E-commerce Marketplaces vs. E-commerce Platforms: Where Should You Sell?
Jan 12, 2023
10 min read
The growth of the internet has been a boon to the E-commerce industry. The ease with which you can now buy products and services online has opened up new retail opportunities. You no longer have to travel far or spend hours on end in stores waiting for your purchase. You can shop from home and still get what you want in minutes—if not seconds!
The internet has also made it easier than ever before for you as an entrepreneur who wants to sell products through your website by providing them with access via their smartphones or tablets. This means that customers have more choices when shopping online; they don't simply have one option available but multiple alternatives at their fingertips instead. This establishes plenty of competition for your product and service in the market. One way to gain an edge over them is through digital marketing, which can help you devise a strategy that streamlines your operations better and increases revenue.
The online space is a wide and daunting space. It can be overwhelming when one is a beginner. One of the first challenges you tackle as a small business owner is the choice of an online platform. There are lots of choices when it comes to online sales. This article will help you understand some of them and how they compare.
What is an E-commerce marketplace?
An E-commerce marketplace is a platform that allows sellers to list their products and make sales. There are two different types of marketplaces:
Seller-to-Seller Marketplace: This type of E-commerce platform connects buyers with sellers directly. The seller can choose to host their own website or use an existing one, such as Shopify or WooCommerce.
E-commerce Marketplaces vs . E-commerce Platforms: Where Should You Sell? These platforms connect merchants directly with customers through the integration of various payment methods (like credit cards), shipping options (like USPS Parcel Post), return policies, and more.
E-commerce marketplace vs. other selling platforms
The internet is a vast space with multiple avenues for you to sell your products and services. For you to unlock your maximum potential, you need to know which avenue is the best for you.
An E-commerce marketplace is a website where buyers and sellers connect.
It's a place where you can sell your products, but not all platforms are alike.
Some platforms charge fees for using their service, while others don't charge anything at all—you pay only when someone buys from you or clicks on one of your ads.
E-commerce Marketplace vs. Your Website
The first and most obvious difference between selling on E-commerce marketplaces and your own website is that you have more control over your own site. There are plenty of reasons why this is a good thing:
You can sell whatever you want on your site, even if it doesn't necessarily fit into the categories listed in the marketplace's search results (e.g., "sale" or "gift").
You can run multiple sales at once if they're related to each other—for example, one item might be 25% off, while another offers free shipping with any purchase over $50.
Pros and Cons of Selling on an E-commerce Marketplace vs. a Standalone Website
Every coin has two sides to it. So when it comes to marketplaces and websites, there are merits and demerits to both of them. They have been reviewed below;
Marketplace sellers have a higher conversion rate. The reason for this is that they have more traffic and can easily reach customers who may be looking for their product or service.
Marketplaces are easier to set up and maintain. Setting up your own E-commerce site involves creating custom software, which is time-consuming and can be expensive if you don't know what you're doing (or if it's not your area of expertise). On top of that, maintaining an online store involves updating products regularly as well as keeping track of customer orders—and this takes extra effort! By contrast, marketplaces already have everything installed in place when you sign up with them—so all you need to do is focus on marketing instead!
What’s the best choice for you as a seller?
As a seller, you need to decide what you want to sell and how much time and money are available. You should also consider your goals, budget, and other factors that determine which platform is best for your business.
Let’s go through some of the things that will help determine which platform is right for you:
There are two main types of E-commerce platforms; marketplace sellers and standalone websites. A marketplace seller sells their products on an online store run by another company (the “marketplace”). The owner of a standalone website may sell as well, but they don't have access to other sellers' products—they're not part of an ecosystem like this one does!
Marketplaces are available 24/7 and always online, unlike offline stores or catalogs. E-commerce marketplaces are always online and available 24/7, whereas E-commerce platforms are available during working hours only.
It's important to note that not all E-commerce platforms offer an all-inclusive solution: they may only provide an E-commerce platform with a shopping cart or fulfilment service but do not have the ability to sell through their own marketplaces or dedicated apps.
You can use an E-commerce Platform if you want more control over your storefront and checkout experience. E-commerce platform is a good choice if you want to control the look and feel of your storefront and the checkout experience.
E-commerce platforms make it easy to add products, manage inventory, and track sales. They also offer a variety of marketing tools that allow you to target specific groups of customers, like women over 40 or those who have been looking at your site for more than five minutes but have not made a purchase yet.
Finding the right place to sell is essential so that you enjoy the many benefits of optimal exposure and visibility, as well as be able to maximize sales, both now and into the future.
