Today, customers appreciate online shopping more because of its convenience. Retail eCommerce sales have surpassed traditional shopping sales, and there’s no doubt that its growth will continue to increase.
You might be looking for answers to whether you should create a website marketplace for your retail store, service-based business, hotel, or restaurant. Let’s answer your question and erase your doubts by knowing everything about eCommerce or website marketplace.
Website Marketplace or eCommerce
These two terms refer to the buy and sell process of goods and services online. Business owners can incorporate their physical location into their website marketplace, allowing their prospects and loyal consumers to browse their products and services online.
Whether you are managing a small business or large enterprise, having an eCommerce platform will significantly help your sales. The same with digital technology, eCommerce has continuously improved and advanced. eCommerce uses digital marketing and SEO to target the consumer market.
Before we introduce you to how you can build a website marketplace for your business, let’s take a quick roundup of its benefits.
Benefits of Having a Website Marketplace
Each year, the eCommerce industry has been expanding and improving its services to become closer to its consumers. It has been a big help to both merchants and consumers.
Here are the reasons why you should run an eCommerce or website marketplace for your physical business:
Most physical stores are not open 24/7. Some are only open for 8 to 12 hours. If you put up a website marketplace for your products or services, it becomes available to your consumers, whether day, night or dawn– without going to your store. It allows them to make buying decisions anytime, anywhere.
Making your business accessible to your customers any time of the day and wherever they are is a substantial competitive advantage.
You can easily upload your products or services into your online store and sell them immediately. Although it is an advantage, it also brings competition. Since it is easy to set up website marketplaces, you will have more competitors.
However, you can find a way to make your online store appealing to your competitors. You can design your website marketplace to attract more consumers and build brand credibility.
Your physical business store limits the reach. You can only sell to prospects and loyal customers who are around your area. Website marketplace helps you reach more customers country-wide or even globally. Integrating your business website gives it more advantage. You can reach and engage more customers.
When you sell your products or services online, it offers the ability to broaden or increase inventory. You can make your products more available online, which allows you to increase cash flow.
Collect Customer Data
Unlike at your physical store, when a customer walks in and views your product and leaves, you can consider them gone. However, if they view your products in your online store, you will have a chance to trace them. You can ask for their email address and build an email list.
Moreover, you can reach out to them on other platforms using the retargeting marketing strategy. Retargeting helps you create ads that are tailored to people who have visited your online store. If you can reach out to these people, you will have a high chance of purchasing.
Do you know 80% of your customers contribute only 20% of your revenue? The rest of the revenue is from your local customers. They give the largest contribution. That’s why having repeat purchases is essential.
You have to build loyal customers. A client database and strategic marketing will give you customers and retain them.
Are there disadvantages to having a website marketplace?
All things have a disadvantage. Nothing is perfect. However, you can make it flawless if you know what things to consider.
- Commissions: If you want to use a built marketplace, such as Amazon or eBay, they may charge a commission on each sale you make. It’s the same if you will create a business website of your own. Although some offer free plans, the site builder of your preference might not offer free plans. Thus, it is best to do research and understand their pricing structures.
- Terms and conditions: There are policies you need to follow when communicating or sending email newsletters to your customers. Moreover, you have to protect the data privacy of your customers. Thus, you need to make some considerations of your website’s features.
These drawbacks will not hinder your success in eCommerce if you know how to handle them well. After all, the key to a successful business is the appropriate and effective use of both traditional and online marketplace. An online channel is only a solution to satisfy and provide the needs of your consumers.
With these benefits, there’s no doubt why you shouldn’t create eCommerce for your business. There shouldn’t be anything that’s holding you back. Take the initiative and join the ever-growing market.
Are you ready to create your business website? Check our next post.