By: Sahil Mittal | Date : 21 Apr 2020 | Category : BusinessDate : 2 years ago
According to Statista's latest reports, between 2018 and 2022, India is expected to rank first in terms of B2C e-commerce development with a CAGR of 19.9%. A number of reasons including better infrastructure, increase spending power, and technological advancements made this tremendous growth possible. Indonesia accounted second with a CAGR of 17.7%, followed by South Africa, Mexico, Turkey, and China.
Ecommerce growth statistics show a steady rise in global retail e-commerce sales by the year, with the total value rising from $1.34 trillion in 2014 to $2.84 trillion in 2018. This is expected to cross $4 trillion by 2020 and reach $4.88 trillion in 2021.
Online marketplaces are the new Macy’s. For those who are still uncleared about the difference between Online Marketplaces and E-Commerce portal, online marketplaces are third-party platforms that simply aggregate the exchange of products & services between sellers and customers. E-Commerce websites on the other side are online stores or websites through which a merchant sell items to their targeted customers.
In this fast-growing urbanization, where operating any business has turned extremely rigorous and costly, online marketplaces provide a wonderful opportunity to sellers operate their business, without the need to invest upfront in setting their own website and stores. They even help you reach vast numbers of potential customers and businesses around the world. According to Statista, by 2021 e-commerce sales worldwide will amount to $4.8 trillion out of which online marketplaces account for nearly 50% of global online sales.
Setting up an account on these online selling sites is really easy and doesn’t demand to invest a lot of time. All you need to have is a valid bank account, business, and personal details. Today customers largely prefer shopping on online marketplaces as this gives them access to a large variety of designs & products, which then help them enjoy the latest trends, alongside saving time. Online marketplaces even help build trust among sellers and customers, thus ensuring rich and sound experience. Selling on online marketplaces brings some exclusive benefits for sellers, a few of them are discussed below.
Online marketplaces work as an additional channel for sellers to market their designs & products among a large pool of customers. The platforms even help sellers reduce their marketing costs by featuring their products through sponsored ads. Among other important benefits includes:
1. NO NEED TO RECRUIT EXTRA STAFF:
Online marketplaces provide all requisite channels to effectively sell around the world. This means you don’t need to invest much in hiring your own staff to manage marketing, sales, customers, operations, etc. This saves you a lot of bucks when operating your business. For beginners, this makes a very effective way to manage their start-ups and online channels.
2. SAVE YOU FROM INVESTING IN CUSTOMER SUPPORT CHANNEL:
Online marketplaces 24 * 7 support to the customer not only generate trust but even enrich customer shopping experience with the marketplace. This then reduces all your extra expenses to set up an IVR, customer dealing staff, and third-party tie-ups.
3. SECURE GATEWAYS:
In 2018, $24.26 Billion was lost due to payment card fraud worldwide. Customers today are highly vigilant while they make an online purchase. Signing up with an online marketplace offers then secure payment gateways, that provide you ease to generate more sales and effectively save you from the unnecessary payment gateway commission and charges Let you reach a large set of potential businesses.
4. FAST GO TO MARKET TIME:
With eCommerce marketplaces going highly integrated system and operability, it just takes a few minutes to set up an account by filling some required information. You can monitor customer insights, keep track of your sales and customers, manage inventory, shipping, and returns, etc. Starting an eCommerce business was never so easy and quick.
5. INTERNATIONAL REACH:
Online Marketplaces expanding enormously, it even provides sellers a chance to reach worldwide markets. This then increases your chance to earn incredibly big and enjoy scalability. With international crowd insane love for Indian culture & its products, you can even welcome some major orders.
6. HUGE POTENTIAL INCOME:
The Online Marketplaces manage all your operational needs to grow your business giving sellers a fair opportunity to potentially grow among the customers and scale their business. It even saves them from unnecessary investments in sales, marketing, content, SEO, strategy, and inventory, thereby saving them real big.
7. UNDERSTAND CUSTOMER BUYING BEHAVIOUR:
Yes, one of the very important benefits to talk about. When we say customer buying behavior, we mean the insights to his price acceptability, shopping time, likes, and dislikes about the product. It even helps you monitor your sales monthly which slowly helps you forecast all your monthly requirements thereby saving you from unnecessary inventory and sales charges.
8. INVENTORY MANAGEMENT:
A lot of other Online Marketplaces, especially when we talk about Amazon, Flipkart, Uepaki, Myntra, Walmart, ShopClues, etc, manage inventory and warehouse storage the mechanism for you. This even saves you from unwanted delivery charges and help in providing the customer with a quality shopping experience all the time, thereby growing your sales.
Though they offer numerous benefits, you are bound to face a number of trade-offs and difficulties as a major hurdle in achieving your target numbers. Here are some of the issues that you must consider.