The best way to know if a marketplace is right for you is by doing some research on its features and comparing them against your needs. To help with this process, we have created an E-commerce platform comparison table below:
There are many different ways to sell online. It’s important that you choose the right one for your business, which will depend on your goals and how much time you want to spend managing it. If you want a flexible platform where users can buy almost anything from anywhere in the world with little effort, then an E-commerce Marketplace could be perfect for your needs. However, if you would rather control everything about how customers interact with your storefront then an E-commerce Platform might be more appropriate for what you need.
In Conclusion
The best way to determine what E-commerce platform is right for you is by considering your business goals and objectives. Do you want a simple, straightforward process that will allow you to focus on growing your online sales? Or do you want advanced functionality that allows for complex product management and checkout?
Once you've identified the platform features that will work best for your business, consider whether it's worth paying more upfront. However, if you seem to be struggling with finding the perfect service provider for your firm, look no further than Saffron Edge, an industry leading digital marketing company offering faultless solutions for your business needs.
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Google Data Studio Reporting: A Game-changer for digital marketing!
Along with the fluctuating market trends, analytics is one of those areas where most of the people find themselves in a challenging situation. They find analytics to be confusing, difficult to decipher, and sometimes overwhelming too. In some cases, digital marketers don’t even report back to their clients because they don’t know how to begin on the right foot. To make matters worse, it is almost impossible for digital marketers to provide a report to companies on their ad campaigns and promotions that can be easily understood. If you are a digital marketer who is required to provide analytics on a regular basis then you must be dealing with complicated and lengthy Google Analytics data and then combining them so that you can forward it to your client. Thanks to Business Intelligence teams using Google Data Studio reporting that has allowed digital marketers to get better and detailed metrics instead of dealing with data for the whole day. What is Google Data Studio? Google Data Studio is a reporting solution that is used by business intelligence teams who want to go beyond the simple reporting of Google Analytics. The Business Intelligence team is the real hero behind using Google Data Studio since they are the one using the GDS platform for coming up with metrics and other detailed reports. It is the Business Intelligence team that is able to use interactive controls and customization options in order to come up with detailed analysis and reporting of data. How does the business intelligence team make the most of Google Data Studio? The Google Data Studio offers everything that a digital marketer needs to transform the analytics into an easy to understand and informative report with the help of visuals. The reports generated by Google Data Studio are not only easy to read but they will also save time for both clients and digital marketers. There are a few unique features of GDS that have allowed businesses to understand the true impact of digital marketing. Highly customizable There are various options for presenting the data like in charts, line graphs and these options make the life of digital marketers much easier. We can say that Google Data Studio is acting as a panacea for all the issues related to analytics for digital marketers. Along with this, one can also change the colour, fonts and even brand logos on the report with the help of Google Data Studio (GDS). You can even customize the whole report for emails, PDF, and other formats. Even the easy drag and drop option will add value to better report analysis. Multiple data sourcing Image Source: Google Data Studio One of the coolest things about Data Studio is you can get more data than what Google Analytics expert has to offer you. For example, you can even import detailed Facebook data in your GDS reports. That’s true! Any reporting data that can be fed into Google Sheets can be easily included in your GDS reports. There is also a feature called ‘Connector’ in GDS that will allow you to pull data from various other sources like Stripe, eBay, DoubleClick, Twitter, and much more. Dynamic reporting The reports generated by GDS are dynamic as well and this means that with an update in the data source, the information in the report will be automatically updated. This will minimize the manual workload for digital markers and they will not have to deal with making changes in both the data source and the information in the reports as well. Making these changes manually might sound very easy but it becomes challenging while dealing with a large amount of data. Easy collaboration Saving time with GDS becomes more efficient because of easy collaboration and sharing. Just hit the share button and start working with other people on the same reports. Everyone can contribute to the dashboard but you will have full control over the access since you can set permission. From making changes in real-time to sharing the reports through emails and print formats, there are many features of GDS that makes collaboration easy and time-saving. Some Google Data Studio reporting features that will be beneficial for understanding digital marketing analytics in a much better way Scorecards A scorecard might look like a simple number given in the Google Data Studio reporting like the conversion rate but there are many things that you can do with scorecards in order to understand the impact in a much better way. For example, you can easily set a date widget in order to make the data interactive. After that, you can check last week’s rate or February’s rate, just by making changes to the date column. With the help of blended data, the scorecards can also be used to show calculated fields and this specific feature of Google Data Studio reporting will make it a more powerful tool for reporting in Google analytics services. Heatmaps Heatmaps will make changes to the formatting of the table in order to show the relationship between the column values. Imagine having a column that will contain all your webpages and against each web page row, the number of visitors visiting the page will be displayed. The heatmap will show your 5 web pages in red, middle-ranked web pages in pink colour and lowest-ranked pages in white colour. This will help you in analyzing the hotspots of your website in a much better way and you will not have to spend time categorizing the web pages according to the number of visits. Even a Google Analytics expert can easily understand these heatmaps. Interactive elements The GDS is looking forward to making changes in their report so that they become more interactive and there are already many interactive elements in the GDSP reports. For example, generally, people use a drop-down list in order to decide how data will be displayed in the reports but in GDS reports, you can make tables including clickable elements that will change the way the data will appear in the report. You will need to just click on Facebook in your report in order to see data related to Facebook only. Google Data Studio will not only solve issues related to analytics for digital marketers but it will equip businesses with a much detailed report on their digital marketing efforts. People will be able to unravel many metrics and trends that were earlier not accessible because of limited reporting and complex data. With the power of GDS, even Google analytics services will improve. If you want to know more about Google Data Studio or wish to talk to our experts about business opportunities regarding this, then please contact us today! ...
