Is Online Multi-Vendor Marketplace Overtaking Traditional Retail Business?
The advent of recent technology, facilitating customers, and eliminating numerous limitations of the now obsolete methods has proven to be testing for traditional retails. Logistics claims an increase in eCommerce sales by 15.5% within the 3rd quarter of 2019 compared to the 3rd quarter of 2018. Traditional retail, also popularly called ‘unorganized retail’ is facing strong cut-throat competition from online shops and marketplaces.
ONLINE MULTI-VENDOR MARKETPLACE VS TRADITIONAL RETAIL BUSINESS
Why is Online Multi-Vendor Marketplace Traditional Retail?
- Geographical boundaries aren’t any longer a limitation.
- Low costs because of the pay-per-click mechanism for advertising and marketing.
- No requirement of a physical location for selling, the specified number of personnel is lesser than traditional retail.
- Offering deals, coupons, and discounts regularly also enabling comparison of products.
- Accessibility and availability facilitate customer convenience.
- Ratings, questions and answers, and comments giving a gateway for feedback.
Where does Traditional Retail hold power Over Multi-Vendor Marketplace?
- Buyer Proximity still holds the throne as a detrimental factor for patrons.
- Personal services offered by the vendor embellishes reliability for purchasers.
- Traditional retail holds the most powers in giving security to its buyers than in online cases.
- Always try to ensure the customer’s satisfaction by promoting inspection of products.
- No need for the net for creating a sale.
The new generation is becoming tech-savvy. Online sellers are finding new ways to satisfy customer demands and make attractive offers they can not refuse. With the increase of smartphone users, the eCommerce marketplace has received an enormous boost.
M-commerce is on its thanks to being the new trend. In step with the statistical report, a majority of smartphone shoppers across the 6 countries under study (US, UK, France, Germany, Spain, and Japan) purchase on their device a minimum of monthly. And India is additionally becoming a robust contender to hitch this list.
The advertising and marketing techniques of eCommerce have substantially improved over time. If brick and mortar stores are sure the future, they’re going to be required to prove themselves within the race of quality and convenience.
Marketplaces like Amazon, Flipkart, eBay, and Snapdeal have made an enormous impact on the customer base. If trends from the past decade are to be believed, sales through this medium are on an escalation with a relentless rate of growth.
People, in general, have taken a liking to urge things done through a swipe on their mobile phones instead of physically visiting stores and shops and achieving the identical.
Some new techniques of promotion and marketing should be considered if businesses under traditional retail hope to survive the tide of your time and dynamic environment in the world.
So get into the flood of opportunity where could stay competitive in this ever-changing eCommerce business environment.
Build your own eCommerce Marketplace website today, ask the experts how and where to start.