1. SPONSORED ADS & PAID REVENUES:
A number of online marketplaces in order to provide you the ease to capture spots on the top pages and rows offer you more visibility by charges some extra bucks in the name of sponsored ads. This creates extra pressure for the sellers who don’t enjoy enormous earnings at the start and are sufficiently not that big to participate in online biddings. Every marketplace in order to multiply their revenues has incorporated sponsored and featured ads, which then deals unfairly with the visibility of our product.
2. COMMUNICATION WITH BUYER:
In case of any discrepancy, sellers are not even given an option to deal with the customers for a while. This mechanism of receiving unwanted returns and cancellations cause a lot of problem for sellers cutting out their margins by a bigger segment. They don’t provide an effective way of communicating with buyers to convince them about the effectiveness of your product.
3. UNJUSTIFIED COMPETITION:
Due to online marketplaces sponsored ads marketing mechanisms, a lot of other times this illogical marketing method drives customers to purchase the wrong product. This degrades the customer experience heavily which thereby degrading customer experience for the online marketplace as a whole.
4. HIGHLY PROFIT ORIENTED:
A lot of other time online marketplaces only focus on customer experience and buying experience in carving their profits. This highly profit-oriented nature result in potential seller losses making him/her operational debts and shutdowns.
5. NO PERSONAL BRANDING:
The majority of customers after their purchase only value online marketplaces and dishonor sellers’ contributions and hard work. This then only adds to the marketplace's branding and reduces any chances of the seller’s brand growth in people's eyes.
6. MARKETPLACES OWN POLICIES:
Marketplaces levy their own standard policies. Yes, this is one of the very generous problems, sellers usually are fed up off. Online Marketplaces in order to improve buyers' experience welcomes customer unjustified requests, which causes major destruction to the seller’s profits.
7. MARKETPLACES REPEATED SALES
There was a time when there used to be a season and year-end sales found on online marketplaces. Today, the majority of marketplaces in order to maximize their profits run multiple sales throughout the years. This again turns sellers making huge losses on account of large discounts during sale seasons. Customers majorly wait for these sales periods, which is what doesn’t allow them to turn into loyal buyers.
8. NO SELLER INFO PAGES:
Online Marketplaces don’t even provide any seller personalized branding pages that can help them grow anyhow among customers. Providing a basic online portfolio can sufficiently help in showcasing their name and brand to the customers.
Today, online marketplaces are an effective medium for International brands and companies to embark on their presence in any targeted market. Because of the vast number of resellers and influencers accessible on these platforms, it becomes easy for these brands to capture the market by creating stiff competition and offering suitable benefits. On the other hand, many individuals & small businesses in order to earn their living, start making sales by branding their products in the name of these brands. This too add-on potential value to their branding in the targeted country.
It’s time to change this obsession with brand names by giving our consumers alternatives that are more affordable, and equally good in quality. We will help you achieve this goal by helping you create your own personal brand. Every business in order to and cover its losses & increase its sales invest a large sum of money to get featured & visible on top pages. Bigger players with premium marketing budgets and practices easily outspent smaller business players in the market.
Online Marketplaces provide an Exclusive opportunity for sellers to increase their sales as much as by 1250%. The marketplaces though bring a plethora of benefits at the very first but in the sight of making large revenues ultimately land into paid promotions & sponsorships. This turn market highly competitive and monopolized. On the other hand, individuals and businesses start compromising with their standards and quality of products & services in order to cover their costs and losses. Customers feel cheated for compromised quality and performance.
Every customer appreciates & understand the value of a product with genuine quality. We through our policy of no paid promotions will ensure that those who are not able to deliver good quality products, genuine designs & services will automatically end up losing customers. We are a platform only for genuine products, designs & services. At UEPAKI, we will help you reap the benefits of your hard work- by assisting you in not just grabbing the best opportunities, but also assisting you with offline branding and set up.
We believe that performance & excellence in the quality of services & products should be the only criteria that should create a systematic industrial hierarchy. In order to achieve the same, UEPAKI endorses a regime of regular and systematic competitions, The Competition Cycle. A unique system of the rating where designers compete in their own category thoroughly driven by expertise, thereby following the systematic hierarchy of competition. This sense of competition not only offers a fair chance to Designers & Artist but even gives them a fine opportunity to showcase their talent & potential. Let’s have a look at the amazing benefits this Exclusive Marketplace brings.
When you brand your products in the name of already established brands, you are adding indirectly to the value of their brand. And while affixing the name of certain brands might guarantee sales for a short time, at the end of the day, you have not contributed anything towards creating the value and goodwill of your own brand. The uniqueness of your product and the finesse of its quality should be something that people associate with your name. And this can only be achieved by investing in the creation of your own brand- as a designer, artist, or primary producer.
Join the biggest live competition ever by signing up today at Country’s Exclusive Online Marketplace. Sell, Compete & Conquer.