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Seven Incredible Amazon Marketplace Hacks To Help You Sell More
You understand you ought to make your products available in as many locations as possible if you want them to sell. The Amazon Marketplace has facilitated all businesses, including small businesses, to compete with considerably larger businesses. Many people presently go to Amazon first when they want to purchase something on the internet. It's only unpretending that you will make it available here if you have a product to sell. For your online business, selling on Amazon is required. It does, however, imply that you will encounter fierce competition. It would help if you had a competitive edge to set your online business and items apart from the millions of other active merchants. Your product page serves as your storefront as an Amazon seller. Your listing title and image on search results draw the customers' attention by offering the relevant information at a glance, similar to how a window display attracts shoppers. Then, these customers get a complete picture of your product on the product page, replete with a detailed description, photographs, and more information. Amazon, the word itself conjures up a plethora of features and ideas. Amazon offers thousands of advantages as the world's largest marketplace. It has made millions of people's lives easier all across the world. Thousands of people sell on Amazon's marketplace every day. If you are one of them and want to expand your business, you have arrived at the right location. We have emitted the various advantages of selling on Amazon and some excellent aspects to assist you in trading more. Stay tuned for additional information! Why Should You Sell On Amazon? The obvious argument for any seller to consider selling on Amazon.com is that you can reach a considerably larger audience than any other eCommerce site. Earning more money while doing less work is even more appealing. Although Amazon is far from ideal for selling, it does provide several advantages, notably for businesses looking to reach a more expansive and more diverse customer base that disburses a lot of finances online. The following are some of the most persuasive arguments for selling your products on Amazon: You can communicate with billions of individuals at once. It is the most popular website in the world. It is a huge advantage for those looking to grow their market. Compared to many other big eCommerce retailers, Amazon offers enormous opportunities for producers. It ensures vendors' long-term profitability. You can effortlessly transport your orders without fear of excessive fees or other crises such as thievery, misplacing, etc. With Amazon, your brand will be entirely unassailable and protected. It is because it provides its producers with several safeguards. Amazon offers a distinct seller program that assists all of its sellers in running their businesses efficiently. It also assists consumers with customer service and theft protection. It offers you analytics and specialized tools to assist sellers in building the most suitable strategy for increasing sales and earnings. It is extremely user-friendly, and anyone can rapidly browse its offerings and learn how to sell their items efficiently. Because their services for listed products are offered at a low cost, the initial investment is far lower than other platforms. A small business can readily enter the market without worrying about exceeding its budget. Source: Pexels What Are The Best Amazon Marketplace Hacks? Because Amazon is such a crowded market, businesses need to go above and beyond to differentiate themselves. While developing high-quality products is critical, gaining momentum, particularly around the launch, requires more. Fortunately, you may use these seven strategies to entice even first-time customers. 1. Maintain A Clear Vision While it is necessary to guarantee that you make the most money possible from your sales, maintaining an explicit vision is also critical. It will aid you in determining your expectations and objectives. It will also assist you in maintaining a clear sense and minimize the chances of getting off track. Having a clear vision obliges you to make more profitable decisions. You will also be capable of underlining momentous spots along the process. It will certainly help you sell additionally and for a more extended period. Additionally, you will be able to generate more money over time rather than in a short duration. 2. Brand Individuality You probably think of innovation, loyalty, productivity, and quality when you think of prominent businesses. People who buy from you on Amazon, on the other hand, are not precisely thinking about buying your items for these reasons. They also invest their sentiments. They examine various products and compare them to find the greatest offer. It would help if you built a distinct brand identity to stand out among your contender. It will greatly assist you in raising your sales. If you consider their feelings, you will be competent to think like them and supply them with services that benefit them. 3. Use Amazon Analytics You won't get significantly distant if you don't have an eye for accurate data. Using analytics to determine your plan is arguably the most effective technique to enhance your Amazon sales. Make sure you are using Amazon analytics to get the most outstanding outcomes. This feature provided by your primary provider is a data analyst's dream. It is not only up to date and uses cutting-edge technology, but it also gives extremely practical information. Its study will undoubtedly assist you in developing strategies and effectively targeting your target audience. 