The constant development in e-commerce over the past few years has caused great competition among retailers and online businesses of all sizes and nature. All this has made difficult for local merchants to make a strong presence for themselves.
Online marketplaces provide a great opportunity to sell your products/services as well as promote and build your brand. Let’s take a look at how local businesses benefit from online marketplaces:
Cost-effectiveness is one of the prime reasons why smaller local businesses gravitate towards online marketplaces. Selling your products/services on an online marketplace is much more cost-effective than creating a separate website for your business as with an e-commerce marketplace, you already get the e-commerce infrastructure as well as the traffic. This lets you focus on improving your products and services instead of worrying about creating an online store and bringing customers.
2. Wider customer reach
Online marketplaces like Flipkart and Amazon see significantly more traffic than retailer-owned websites. On online marketplaces, your products are more likely to reach more customers and there is a better chance to build your brand.
In fact, according to a recent market study, millennials are more likely to shop from an online marketplace rather than brand websites. It means that you have the opportunity to get your products in front of key demographics before your competition.
3. Helps in branding
For most local businesses that operate within a particular locality, it is quite difficult to stand apart from the competition. As online marketplaces already have a wide customer base and multiple stores, buyers always look for the best value for money options.
Additionally, as most online marketplaces let customers rate the stores/products, offering high-quality products at reasonable prices and doing some social media promotions, SEO, etc. help a lot in branding.
4. Helps clear your surplus stock
Selling through an online marketplace, you can easily clear your excess stock by offering them at a lower than normal price point. This helps to reduce the occurrences of inventory write-offs and boost your revenue in the process.
Apni Market lets you register your local business online and sell your products/services effectively. It helps you promote and build your brand to expand your reach and improve your brand’s credibility.
5. Establishes a feedback loop
Customer ratings and reviews are very valuable for any online business as it tells you about the things you're good at and the areas where you need to improve.
For instance, if there's an issue with one of your products, you would definitely want to know about it as soon as possible so you can make the required correction. If people are positively reviewing your product, other customers will definitely show interest in you, too.
Selling through online marketplaces is a great way of doing business for large and small local sellers as it offers numerous e-commerce facilities along with the opportunity to promote your brand.
Apni Market helps you take your business online by providing you with your very own online marketplace and loads of e-commerce benefits. Do reach us at [email protected] and help your business reach a larger audience and scale to greater levels.