The year 2021 recorded 2.14 billion people who bought products online! That is 27.6% of the 7.74 billion people in the world that made purchases via digital mediums. Imagine the opportunities you can tap into by investing in an online marketplace for your eCommerce business. But, of course, it is more than just following the trends and looking at the numbers closely.
But investing in an online marketplace can pose thousands of questions in front of you. However, the catch is to beat the traditional marketplace obstacles like a pro while beating the competition.
This article explains how you can disrupt the digital space with a best-in-breed multi-vendor online marketplace.
Acquire Customers Like A Pro
Unlike physical marketplaces, an eCommerce marketplace can open up the doors for a global customer base. This means you have enormous growth potential and a chance to tap markets with higher opportunities like a pro.
Moreover, this can help you eliminate the step of finding appropriate real estate options to build a physical store and sell. Instead, follow standard SEO best practices and brand-appropriate digital marketing to enhance your digital presence. And voila! The bottom line is that your customers come to you instead of you bringing the product to them. This majorly eliminates unwanted and uninterested traffic.
A Far Better Reach
You have no limits in the playground when you switch to an online marketplace for your eCommerce business! 2021 witnessed nearly 2.14 billion unique online shoppers as per Cloudwards.net. Thousands of users browse the internet every day, and it is only an opportunity for your product to appear in front of them.
With an ever increasing online presence, your eCommerce business can reach millions of customers and blur the geographical boundaries. This means you become an integral part of the global marketplace.
Make Insight-driven Decisions
Investing in an online business has its own benefits. Gathering and analyzing data pertaining to your traffic, vendors, and customers to render personalized, relevant, and superior CX becomes a cakewalk. You will have the smoothest and easiest access to the key information to boost your business. Once you have an online marketplace, you can get a clear idea of the following under the customer management feature:
- Times someone viewed your product
- Locations where your product was viewed
- The payment method used for the purchase
These are nothing but smart insights that you can use to understand consumer behavior and tailor your product/s later as per their requirements. Consumer management is only one of the many features you can leverage in an online marketplace.
You can also leverage product, vendor, order, and catalog management to make informed decisions for healthy business growth.
Giving your Customers Flexible Payment Options
Online marketplaces have the potential to offer a vast range of payment methods and integrations of well-renowned payment gateways to enhance the purchase experience of your customers. Cashless ecosystems are gradually becoming widely accepted practices among the leading digital commerce businesses. These businesses imperatively offer integrated payment gateways as a standard practice. You would be surprised to know that digital commerce is the market’s largest segment which has projected to reach a total transaction value of $4,751,964 million.
Your customers can choose from modes of online payments like credit/debit cards, bank transfers, and more. Plus, you can reward your loyal customers or onboard the new ones with options like EMIs or installments, discounts on the first purchase, free shipping, and vouchers.
With all these, it is easier to retain customers and create a lasting brand-consumer relationship.
Market Your Products Efficiently
eCommerce marketplaces offer an added advantage of the ease of marketing to the target audience. On a regular day, you would indulge in offline marketing activities to enhance your product’s visibility. However, you would need to enhance its visual appeal too.
With a digital marketplace, you can showcase your products precisely and leverage multiple mediums to entice your customers, like infographics, videos, and high-definition images. Now, when you look at the cost of these, it is comparatively lesser than the offline marketing expenses.
To conclude:
Regardless of the industry, an eCommerce marketplace involves lesser complicated processes and more advantages. Moreover, in this hyper-digital age, it only makes sense to yield the power of a digital; marketplace to open up the powerful realm of online growth for your business.
Considering the extensive functionalities available in an online marketplace, it might get overwhelming for you to utilize it to the fullest extent. In such instances, look for a best-in-class online multi-vendor marketplace solution provider like Rocket Bazaar.
Built on the world’s leading eCommerce platform Magento 2, Rocket Bazaar is a ready-made Magento multi vendor marketplace solution for businesses seeking to thrive online. With Rocket Bazaar, you get all the features required to keep your store revenues high in any economy. It’s quick to set up, easy to customize, and user-friendly! Get in touch with us to build a striking marketplace for your eCommerce business with us.
