What is a multi-vendor marketplace and how does it benefit small-medium businesses?
While the multi-vendor ecommerce marketplace is dominated by Amazon and Ebay in the United States, this industry has still seen 63.5% growth excluding the market leaders.
It’s a boom for several emerging marketplaces to capture and capitalize on the opportunities the industry has got to offer. Out of the top 100 marketplaces across the globe, 52 of them are located in the United States, indicating that the market has got huge potential for growth and there is a need in the ecosystem. This makes the US as the 2nd fastest growing economy after China then followed by Japan.
What Is Ecommerce Marketplace?
Ecommerce marketplace is a platform that enables vendors to reach more potential customers digitally and is one of the most organized platform due to the availability of multiple vendors in 1 place. The vendor need not worry about the up-time and on-going website maintenance as it’s taken care by the ecommerce marketplace platform.
There are few disrupting technologies that are shaping the ecommerce industry. Firstly, augmented reality. According to Gartner, 100 million customers have used AR to shop their necessities. So, rather than a value-added offering, AR is seen to be core of ecommerce business in the near future.
As 75% of US households will have some sort of smart devices, voice search will gain more prominence along with AI for personalized recommendations for shoppers.
Another major trend the industry is seeing is the shift towards m-commerce from traditional shopping behavior. According to Statista, by end of 2021, 73% of ecommerce sales will happen via smartphones.
So, you as an ecommerce vendor, it’s has become a necessity to stay on top of current and new trends to stay competitive. This is especially true if you are a small business or a start-up.
Benefits of Multi-vendor Marketplace For Small Businesses
Greater Customer Reach
Selling on a marketplace is the fastest “Go To Market” strategy. When you sign-up to sell on a marketplace, you instantly get access to a large pool potential customers, unlike selling it in your own ecommerce store.
This results in higher brand visibility and readymade infrastructure to get started within hours.
Cost Saving Approach
Most small businesses have limited monetary and time resources. Every business owner dreams of having a successful business and today that entails success selling online.
Setting up a website has become quite economical because of sites like Shopify, WIX and similar. Well that’s the easy part.
Irrespective of the size or brand awareness of your business, the challenges then escalate due to costs and manpower needed in maintaining and updating the site, content creation, cybersecurity, social media marketing, SEO, generating traffic to gain sales.
As these costs become a sizeable portion of the revenue, the vision of selling direct to consumer in search of those higher margins quickly dissipate. A big concern for any business owners.
The most cost beneficial way is to sell on marketplaces. There are several and we recommend you start selling on as many as you can.
Do not bind yourself to any one marketplace just because they are big. Some new entrants can give your business just the boost you are looking for. The collective audience you gain will tremendously increase your chances of success. It’s just like fishing, the more you cast the better your chances.
Look for marketplaces that offer critical features such as Free Subscription, Free Microsite, Free Promotion, Low Commissions, Quick Payments, Easy To Set Up Products, Brand and Business Visibility.
Grow Your Sales & Profits
Many ecommerce businesses like yours, opt marketplace to simplify the whole selling process. A study by Malcolm Smith of Bloomforth indicates that 55% of the businesses selling on marketplaces have experienced 20% higher profit margins.
Why wait when you can grow quick? However, there are a few points to Not all marketplaces assure with transparent pricing and affordable commission fees. Checkout the new startup TurtlesEgg.Com, the offer solutions to various pain points online sellers experience.
TurtlesEgg is a socially responsible marketplace that caters to customers and seller’s needs by providing a robust, simple to use, attractive and unified platform. The unique vision of “Together We Win” concept, ensures small ecommerce businesses enrich and grow to new heights.
Leverage the unique value-added benefits from TurtlesEgg.Com now!
1. Bold Promotions Of Brands And Businesses Onsite And In Social Media
2. Personalized Dashboard
3. Live Chat With Customers Pre And Post Sale
4. Customizable Micro-site With Own URL
5. Sales Tax Collection And Filing In All 50 States
Start selling on an ecommerce marketplaces and risk free on TurtlesEgg Marketplace.