4. Cost And Profit Margins You will be able to maximize your income if you are mindful of all connected charges while selling on the Amazon marketplace. Your selling cost should cover all expenditures, such as manufacture, storage, and marketing. You must not reduce it, even if it periodically exceeds your selling price. You can easily overcome this shortfall by effectively arranging your cost and profit margins. Once you have done that, you will discover it easier to sell more on the marketplace. And it will also assist you in assembling both quick and long-term income. 5. Multichannel Selling With the booming eCommerce sector worldwide, it's more crucial than ever to know what, where, and when to sell your product. It allows you to contact customers at their preferred location. It does not simply ensure you more revenue, but it also secures consumer loyalty that will help you earn long-term consumers. When selling on Amazon, you need to consider price tactics and product visibility. Because there are millions of sellers, you must assure that you sell on all levels and consider location and optimal timing to improve your sales. 6. Outsource When Required We understand your desire to oversee everything to achieve optimum benefits carefully. It is, nonetheless, critical to outsource when vital. It is because it will ease your burden and will also assist you in achieving your goals by appropriately assessing your and your customers' necessities. Outsourcing to reputable countries can assist you in maximizing your revenues. It enables you to dedicate more time to tasks that demand your immediate or complete attention. If you are skeptical and don't comprehend how to outsource, you should construct a list. Make a list of tasks that take too long or that you are not particularly excellent at. After that, some aspects need to be outsourced. 7. Continue To Learn If you desire to sell for a long time and earn money, you must continue to learn and be consistent. It's insufficient to keep up with the latest trends and technology tools. Amazon conducts workshops that you should attend. Active participation in seller forums is also a tremendous manner to stay up to date on the newest trends and what is foreknew of you. To secure a spike in sales, one can also contact specialists and seek their advice. Learning about Amazon's evolving PPC (pay-per-click) trends can also help you stay ahead of the competition for a long time. Conclusion If you follow these approaches and strategies, your Amazon Marketplace sales will certainly improve. Saffron Edge's outstanding services need to be considered if you desire the best for your corporation. This marketing company provides various services that can help you increase your sales and profits. Call our experts for a free consultation if you are unconvinced about what's ideal for your company. Our knowledgeable and experienced staff will oblige you to determine the ideal solution for your needs. Please visit https://www.saffronedge.com/ to get in touch with us right now. ...
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Lessons Legacy Brands Can Learn From Leading DTC Brands & How They Use First-Party Data
There's no doubt that direct-to-consumer (DTC) brands have disrupted the retail landscape. They've quickly become some of the most popular and profitable brands thanks to their unique ways of marketing and selling their products, which have made them very popular. What can legacy brands learn from these DTC success stories? A lot, it turns out. Here are a few lessons that all brands can take from leading DTC companies: Use first-party data to your advantage One of the biggest advantages of DTC brands is their ability to collect and use first-party data. This data is incredibly valuable, as one can use it to understand customers better and personalize their shopping experience. Here are a few lessons you can learn from leading brands on how to use data: Collect as much data as possible If you want to improve the customer experience, it's important to collect as much data as possible. DTC brands are experts at this, often using loyalty programs and customer surveys to gather information. This data is then used to make improvements based on customer feedback. Even if you don't have access to the same amount of data, there are still ways to collect valuable information from your customers. Using tactics like customer surveys, you can gain insight into what your customers want and need. That will help you make the necessary changes to improve their experience. Use data to personalize the customer experience. DTC brands use data to personalize the customer experience by understanding their customers' needs and desires. It allows them to create a shopping experience tailored to each customer. You can use data to personalize the customer experience in your store. By understanding your customers' needs and desires, you can create a shopping experience tailored to each customer. It will help you build relationships with your customers and increase sales. Use data to improve your business. DTC brands use data to improve their businesses continuously. They do this by using data to test new hypotheses and measure results. By taking advantage of data, DTC businesses can continually improve their products, services, and operations. It allows them to stay ahead of the competition and provide better value to their customers. There are many ways to collect data that one can use to improve your business. Online surveys, customer feedback forms, and user testing are all great sources of information. You can also use analytics tools to track how customers interact with your website or app. By understanding how people use your product, you can improve conversion rates and customer satisfaction. Build a strong brand identity Another key to DTC's success has a strong brand identity. These brands know who they are and what they stand for, and they use this to connect with customers on a deeper level. Here are a few lessons you can learn from leading brands on brand identity: Define your brand identity To create a strong brand