The way of shopping has changed a lot from the post decades from how we used to shop through only the brick and mortar stores. We have found a new convenient method of shopping via online marketplace which became a huge success for all the ecommerce players in the market. One of the main successes for these ecommerce platforms is their availability 24*7 which lags in a brick and mortar. Users can shoop anytime from anywhere without having to wait for shopping. Ecommerce platform has not seen its success only in the clothing sector but also the availability of almost all the items (basically which can be shipped.
If you are impressed by the success rate of the multi vendor marketplace software and want to be the next successful player, you must also know the important challenges you will need to face before starting your own multi vendor ecommerce software. Technology with no doubt has helped us in advance in all the dimensions, but we cannot ignore the challenges to be faced.
Let me take you through the common challenges you will be facing when trying your hands for attaining the success of the ecommerce marketplace.
Product and Market Analysis
Finding and analyzing the market place for the products according to the size of your platform is a huge risk. There should be enough variety of products from which the customers can choose the products and buy one who can become a potential customer. The product variety also helps in building attractiveness to your website showcasing the different products you have on the website.
When displaying a huge variety of products on the website, make sure you always have the flow of products and not out of stock. If you are listing a product variety it should be available all throughout till your website is available in the market. Getting the reach of the products is it from the retailers or the manufacturers directly are very challenging which one must face even before they have started their ecommerce platform.
Placing Product in the Website
Placing the products on the website in a way the customers have the same look and feel when they shop from the brick and mortar store can be challenging. The more the products, the more it will be challenging in placing products. At Least 2-3 photos of the products, a short description of the product, product usage, wear and tear description, etc have to be placed in a way that the customer feels they are having the same touch and feel even though they are shopping through the online marketplace. Imagine having more than 100000 products and trying to place all the products. This will require huge work for both technology and manpower which will definitely give the head spin.
To tackle this challenge, go for the software and the technology which gives you a platform in the enterprise level along with the API (Application programming interface) feature.save your time by using the feature to export or import the product details via excel or csv files, where the files will get listed to the software automatically, and you will not be having any confusion in listing each and every product.
The potential customers for your website could be from anywhere. Focusing on just one or two marketing channel will bring down the audience size and in return will decrease the sales conversion. Not all the customers who visit the platform are sales-ready customers. In order to tackle this challenge, you must always determine the information about the marketing channels which will bring you the potential customers to sales ready customers.
Before implementing any marketing channels, you should be sure these channels have your potential target audience in good size. Run a small budget buyer’s persona to track the customer retention rate via your website analytics. This should help you in determining the right channel to market your ecommerce platform.
As discussed earlier, converting a potential customer to a sales ready is very challenging. For making a customer to sales ready, there are several processes which take place in between. For converting sales, you must be constantly in touch with the customer and visualize their behaviour through the sales cycle. Constantly visualizing the behavior will come in aide to understand the customer's requirement which will help in converting to sales. One of the main reasons why a customer doesn't buy the product might be lack of making a decision. When shopping via ecommerce platform, customers lack in getting advice in buying a product as they would in a brick mortar store.
To overcome this challenge, you can add a chatbots, customer support exclusively for the customers helping in indecision problems. You can always invest in making your website alluring for the customers do not leave the website without buying the product they are looking for. Remember this function requires an enormous investment and being in a starting enterprise level, this could be a huge step to take. Always go for the one which will benefit you the most.
If converting potential customers to sales ready is difficult, it is even more troublesome to retain a customer. Commonly the majority of the customers visit the website only for single time use, whether they purchase the product or not. Retaining customer is more bumbled upon building the trust factor and continuous engagement with the customer. We understand it is difficult to build trust with the customers when the communication is happening all over online which is again mostly automated.
As a solution for this challenge, engage your customers with email marketing techniques of sending offers, deals, discounts and special discounts to a particular customer. Keep your customers informed about any new product arrivals and updates. These newsletters will improve your relationship with the customers and building a trust factor for retaining the customers.
Take Away Words
The challenge which we face today isn’t much different from that of what it was a decade ago. At present we are facing technological problems, whereas a decade ago it was much of human interaction and the challenges faced.
A well-developed methodology and analysis to know the customers will help in developing the multi vendor ecommerce platform to retain the customers increasing continuous revenue growth.