Top 5 Benefits of an E-Commerce Marketplace
The days when people would visit a store to purchase clothes, food and other daily supplies are gone. With a significant increase in mobile penetration in the country and increased digital literacy, there’s a drastic shift in interest. With an inclining interest in ecommerce platforms or online shopping, and vendors need to catch up by listing their retail business online.
An e-commerce portal, online where products and services offered by numerous third parties is commonly known as an E-Commerce Marketplace. Further, the operator processes the transaction on an online marketplace.
An efficient ecommerce marketplace comes in for the rescue. Listing businesses in the marketplace will do wonders for businesses. From bringing in a huge number of customers in no time to giving greater visibility to acquire prospective customers. Moreover, with a significant creation of value for vendors and customers, the adoption rate of e-commerce industry is rising.
The reason for this shift is the introduction of the demonetization and GST. Which made it convenient for vendors to try digital payments to do business and to transport goods between states easily. With internet companies showing signs of organizing the market, CII and Deloitte report the market size to grow to $700 billion by 2020. Experts say, an e-commerce business, timing is the key factor, along with a fast internet connection to do business digitally.
Transformation of the Indian Retail Industry
The way the industry has transformed is the result of retailers willing to pay for the services of an e-commerce marketplace, for the same reason that it provides value in terms of profit on revenues. Not only do they generate greater revenue, they have a chance to expand their business and further increase profit margins. But this margin earlier went to the wholesalers.
India, one of the emerging leading countries, has seen growth induced by the increasing usage of smartphones and tablets. The access to the internet and the improved connectivity with it has encouraged the customers to shop online more. Moreover, the favorable demographics and the initiative announced by the Government of India like, Digital India, Make in India, Start-up India, has increasingly favored the small-scale businesses significantly. And with their correct implementation, the growth of the e-commerce platform is certain.
Let’s take a look at some of the advantages the marketplace serves to the vendors.
Benefits of an Efficient E-commerce Platform
1. Excellent customer service
The service of the platform applies to your customers as well as your business. Ensuring a good service also ensures goodwill with the customer that reflects on the business profit. If the customer feels good about the service on a digital platform, it builds trust and they surely return. With the implementation of software, it will add support to the business by improving customer experience.
2. Easy administration
A platform implementation helps avoid wasting time. Managing tasks done online can save a significant amount of time. The administration requires efforts and time to get things done right. And to do that employing software that’s easy to administrate will certainly help.
3. Simple user interface
A well-developed and well-designed platform will be easy to use for businesses and customers alike, making the experience smooth. An easy selection of products and services digitally, instead of giving a walkthrough to the customer is much recommended. This can be achieved by listing the business and getting the product inventory online.
4. Less downtime
Boosting business performance and achieving higher functionality is possible through a digital platform. An efficient platform reduces hindrance with errors that prevent customers from making a purchase and doing business with the vendors. With the easy-to-use platform, vendors can focus on projects and areas where they want to grow and not on troubleshooting on an inefficient website.
5. Customer Database
The advantages of selling online can be many, including the collection of customer data. That data can be further used to personalize and create focused offers to enhance customer experience. Also, this helps the vendors to get actionable insights and track customer interactions and get feedback. The first-hand data also enables the business to further innovate and grow.
What’s in it for customers?
A customer visits the mall to buy some essentials on a weekend rather than relax at home and shop online seems unnecessary in today’s time and day. When there’s an availability of ecommerce marketplace that sells everything that can be accessed from a single window, it is much more convenient for the customers. Ecommerce platform enables the customers to choose from a variety of options, avail offers, and discounts and get them delivered at home. Such power is driving more and more traffic to online e-commerce platforms, making it a trend.
The Takeaway of Ecommerce Marketplace
Hence proved that there are several benefits of getting the business online on an e-commerce marketplace. Listing the business online, where the vendors can easily manage and scale their business and develop a customer base helps them grow beyond traditional business practices into the digital revolution and keep up with the growing demands of the customers.
Beep is one such platform that realizes the gap between the customers and the vendors and allows businesses to move their business online with added benefits and reliability. We help local vendors to develop their customer base and increase profit margins while staying at par with the technology. Beep is a reliable e-commerce marketplace that brings buys and sellers on a single platform and facilitates transactions for business growth and expansion.