Leveraging new tools for growing your business helps you conquer newer arenas. The online market space is full of potential. It is like the more you dive, the deeper it is. Furthermore, the marketing tactics of businesses have changed with almost 47% of the customers buying goods and services online and the number is growing at an amazingly fast pace. Businesses are making the switch toward e-commerce stores. However, it is not as easy to run an e-commerce store successfully as compared to owning it. In today’s blog post, we would like to address the opportunities you can explore with the help of a commanding tool for marketplace monitoring.
So, are you ready? Let us begin.
Firstly, the customers might not be aware of any new online store till the time it chooses to advertise the platform online. Now, as mentioned earlier, the online market is continuously growing with new eCommerce retailers.
Marketplace can help in gaining the desired visibility if done in the right way with the help of subject matter experts like WebDataGuru. So, with marketplace monitoring a business can get insight into the behavior of ecommerce marketplaces, consumers, and authorized sellers. And this kind of knowledge can help you garner the most consumers in a hassle-free manner. We will get to that in the later part of this blog.
What is eCommerce Marketplace?
The eCommerce marketplace offers the targeted market with required visibility and segmentation. Key e-commerce marketplaces that work with global B2C space are Amazon and eBay. Myntra and Flipkart are quite popular marketplaces in India. A business can engage in multi-channel sales with eCommerce marketplace. It establishes connections with several eCommerce platforms. For growing the business further, marketplaces integrate with several marketplaces.
Significance of eCommerce Marketplace Integration
Ecommerce marketplace integration offers a framework for generating sales. As per studies, businesses make almost 38% higher ROI by selling on one marketplace while they make 120% higher ROI by selling on two marketplaces.
Here’s a look at the benefits of eCommerce marketplace integration:
1. No Manual Selling
Ecommerce marketplaces are known for streamlining the workflow. It consists of uploading products and services, managing orders and updates, tracking orders and returns, and refunds.
Automation at every stage of the sales help in eliminating errors as a predetermined task is executed on a server. It eliminates the need for performing these tasks manually.
2. API- based Data Transfer
Business gets an API connection for quick and secure data download and upload. Thus, the friction between the seller and the marketplace reduces and it eliminates the errors.
A business can manage as well as upload its product in bulk within a single click. It proves to be helpful in managing the catalog.
3. Single Dashboard
Business doesn’t need to switch from one platform to another for managing their activities. They can manage everything from a single eCommerce dashboard.
A business can monitor top-performing products or their marketing campaigns along with utilizing market monitoring and analytics.
They can also benefit from a centralized order management system that enables a business to accept, reject, delete, or ship requests on time.
4. End-to-end Visibility
Marketplace integration helps a business centralize the data spread across various channels as well as stocking points. It offers them the liberty to change product deliveries, shipping, or invoicing in real time.
5. Demand Forecasting
With an ecommerce marketplace, a business can prevent under and overstocking. Data insights help them in planning the demand strategically and lower the cash burn.
Challenges of Multiple Marketplace Integration
It sounds lucrative and fascinating to integrate with marketplaces. However, managing them is a challenge unless your business is backed by the required technology.
Here’s a look at some common challenges of marketplace integration:
|Processing Data on Several Marketplace Dashboards||Businesses need to upload and manage data on various marketplace dashboards via different channels. It increases the risk of errors. Every ecommerce marketplace has a different description for the product as well as different images, delivery, cancelation, and return policies. They also have different prices.|
|Order Management||For tracking the orders, a business needs marketplace monitoring tools on various dashboards. It will consist of receiving the orders and acknowledging them followed by packing, delivery, payment, etc. It can lead to delays or missed SLAs.|
|Product Updates||An e-commerce company sells thousands of products via different marketplaces. Every time there is a change in the product description or change in pricing, the business needs to update it manually on all marketplaces one after another. It simply adds to the labor and gets time-consuming. It also increases the chances of errors.|
Thus, for growing the multi-channel selling, any eCommerce business would need to upgrade its capability and technology. There are several organizations that are undergoing digital transformation. It is essential for them to be agile in rapidly responding to the constantly changing technology and adapting to the business landscape.
It has become important to deliver or exceed the expectations of an organization with robust digital strategies and innovation. It enables the business to identify, learn, react, and evolve for achieving business excellence. It is the need of the hour to equip the business with intuitive decision-making tools, actionable insights, real-time solutions, experience, and in-depth data visibility which contributes to hyper-productivity.
Benefits of Marketplace Monitoring
There are several marketplace monitoring services available in the market that can benefit your business in more than one way.
