They say that if you fail to plan, you actually plan to fail!
This old maxim is particularly true when it comes to eCommerce ventures. Some sellers moving away from the old brick-and-mortar model—in a haste to join the eCommerce jamboree and to remain competent—take the plunge without much thought and in turn, burn their fingers.
Why do businesses fail?
This is not to say that they don’t find success at all. Some of them do, but not as much as they envision when they start out. There are various reasons for their lackluster performance and the lack of analysis and deep understanding of the target market and marketplaces is usually the major one. This is because the rules of online selling are way different than the traditional brick-and-mortar model.
What should they do?
So what are sellers supposed to do well before they start selling on a particular marketplace and in a particular geography?
Well, it’s actually quite simple! Sellers should give priority to analyzing and planning their future moves vis-à-vis products, marketplaces, and geographies.
What are the main factors to consider?
Let’s take a closer look at what factors influence online selling.
What to sell
Sellers should identify what they want to sell, where they want to target their sales effort, and on which platforms they want to sell. Hence, once they identify their products, the next natural step is to identify the most-appropriate marketplaces on which they want to sell them.
Where to sell
This is crucial because not all products do well on all marketplaces. The product – marketplace mismatch results in slow or negative growth because no matter how well a seller promotes their products on an inappropriate marketplace, it never yields desired results because the target audience is simply absent on that marketplace! Hence, identification of the appropriate marketplace for one’s products should become a primary task for sellers getting in the eCommerce arena.
How to sell
Sellers can visit various marketplaces to study their category/product listings. They can also discuss with marketplace representatives and try to understand and get insights on the finer nuances of their bestselling categories of products. Sellers can also discuss the various ways through which they can promote their own products on particular marketplaces.
Once sellers gain adequate knowledge about a few leading marketplaces in their product categories, they should also find out the geographical areas in which those particular marketplaces have a strong presence. This is because people from different geographies prefer to shop on different marketplaces and are sensitive to product prices and other factors in their own unique ways.
*Marketplaces account for more than 50% of the total global online retail sales.
Hence, sellers should target the right set of buyers in a particular geography through the right marketplace to derive maximum benefit from their eCommerce ventures. Apart from these important aspects, sellers should also plan about managing their e-commerce ventures in a very professional way.
This is where innovative SaaS products such as Anchanto’s SelluSeller come in handy for sellers to manage their ventures seamlessly. SelluSeller not only aggregates all marketplaces under one umbrella, but also enables sellers to create and list products across local and cross-border marketplaces, flawlessly. SelluSeller’s offerings are a result of a deep understanding of eCommerce markets and processes and hence they enable effortless listing, order processing and fulfilling, centralized inventory management, and many other business-critical tasks.