identity, you need to understand who you are as a business. What values do you stand for? What kind of customer are you targeting? Once you have a clear understanding of your brand identity, you can start to craft messaging and visuals that will resonate with your target audience. A few important things should reflect your brand identity in everything from your website design to how you answer customer questions. By defining your brand identity, you'll create a consistent and recognizable brand that customers will trust and remember. Be true to your brand identity. It's not enough to have a strong brand identity; you also need to be true to it in everything you do. From how you communicate with customers to the products you sell, make sure that everything aligns with your brand values. That will help build trust and loyalty with your customer base. If you're not consistent with your branding, customers will get confused and may not trust your company. Make sure that you're always putting your best foot forward by staying true to your brand identity. It's the only way to build a strong, lasting relationship with your customers. Tell a compelling story. Your brand story is one of the most important elements of your business. It's what will connect customers to your business on an emotional level and make them want to support your brand. Tell a compelling story that will inspire customers to connect with your brand. Focus on why you started the business and what makes you unique. That will resonate with customers and make them want to support your brand. Keep it clear, concise, and authentic for the best results. Invest in marketing A strong brand identity is nothing without a well-executed marketing strategy. Invest in activities that will help you reach your target audience and deliver your message in a way that resonates with them. This could include online advertising, PR, content marketing, or influencer marketing. You'll ensure that your brand stands out from the competition and reaches the right people. With a solid marketing strategy in place, you'll be able to achieve your business goals and build a successful brand. Build a community DTC brands are often built on the power of community. Find ways to connect with your customers and create a space where they can interact with each other. It could be through social media, an email list, or even events and meetups. By building a community around your brand, you can create loyalty and customer engagement to help your business thrive. The community can also help you build relationships with other businesses and individuals in your industry. You can create a stronger network that can help you reach new customers and grow your business by working together. Spend money on the customer experience. DTC brands also know the importance of investing in customer experience. They know that making the experience seamless and fun is important to keeping customers happy and interested. Here are some things that leading DTC brands do to create a great customer experience: The first step to delivering a great customer experience is making it easy for customers to find what they're looking for. DTC brands need to have a well-organized website that makes it easy for visitors to navigate and find information. The second is providing a good customer experience; Good customer service means being available when your customers need you. Personalization can go a long way in making your customer feel valued. In today's fast-paced world, customers expect quick responses to their inquiries. DTC brands offer a wide range of products and services. From clothing and accessories to home goods and beauty products, DTC brands have something for everyone. And with competitive prices and convenient online shopping, it's easy to find the perfect item for your needs. They make it easy for customers to purchase items online or in-store. This makes it convenient for customers who may not have the time or ability to visit a store in person. They offer loyalty programs and discounts to keep customers coming back. This allows them to maintain a good relationship with their customers and encourages repeat business. Additionally, it helps them build brand loyalty among their customer base. By following these lessons, you can create a customer experience that will keep your customers happy and coming back for more. Be responsive to customer feedback. Finally, DTC companies are typically very responsive to customer feedback. They're always looking for ways to improve the customer experience and ensure that their products and services meet customer needs. Here are a few lessons that you can learn from leading brands about customer feedback: Always listen to customer feedback. DTC companies are constantly monitoring what customers are saying about their experiences. They use this feedback to improve their products and services. Be quick to respond to customer feedback. DTC companies understand that customers expect an immediate response when they give feedback. They respond quickly and address any concerns that customers may have. Use customer feedback to improve your product or service. DTC companies use customer feedback to improve their products and services. They understand that customer feedback is valuable and use it to make changes that will enhance the customer experience. Make sure your product or service meets customer needs. DTC companies focus on making sure their products and services meet customer needs. They understand that customers expect a high level of quality, and they work to meet those expectations. While one can apply these lessons to any business, they're especially important for legacy brands looking to stay relevant in today's ever-changing marketplace. By following these lessons, brands can keep up with the competition and set themselves up for long-term success. ...
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