When a seller apart from its usual brick & mortar store uses various platforms such as online web store, mobile app, print media, events, tele-calling etc. to sell its products and services it is termed as multi-channel selling. The seller basically interacts with its potential buyers using different mediums.
Traditionally, sellers used to set up a single physical store in a market and would wait for a buyer to come and buy their products. But now with the help of information technology, some new platforms have been developed such as social media channels (twitter, facebook, youtube), e-commerce marketplace (eBay, Amazon, Flipkart), webstore, mobile apps, online ads etc. which are used extensively by the sellers to interact with their prospects.
The word marketplace means an open space or a place where there are a number of sellers offering goods and services to the buyers. In the context of information technology, marketplace means an e-commerce website which has a number of sellers/vendors who have listed various products on the website for the buyers to purchase.
Today there are a number of online marketplaces, eBay is one of them. It is an American multinational company which was founded in 1995 and currently doing multi-billion dollar business in 30 countries. Apart from people buying and selling a broad variety of products and services, it also offers online auction facility.
In a real-world marketplace, the buyer pays directly to the seller while in an online marketplace this transaction is managed & processed by the admin or the operator of the e-commerce website. The admin or the operator of the e-commerce website generally charges commissions from its sellers/vendors for every product sold on the marketplace.
A seller can list its products on multiple marketplaces such as eBay, to increase its chances of sales conversion. But there are like hundreds of products offered by a single seller and some of its products would have different variations and characteristics. Since every seller wants to be present where their customers prefer to shop, but updating information about each product item on every online marketplace is a difficult moreover time-consuming challenge for any seller.
eBay Connector for Magento2 is an amazing add-on developed by Webkul team, which helps the seller to import and update products information from its eBay store to its own webstore. It also updates the same information from its webstore to its eBay store as well. It basically integrates both the stores together, where all of the information related to the products such as categories, images, description etc. is updated simultaneously on both ends. This synchronisation happens on a real time basis.
Inventory management for any seller is very crucial for its business to survive in the long run. Since there are many sellers in the market who offer the same product, it becomes an important task to have a control over its stock before it gets depleted. The buyers will not wait for a seller to get its products back in stock, the buyer will search for a different seller/vendor and buy that product immediately.
Magento2 eBay Connector module helps in managing the stock information on both the ends, so if a product gets sold on eBay store it’s information will be automatically updated on seller’s webstore in no time. This module also helps in integrating the order information between eBay store and the webstore.
Sales & Revenue – Every seller wants to maximise its sales number to earn higher profits. A seller who is using multiple channels will surely have more business because it is making its products more visible in front of buyers using different platforms. The amount of user traffic on the marketplace is very high as compared to a single channel webstore. So by using multiple channel the conversion rate increases since, these are the active shoppers on the marketplace who are looking for the relevant products to purchase.
Buyer Convenience – The buyer has a convenience to purchase products through any channel, one can either go to any of the popular marketplace websites such as eBay, Amazon, Flipkart or Snapdeal using the desktop or smartphone browser or by downloading dedicated marketplace mobile apps from the Google Play Store or Apple App Store, calling the seller directly using a telephone (For eg. ordering pizza from Dominos) and lastly by visiting the physical store. A seller having multiple channels gives freedom to its buyers to select any of the channels to purchase products.
Diversify Risk – It is one of the most important factors for using multiple channels. As they say, “Don’t put all your eggs in one basket”. The e-commerce industry is always changing, a seller who is selling its products on multiple channels is diversifying its risk by not relying its sales only on its webstore or any particular marketplace. Nobody can predict the future of an e-commerce industry, technological development can happen e.g. change in Google algorithm happened in 2014. Also, the buyer’s habits keep on changing as people now prefer smartphones over their desktop PCs for online shopping.