How Omnichannel Can Boost Your Retail Business on Online Marketplaces?
2023 is the ‘year of the marketplace’. If you are a retail brand looking to boost your business through online marketplaces, it is high time to enter, as the top online marketplaces in the world sold $3.23 trillion of goods in 2021, and the trend is only looking upwards.
Businesses are returning to normal operations and are even trying to improve their pre-pandemic sales levels. That's why many retail companies are adopting an omnichannel strategy to be invincible in the coming year.
How Can Online Marketplaces help Retail Businesses?
Critical research says that some of the top marketplaces, like Amazon, generated 2.7 billion visits globally in January 2021, while Walmart-owned Flipkart recorded 230.5 million website visits in April 2021 in India. This research data tells us that there is no shortage of customers on online marketplaces, and they will only multiply speedily with time.
Another research tells us that 47% of digital purchases worldwide happened via online marketplace platforms, while 37% of repeat buyers preferred online marketplaces.
That's exciting news for online marketplaces. So, when it comes to retail shopping, online marketplaces are the one-stop-shop for customers whenever they want to shop for any product from their favourite retail brand. Here is how an online marketplace can help retail businesses:
1. Get the retail brand discovered: Get your brand found by millions, billions & trillions of prospective customers on the web; that will only increase with time.
2. First choice for new customers: 14% would prefer to shop at an online marketplace for a first-time purchase.
3. Get repeat buyers: Grow customer loyalty and repeat purchases due to more repeat buyers.
4. Earn customer trust: 67% of customers trust a purchase on familiar online marketplaces.
5. Automated operations: Online marketplaces can help retail businesses reduce costs and automate operations.
6. Biggest shopping channel: Consumers spent 2+ trillion dollars on online marketplaces in 2020
How can Omnichannel Boost your Business in Online Marketplaces?
The advent of the internet has brought about profound changes in the way customers shop for different services. Buyers can now browse and buy items online any time of the day or night using their smartphones, from anywhere in the world, using online marketplaces.
The explosive growth of online marketplaces has given rise to a new type of business the omnichannel retailer. This breed of new-age retailers operates both online and offline channels seamlessly to reach, engage, and serve customers irrespective of their location. Omnichannel selling allows businesses to manage all their sales channels from a single platform, making it easier to track and manage inventory, customer orders, and data.
Retail businesses can tap into a massive audience of potential buyers on online marketplaces who seek the finest brands offering unique products to their customers.
How can Omnichannel help Retail Brands Sell Better on Online Market Places?
Retail brands can leverage Open API to build a full-fledged omnichannel ecommerce app. It can be used to
1. Showcase brand products on e-commerce marketplaces.
2. Execute orders on behalf of their customers
Why use Fynd APIs for marketplace integration?
Managing all orders on multiple e-commerce platforms can be a time-consuming challenge. However, having extensive experience in the process themselves, Fynd offers constant guidance and assistance that allows the brand to build an omnichannel experience without worrying about challenging technicalities like inventory integrations, order management, product visibility on marketplaces, reducing penalties, returns and cancellation, last-mile logistics, and store operations.
Benefits of Marketplace integration with Fynd :
Mirror offline inventory into online: Retail brands can mirror their offline store inventory in the online store, their price, and offers by utilizing their existing assets without making any additional investments.
Fastest product delivery: Customers can get their products delivered to their home location from nearby retail stores.
Buy Online Pick up In-store (BOPIS): The open API allows customers to buy online and pick up in-store, thereby decreasing shipping costs, shipping time, impulse buy opportunities, increasing customer choice and fewer returns. A customer availing of a BOPIS strategy is an excellent way for retailers to enhance their omnichannel strategy.
Additional store sales: Drive up to 25% additional store sales to your retail brand using open API
Learn more: Book a demo! Know more about Fynd open API, 3P marketplaces
A step-by-step guide for retail brands to sell on online marketplaces:
Step 1 - Build your e-commerce website by registering on Platform.Fynd.com
Step 2 - Export the entire product catalogue and its subsequent inventory on the Fynd Platform
Step 3 - You need to have seller account credentials to access the marketplace.
Step 4 - Go to the marketplaces panel and select the marketplace from a panel like Amazon, Ajio, Tata Cliq, Myntra, Uniket and Fynd.
For example, if you want to access the Amazon marketplace, then you can use
Platform Panel >> Sales Channel ( Click the ‘+’ button ) >> Choose Amazon under marketplaces
Step 5 - Sellers have to enter credentials for marketplace access.
Step 6 - Map SKUs and select stores to be launched
Step 7 - Push inventory and price
Step 8 - Go live and track inventory logs
Must Read: How to build your omnichannel e-commerce site in 2 weeks?
Benefits of Fynd-powered omnichannel retail brands selling on online marketplaces
Sell more products: Get high visibility of retail products where the demand and customers are.
Maintain authority over products: Your retail brand gets higher margins and has better payment terms and sales velocity.
Fewer technical hassles: Marketplaces encounter fewer technical issues and can handle any amount of traffic at any given point in time.
Drive additional sales: Leverage seamless omnichannel integration of all stock points (stores and warehouses) to drive sales on multiple marketplaces.
100% order fulfilment: Fulfill orders from your store or warehouse without making additional investments or creating warehouse inventory silos.
Never get out-of-stock: Fynd solutions ensure your stock levels are live and always accurate. You never have to worry about out-of-stock products appearing in the marketplace.
Manage business centrally: Manage your retail business centrally with Fynd OMS. View, manage and synchronize your entire inventory and orders on the Fynd Seller panel.
Get a dedicated Account Manager (AM): A designated Fynd account manager is always available to take care of the growth of your retail brand and stores.
Conclusion
Recent years have proven the exponential growth of retail brands on marketplaces after omnifying their business. Integrating offline and online inventory has dramatically shot up the sales of several brands.
Fynd has helped more than 600+ brands to take their businesses on marketplaces with an omnichannel inventory. Read how Fynd helped them multiply sales, seamlessly manage orders across different platforms in a single panel view platform, reduce returns & cancellations and optimize inventory visibility across different channels.
Book a demo today to learn about industry-recognized omnichannel solutions custom designed for your retail business powered by Fynd - one of the most innovative Asia-Pacific companies of 2023.
