Online marketplaces have marked their presence felt in almost all fields. Be it booking appointments, hotels, travel tickets, buying medicines, or even placing bulk orders for businesses, you can use the internet to get information, or conduct your transactions online.
During the holiday season, buyers across the world move to leading marketplaces to buy products because it is at this time that they can get the most discounts. Similarly, for most ecommerce store owners, this is the right time to make profits from their store sales.
For those who are eyeing to start their first ecommerce store, the prospects of opening a marketplace may look like a daunting task. There are many things these store owners would need to take care of before they can start the store. However, once they are done with it, profits are endless. Customers love ecommerce marketplaces and here are some numbers to advance that argument.
Online Ecommerce Behavior (Statistics)
- A 2017 Forrester Research report found that 95% of all consumers have already used a marketplace.
- Shopify predicts Global marketplace platform provider revenues to double from $18.7 billion in 2017 to $40.1 billion in 2022.
- Ecommerce News, a news website focused on ecommerce, predicts that global marketplaces will cover 39% of the online retail market by 2020.
- One study by Gartner, predicts 60%+ online sellers will list their products on marketplaces by 2020.
Of late, ecommerce marketplaces have grown remarkably. Online sales in the year 2019 surpassed those of all the previous years, and that testifies the fact about the exponential growth the industry is currently witnessing.
Ecommerce store owners tend to look out for extensions that can help them extend their reach, or make their work easier. They install extensions from renowned ecommerce marketplaces. One such marketplace that is helping store owners in their journey towards a better ecommerce experience is CedCommerce. The marketplace started with the idea to accelerate the growth of businesses that wanted to get an edge in the digital world.
Ecommerce stores that host their websites on the Magento ecommerce platform can use CedCommerce to enable merchants to market their products on multiple platforms including Amazon and eBay.
What is CedCommerce?
Source: CedCommerce Magento Marketplace
CedCommerce is an ecommerce marketplace that enables merchants to launch, scale, and diversify their ecommerce operations. Since ecommerce is all about buying and selling products online, the marketplace offers freemium extensions to successfully market products.
How CedCommerce Can Help Store Owners?
It provides extensions and development solutions that store owners can use for open-source development, SEO, web development, website designing, theme development, and mobile application development. In short, it expedites the overall ecommerce store creation process.
The Magento extension provider offers over 850 products including extensions and tools. It has more than 11,000 satisfied customers in 25 countries across the world. Moreover, the marketplace has gained official channel integration partnerships with some of the largest global retailers such as Walmart, Sears, and NewEgg, etc.
Key reasons for using CedCommerce for your ecommerce store may include, but are not limited to:
- Offering a greater variety of products/items
- Convenience for users
- Allowing buyers to locate items available for purchase online
- Introducing buyers to new retailers who they may not have otherwise found
- Helping buyers use multiple browsing options to buy products from different sellers
Let’s check out how Cedcommerce is helping store owners create and market an ecommerce store the right way.
Helping with Vendor Management
For a new marketplace to flourish, it is essential to give vendors sizable visibility i.e. a dedicated page and more. Many marketplaces do that including Etsy, eBay, and AliExpress. On the other hand, some don’t. During the initial stages, it is advisable to give the vendors the value and the presence they deserve, which will enable them to put forth their distinct identity.
An extension by CedCommerce, Advanced B2C Marketplace, enables merchants to have storefronts on ecommerce marketplaces such as eBay, Amazon, Etsy, AliExpress, Wish, and many more. It offers the following features:
- Unlimited Product Upload – All products are compatible with Magento
- Managing Order, Invoice and Shipment
- Refund Management
- Communication with admin as well as customers
- Creating and running personalized promotions
Helping with Payment Method Integration
As per Baymard’s study, 6% of online shoppers abandon their carts during the checkout process due to the availability of a limited number of payment options. Therefore, it is essential that marketplaces offer multiple payment options to targeted users.
CedCommerce provides multiple payment options to store owners who are trying to extend their reach to multiple countries.
Helping with Ecommerce Shipment
Shipment is a crucial factor in the entire supply chain system. Irrespective of how stunning the website’s user experience is, if the products aren’t delivered at the customer’s doorstep within a specified time, in the right condition, he’ll most likely leave your website and look for another ecommerce website to buy the desired product. .
Consequently, you will need to partner with logistics and shipping companies that have an exhaustive network. Companies can move items quickly, accurately, and without any damage. The marketplace solutions by CedCommerce allow store owners to integrate with several shipment providers and get shipment tracking and logistics add-ons.
Assisting with Loyalty Bonus
The importance of lucrative and beneficial loyalty programs in online marketplaces cannot be underestimated. All the loyalty programs are designed to retain the existing customers. Following are some of the benefits of loyalty programs:
- Higher customer retention
- Higher average cart value
- Enhanced customer data and purchasing behavior
- Better communication
- Eliminates priced customers from the ordinary one
There are different types of loyalty programs run by different marketplaces. Some of the features that can help you initiate a loyalty program include: a dedicated wallet system, gift card, refer a friend, and reward points.
The ecommerce marketplace solution – CedCommerce – has all of these ingredients. It develops Magento extensions that help automate processes and allows Magento store owners to grow their ecommerce stores and reach more customers easily.
CedCommerce vows to make the transition from single-channel marketing to multi-channel marketing as easy for merchants as possible with its solutions.
It’s easier said than done to operate an ecommerce marketplace. Yes, it takes time to explore the right set of solutions that you can leverage for your business needs. The difficult part is to operate and scale your ecommerce marketplace. There are a few fundamental concepts to focus on while operating an ecommerce marketplace. You can focus on customer experience to grab eyeballs, facilitating proactive onboarding and assessment of the sellers, and last but not least, upgrading the infrastructure to meet the ever-changing customer needs.
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Abdur Rahman is the Magento whizz at Cloudways. He is growth ambitious, and aims to learn & share information about Ecommerce & Magento Development through practice and experimentation. He loves to travel and explore new ideas whenever he finds time. Get in touch with him at firstname.lastname@example.org