce website too early without doing the necessary leg work, it would definitely fail.

Don’t Rush. Before launching an eCommerce website, or any website for that matter, make sure that you’ve taken Search Engine Optimization into consideration. In addition to SEO, creating anticipation for your website is of utmost importance as well. You must let people know what the nature of your business is; what you’re all about. You can do this through either paid advertising or through social media.

Tip #2 – Always connect with your customers. It has been a well-established fact that giving your customers the ability to smell, touch, see and feel the products firsthand before making a buying decision greatly increases sales. While there’s no possible way to do this in eCommerce since everything is done online, you can basically compensate for this shortcoming in other areas of the business. A good example would be to give your customers money-back guarantees, great pricing schemes, free shipping and other benefits.

Tip #3 – Always do a test run. This is always mandatory. Nothing is more frustrating than investing on an online eCommerce system only to find out during launch that it’s not working. As a business owner, you should always think like your customer and sort out what works and what doesn’t.

Tip #4 – Be social. This is very closely related to connecting with your customers. Keep in mind that customers want to deal with real live human beings instead of robotic machines. If they see that a company takes care of their customers and interacts with them, they’ll be more than happy to be patrons of your business.

In today’s digital age, social media is the best tool to reach your customers. For some, social media is the heart that beats life into their business. Without them, the business would surely die. Social media gives an obstructed view into the hearts and minds of your customers. Therefore, it would be extremely beneficial if a business owner such as you gets involved in this process.

Tip #5 – Mobile Accessibility. Most people are connected to the Internet via mobile devices. Gone are the days when people would just sit all day in front of their computers at home just to be online. If your business has no mobile accessibility, you’d be losing a large percentage of your business to other companies who can reach people through mobile devices.

Tip #6 – Optimize your website for Search Engines. Majority of the world’s online activity comes from search queries done from a search engine. Not a single website on the Internet nowadays are found without the help of a search engine. Therefore, optimizing your website so that it’ll always be included in the top 10 search result of every user is good for exposure. What good is a business if people can’t find you, right?

Tip #7 – Collect customer data. A customer’s data is very important if you plan to do targeted marketing to increase your business. A customer’s data contains pertinent information that will assist you in targeting the right customer type to sell a particular product to. Without customer data, you won’t be able to know how or who to address a specific product launch in the future.

Tip #8 – Keep your site secure. Not having security is the fastest way to destroy an eCommerce business. Remember, that in an eCommerce website, one of the most sensitive things that you handle everyday is a customer’s financial information (e.g. credit card information, bank accounts, etc.) Without proper security, it’ll be open season for the hackers who’ll use those information for their own gains. Not only that, without security, you’ll lose customer trust.

Tip #9 – Expand and grow. Today’s market is extremely competitive. If you don’t innovate and come up with new products or service to sell, you’ll be left eating the dust of your competitors. Always make sure that you grow and expand your business.

So there you have it. These 9 Tips to Make Your eCommerce Business Successful will definitely get you on the right track in building your business.