Marketplace 360 and Its Impact on the Electronics Industry
Selling online through marketplaces has become essential for electronics businesses today.
More consumers in recent times are shifting towards using an online marketplace. It helps them find products or services they need. Moreover, they are easy to set up and do not need major investment.
They also offer access to an already established consumer base. Marketplaces also give greater visibility. They can connect your business with buyers from all over the world.
But, while there are benefits to online marketplaces, there is also competition.
That's where Marketplace 360 comes into the picture. It's an all-inclusive approach that connects your electronic businesses with many online platforms. This helps boost brand awareness and sales. It streamlines online selling. It also allows you to manage product listings on many marketplaces via a single platform.
Learn more about Marketplace 360 and its impact on the electronics industry. Also, explore the best online marketplace platforms to secure business success.
Understanding Marketplace 360: Impact on the Electronics Industry
Marketplace 360 is a concept of marketplace integration. It connects electronic retailers and manufacturers to various online marketplaces. It provides a centralised hub to streamline the selling process on many marketplaces.
With marketplace integration, businesses can sync their electronics product catalogues with online marketplaces in real-time. It allows the electronic industry in India to enhance visibility. It also enables businesses to boost awareness about their brand and offerings.
Also, being in a single online marketplace is not enough today when competition is at its peak. For businesses to succeed, they must have a presence on various online marketplaces.
They also need to provide customers with a seamless shopping experience. Marketplace 360 establishes a two-way link. This link is between a single electronics seller and many online marketplace platforms. It lets the seller view marketplace data on a centralised platform.
Let's dive deeper into the impact of Marketplace 360 on the electronics industry:
1. Expansion to a New Set of Audiences
One of the significant ways Marketplace 360 impacts the Indian electronics manufacturing industry is by allowing access to a new audience.
When you list your product on many marketplaces, you're opening the doors of your business to consumers on a large scale. Thriving online marketplaces such as Amazon, eBay, Etsy, and more have billions of visitors each day. Whether they're looking for specific electronics or browsing for new things, there is a whopping amount of traffic to leverage.
They're not just audiences in your geographical area. Being on these platforms allows you to spotlight your offerings on a global scale.
2. Promote your Business Faster
Electronics businesses often face difficulty promoting their products or services in the saturated consumer electronics market.
By creating a presence on many online marketplaces, you can increase your brand exposure and diversify your sales channels. You can reduce the dependency on a single marketplace and reach your consumers. If not all, at least one or two marketplaces will convert prospects viewing your products into buying customers.
3. Builds Trust Within Your Business
Are you aware that 81% of consumers[1] need to trust a brand before they consider a purchase?
Building trust with your audience and confidence in your business is vital, but it can be difficult if you're new in the market or operating on a small scale. Even if people discover your business while searching online, they may not always buy from you.
Consumers are more likely to trust your business if you sell online on many reputable marketplaces. You will have the trust and reputation of these marketplaces backing you up, making customers more confident buying from you.
Also, if your product is great and you deliver a great experience, you'll continue to earn your audience's trust.
4. Access to Sophisticated Technologies
Marketplace 360 or marketplace integration provides electronic businesses with access to sophisticated tools and technologies. It has features like a centralised dashboard, many seller account support, automated live notifications, and more.
With these features, you can manage your product listings on many platforms. You track records of top-selling electronics across different marketplaces, recent orders, sales, and much more. With that, you can make smart inventory and sales strategy decisions.
5. No Need to Switch Between Platforms
Marketplace integration removes switching between many marketplaces to manage activities on each. Instead, sellers can manage all these activities with a single dashboard.
This integration helps to save a lot of time and effort for businesses. It simplifies the process of product management across platforms. As a result, electronics businesses have time to dedicate to other business issues.
What are the 3 Best Online Marketplaces to Explore?
Although there are various marketplaces, not all are suitable for consumer electronics businesses. The mainstream market is for apparel and sneaker-selling businesses. Another one is the Zoho marketplace, which caters to SaaS or tech businesses.
Here's a look at the best marketplaces for the Indian electronic manufacturing industry:
1. Amazon Marketplace
Amazon is one of the best online marketplaces for the electronics manufacturing industry to sell their products. Many businesses secure success with the platform as it offers access to a broad consumer base. Amazon India has outnumbered all Indian marketplaces with more than 295 million visitors per month[2], in May 2023.
To sell your electronics on Amazon marketplace, create a seller's account and choose a selling plan. You can choose from an individual plan that allows you to sell less than 40 units per month at costs of $0.99 per item sold (plus additional fees). On the other hand, you have a professional plan if you sell more, which costs $39.99 per month (plus additional fees).
Once you choose your plan, you can create a storefront and upload your products. When creating product listings, use high-quality images and show electronics from all angles. You also must provide relevant product details to help consumers make an informed choice.
2. Flipkart
Flipkart is another popular online marketplace for selling electronics in India, with more than 167 million visitors per month[3]. You can sell on the platform as a sole proprietorship or registered business entity.
Registration on Flipkart is free, but the platform charges a commission in the range of 5% -25% fee that varies based on the product category. You must create a seller account for verification and list products in their provided format. To create a profile, you will need a PAN card, GST number, and bank account.
Flipkart is known for its extensive user base and timely payment alongside pick-up services. The marketplace offers shipping services to sellers based on costs calculated by considering product pin code and weight.
3. Facebook Marketplace
Facebook marketplace is an online platform that enables Facebook users to sell their products online to consumers. More than one in three people[4] utilise this marketplace each month, providing a huge opportunity for sellers to reach an extensive consumer base.
Registration on the Facebook marketplace in India is free, but businesses might have to pay a 5% commission to the platform for every sale. It doesn't charge anything to list the product, but there are guidelines you have to follow. The marketplace features products across categories such as electronics, apparel, toys, furniture, etc.
Facebook also partners with platforms like Shopify to let merchants showcase their inventory, promote products, and find new customers.
Summing Up
Marketplace 360 allows electronics businesses to stay competitive in the dynamic e-commerce landscape.
With rising competition in online selling, companies must have a multichannel approach to reach and engage with prospects. By integrating with many marketplaces, brands can enhance brand visibility and product awareness.
Marketplace 360 provides access to a large customer base and advanced technologies to simplify the selling process and boost online sales. They even allow you to leverage their trust and credibility to build the confidence of customers in your products.
So, if you're interested in tapping into the power of Marketplace 360, reach out to Growth Jockey. We offer end-to-end marketplace solutions, from setting up your online marketplace to driving sales and managing many platforms.
Frequently Asked Questions
1. Can you sell services on Amazon marketplace?
Amazon Home Services is a service marketplace allowing businesses to sell the services and products consumers buy. But, they might be limited to the assembly of products.
2. What is the difference between marketplace and e-commerce?
Both marketplace and e-commerce consist of online stores. The main difference is that the former is proprietary, while the latter enables several owners to sell their products and services on the same platform.
3. Can you integrate your e-commerce store with various marketplaces?
Yes, it's possible to integrate your e-commerce store into various online marketplaces, such as Amazon and Facebook, through a secure API connection.
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