1. Price Monitoring: Pricing helps in defining the strategies which can make or break your business operations. Furthermore, you can choose from the various online/ecommerce marketplaces that you wish to monitor. Competitor price tracking helps in understanding the real role of your competitors and the market dynamics in your business. WebDataGuru is the leading web data extraction company helping companies and organizations optimize their price points and leverage the best possible outcomes.
2. Product Optimization: Online marketplace monitoring allows you to track your products across different marketplaces, ensuring that they are presented in the best possible way. This includes monitoring product descriptions, images, and reviews, and making any necessary changes to improve product visibility and sales.
Marketplace optimization can play vivid roles in your business tailor-made to distinguished needs. Now let us elaborate. When we say that product optimization is possible, what we mean is that as you are into product manufacturing or selling, you need a systemized flow of operations for the best results. But when companies are busy running the race, it becomes difficult to maintain quality. You either need a huge team or just marketplace monitoring tools like ours.
3. Brand Protection: Marketplace monitoring helps you protect your brand by monitoring customer feedback and reviews, and quickly addressing any negative comments or reviews. Yes, getting reviews do help in building your brand. But responding to those reviews really makes you tell your story the right way to your target audience. And marketplace optimization helps in doing the same in the most efficient manner.
4. Identify Markets: Your business can enjoy scalable services and individual planning with flexibility. The automatic tools search for the marketplace you choose tailored for your business, such as images and keywords. You can also decide the interval or scope of the marketplace monitoring and add/ remove marketplaces anytime.
5. Control Discrepancies: Marketplace monitoring services enable a business to detect IP infringements and take action against them. There are experts that help with monitoring marketplaces that cannot be accessed automatically. The online market is very crucial to keep an eye and our tool helps you do it.
6. Monitor several marketplaces: With online marketplace monitoring, you can monitor several marketplaces simultaneously. You can also monitor the sellers, listing, and product information. It can be done for individual sellers or on a country level.
Marketplace integration offers several benefits to a business. It helps them in beating the competition on marketplaces by repricing their products when required depending on different criteria. It also helps in improving SEO by enabling your products to rank at the top in search results. Marketplace integration allows business to showcase their products on various platforms. Thus, the business enjoys a wide reach and a huge audience base across the globe. There are various e-commerce integrations available in the market to choose from. Choosing the right eCommerce platform with a custom framework can help your business to benefit from marketplace integration. Such a platform can help your business expand into popular ecommerce marketplaces such as Amazon, eBay, and more.
Change the Game with Comprehensive Marketplace Monitoring
Everybody wants to become that one trendsetter, that one game changer and that one company in the market whom everybody sets as a benchmark. So, if you are looking to become that one company then WebDataGuru’s marketplace monitoring is for you.
By monitoring prices, products, competitors, and your brand across different marketplaces, you can optimize your pricing and product strategies, stay ahead of the competition, and protect your brand. So, if you are an e-commerce seller, be sure to leverage marketplace monitoring to improve your online sales and grow your business.
FAQ: Everything you’ve been wondering about eCommerce marketplace monitoring.
1. How can you protect your brands on eCommerce marketplaces?
When it comes to protecting your brand on eCommerce marketplaces, there are several steps you can take to ensure your brand’s reputation remains unscathed.
1. Get registered: First things first, make sure your brand and products are registered with each marketplace to prevent any unauthorized sellers from selling your products.
2. Keep an eye out: Monitor your brand’s presence on marketplaces to ensure your products are being represented and priced correctly. This will also enable you to address any negative feedback or reviews promptly.
3. Don’t hesitate to take action: If you come across any trademark or copyright violations, report them to the marketplace and take legal action if necessary to enforce your intellectual property rights.
4. Protect your brand: Implement a robust brand protection strategy that includes regular monitoring, working with trusted partners and third-party tools, and engaging with customers to build brand loyalty and trust.
2. How can AI technology help monitor eCommerce marketplaces?
As an eCommerce business, it’s important to keep a watchful eye on your brand’s presence across various marketplaces.
Here are a few ways AI technology can help:
- Product Identification: With AI technology, you can automatically identify your brand’s products across different marketplaces and receive alerts if any unauthorized sellers are offering them.
- Price Monitoring: You can also use AI technology to keep track of your competitors’ prices and adjust your prices accordingly to remain competitive in the market.
- Review Analysis: Analyzing customer reviews and feedback can be a time-consuming task, but AI technology can do this for you in a fraction of the time, highlighting areas for improvement in your products and services.
- Fraud Detection: AI technology can detect fraudulent activities on your listings and alert you before they impact your brand’s reputation.