Learn how worthful it is to sell in an Online Marketplace than on an eCommerce website here in this article,
If you’re a newbie to the eCommerce market or industry, making the decision where to list, manage, and sell your product, believe me, it isn’t an easy job. You have to look, analyze, and seek for all the possibilities and benefits offered by them before making any move thereon.
An online eCommerce platform helps a vendor to reach out among the chunk of customers easily and take their business to new heights and helps the online shoppers to find the right products at competitive prices. Here we tell you that the Ecommerce website and online marketplace are the two prime options available out there when it comes to online business.
Online Marketplace Vs eCommerce Websites
First, let’s narrow down how these two exactly differ from each other. The marketplace website is a third-party website that provides and acts as a business platform for any retailers to sell their products online. Example: Amazon, eBay, Flipkart, Etsy, etc.
Any vendor can join the online marketplace and kick-start selling their goods and services online. On the other side, the eCommerce website is something an individual owner owns the store where he can buy the products of a particular niche brand or seller from its native site.
These websites are solely owned and managed by the merchants and can be easily built using some prevailing eCommerce platforms such as Magento, Shopify, PrestaShop, WooCommerce, etc.
Both of these options come with advantages and disadvantages and this is what makes it difficult for a seller to make the right choice. Here are some factors which will surely help you to understand the difference between both the platforms in detail and help them in deciding the best choice for their business:
1. Building Brand Image
Yeah, there is no point of doubt in saying that creating your website gives you full control over your brand’s image and reach. You can make your niche products according to your own choice without any hassle. But, anyone who is a seller on the marketplace website would have limited options therefore, he/she will be unable to affect the brand in any way possible.
The presentation factors like layout, font, color, etc are standardized by the marketplace due to which often it happens that the product pages are not appealing and attractive for the users. Marketplace website also prevent the seller from mentioning their company name in any way, to focus this, that is a loss too.
In that case, creating a great brand value and image for your brand is primarily important when it comes to selling online. No matter which platform you are using for the same. Having your website provides you the authority to create a product page on your own choice.
It lets you create the experience you want for your customers by reflecting your professionalism in your website design that users wanted it to be.
2. Traffic Online And Marketplace Leads
Building your brand image is important in an online business but making good sales out of the business is equally important and crucial as well.
If you are an eCommerce store owner, you should research, implement, and forecast various strategies and tactics to promote your brand name. Right from optimizing your website rank to creating a social networking campaign, you can go for anything which suits you. However, there is a possibility that all these strategies can take a lot of time and effort with no assuring of successful results.
On the other hand, The seller marketplaces are well-established and highly trusted websites than self-owned web-stores. Selling on an eCommerce Marketplace could be an advantage for this factor as it’s easy for customers to reach out to your products.
According to statista.com, there’re over 200+ million monthly users visiting Amazon. The huge popularity of the Multi vendor eCommerce for online shopping automatically provides you the accessibility to a million customers without spending any money on marketing.
3. Effortless Start
Sellers need not worry about the features like domain name, hosting name, etc. All these features and mechanisms are already well established even in the B2B Marketplace. Moreover, sellers need not look for marketing platforms to promote their products.
4. Customer Experience
If your product has been purchased on a Marketplace, the customer experience is associated with the Marketplace website and not with the seller. Although the product belongs to the seller, still the user-experience belongs to the Marketplace.
So if you’re a Multi vendor eCommerce site owner then all that comes out relevant to the customer experience with the product directly belongs to your website. The seller has the full authority to control and customize all the factors associated with the product review and enhance the user shopping experience.
5. Expand Your Reach With Online Marketplace
It’s really important to attract visitors to your product and convert them into potential buyers. Selling through your website has some constraints to limited customers as it provides you the freedom to display products as per your choice but your product reach is confined. Sellers would be missing out on millions of leads across the border which results in limited sales.
Whereas, it is an astonishing thing that you can expand your business worldwide with minimal efforts with the Marketplace model. The seller can access millions of customers globally without making any advanced investments. You can now even make a great leap and cross border sales that eventually boost up their Multi vendor eCommerce business growth.
6. Wide Payment Options
Online shoppers are always looking for their most convenient way of payment. So the wider the payment option the wider the audience reach. Such wide payment methods offered by the Online Marketplace offers a no-wait checkout experience to the online buyers.
Payment options often influence the shopping decision of the customers. The availability of Multiple payment methods tempts the sellers to get enrolled in the Marketplace.
Well, it’s good for a seller to own an eCommerce website to sell products but selling through the marketplace won’t hurt your sales either. Nowadays most online sellers/vendors/merchants sell on both marketplaces and their niche websites to expand customer and business reach.
Though the best place to sell online totally depends on the product type and category of your store, but still choosing the online Marketplace to sell on is a great thing as this business model is the latest trend going on in the eCommerce industry. So implementing it for massive sales and growth of your business is important.
Webnexs offers a Marketplace solution for Magento which allows you to present your products among the larger audiences and encourage brand recognition as well.
As people of this generation are relying on their handheld gadgets like phones, tablets, and other devices for any online purchase. So anyways a vendor/seller needs to be updated to reach the customers through their devices to ensure higher sales and growth.
Webnexs offers an Extensive and Advanced Magento Marketplace Extension to build a fully-functional marketplace along with the best featured mobile app at the same time for your store.