Selling products/services across different sales channels is termed as multi-channel selling – a practice typically followed by almost every online vendor. Since the majority of vendors have multiple seller accounts on every other marketplace it is difficult to persuade them to register and sell on a new emerging marketplace. For instance, imagine a vendor with 3 different seller accounts on Amazon, eBay, and Etsy respectively. While juggling between three accounts (on possibly the biggest marketplaces) the vendor faces major challenges like:
Uploading product images and changing the data as per marketplace suggestions on individual sales channel each time a new product/service is available
Maintaining consistent and synchronized inventory when selling on multiple sales channels
Inefficient order management and out-of-stock orders often due to human error
Keeping track of different state tax policies and eCommerce marketplace policies.
To enhance the experience of high scale vendors, you need to engage them with features that ensure profitability with ease. Create an environment that reduces the time and efforts invested by the vendor and ensures manageability. Ensuring inventory management across different channels will surely grab the attention of performing vendors when you pitch them to join your marketplace.
Benefits Of A Multi-channel Selling Tool In eCommerce Marketplaces
Selling on different online marketplaces can be a bit cumbersome without a single integration tool to manage individual seller accounts. Below we have highlighted a few important benefits of an omnichannel selling tool in an eCommerce marketplace:
1. Efficient Catalog Management
When selling on different marketplaces, each inventory must be individually updated which is a tedious process without an effective tool. An eCommerce marketplace with a multi-channel inventory management system enables vendors to easily upload images, change data (as per individual marketplace suggestions), and list items intended to sell on different marketplaces. Easy catalog management is the primary benefit of using a multi-channel selling tool.
2. Centralized Dashboard
A crucial aspect for seamless multi-channel selling, a centralized dashboard automatically monitors and manages stock levels/sales on multiple marketplaces. It enables vendors to take control of their inventories and make incremental sales strategies across channels. Vendors no longer have to split inventory or block out stock levels for the different sales channels.A centralized dashboard enables an online marketplace owner and its sellers to control operations like restocking or purchase with minimal hassle.
3. Real-time Updates On Inventory
According to a survey by Statista in 2018, nearly 27% of online fashion shoppers in the UK abandoned their carts due to out-of-stock items. This is a significant margin that can easily hamper business growth.Consider using an omnichannel selling system that automatically updates inventory levels when any change occurs across all sales channels.With real-time inventory updates, vendors can easily restock items as required and avoid losing customers to their competitors due to out-of-stock items. Also, it prevents sellers from spending too much money on inventory (when the stock levels are sufficient) that could be better utilized elsewhere.
4. Order Management Is Easy
Simplified order management is another essential benefit of an omnichannel inventory management system. It syncs all sales channels seamlessly in a hyper-connected retail environment while optimizing fulfillment operations.With a user-friendly multi-channel selling marketplace, vendors can quickly view the status of inventory, orders, and shipping operations in real-time. Moreover, it enables speedy delivery operations offering the best-personalized shopping experience to buyers across channels.
Yo!Kart In Partnership With EasyEcom
EasyEcom is a comprehensive multi-channel inventory management software that offers advanced features like order fulfillment, reconciliation, warehouse management, and more. It is the operating system for everything eCommerce.By partnering with EasyEcom, Yo!Kart aims to offer a robust eCommerce marketplace that addresses multi-channel selling challenges. We are taking all steps necessary to offer business owners a competitive edge. Our new partnership will help the marketplace owner and its vendors drive more sales/revenue in a business.
Manage all multi-channel sellers’ accounts on a Centralized Dashboard with Yo!Kart