A decade is gone and e-commerce place is now the go-to place for any businesses whether Indian or foreign, However it depends upon the Marketplace like Single vendor vs Multi vendor. Electronic commerce has truly evolved the business industry and indeed technology of the century. Further, the growing demand for the e-commerce industry has ensured, businesses just can’t go with old ways. Now, every business is itching to have an online presence because of its vast reach and huge customer digital steps.
Statista reports the current smartphone users is 3.8 billion around the world i.e. 48.33% of the world population.
Middle East B2C e-commerce market 2018 reports mention, the e-commerce market will be 20$ billion by 2020 in UAE alone.
E-commerce is the place where if you are smart enough and has a good product, you can gain a lot of traction. In the process, you can gain substantial investments and a market for your products. The USA has alone 60% of people who buys good online and is increasingly growing.
As per Statista, the number of online shoppers in India will go from 75 million in 2017 to 220 million in 2025.
The above statistics clearly show how prevalent the e-commerce industry is and it will continue to grow rapidly. For those who have not started online, there is always room for improvement as the e-commerce industry will only expand.
The current crop of e-purchasing is around 40% of the global population. So, the eCommerce industry is a favourable option and it will continue to grow as such.
Moreover, once businesses enter e-commerce, they are in driving seat such as in single vendor and multi vendor. Less and lesser cost incursion can target a specific audience, customers engagement, feedback and much more. In sum, a multitude of benefits only under one platform without additional costs.
Now you have seen the benefits of eCommerce and decided to enter into that space. Further down the tunnel, all businesses have to choose between a single vendor and a multi-vendor.
A single vendor has less competition and more flexibility to step up your business. As there are fewer people, the pricing of goods would be in your control and you can set reasonable prices for your goods. In addition, businesses can add appealing offers as per their market strategy and product pricing.
Whereas in the multi-vendor platform, businesses have to play with numerous vendors. More high-cost rents of virtual spaces, and minimal control on pricing. Businesses have to compete with each other which means different prices as well as no uniform discounts and coupon codes.
Fewer vendors mean better communication and more cordial relations. The vendor, customers and website/app owner have more productivity, and one neck for finger-pointing. Plus, one single trusted technology partner for the vendor.
Communication is a key to any vertical. One vendor approach ensures there is no lag in the process and will take less time to communicate without any deviants. To conclude a multi-vendor system will have more communication problems than a single vendor.
No business is successful until the desired market is captured. The business in a single vendor has more proficiency as compared to multiple vendors, better price control and flexibility. In addition, the team can act faster on contingencies and therefore better suited to capturing that market.
All the above points will lead one success to another in business operations. Thus, the cost incursion overall is low and the business continues to operate in a more efficient system.
One vendor means one responsibility, one account, one support team and less paperwork.
Opening your eCommerce business is never easy and there is always ifs and buts. However online business benefits far surpass the risks involved. So you have chosen your business and wishes to enter the online single vendor industry. But don’t make the beginners mistake of going on your own.
As a business, you want to earn a handsome return on your investment then start it with professionals who have qualified experience in it.
As an entrepreneur, you want maximum return rather than wasting money. Then launch the eCommerce place with stackgeeks and start reaping the benefits of running a single vendor business.
November 29, 2021