Understanding eCommerce apps marketplace for Shopify & Magento
People always say the internet is changing things. True enough, it has changed the way we operate a business.
eCommerce industry has online marketplaces that offer wholesalers, retailers, and innovators to scale and grow their business.
If you understand the right processes and implement the right strategies, these can become a successful business venture for merchants.
Marketplace apps are integrations you can add to your eCommerce website. If you are customizing your eCommerce website, you will need marketplace apps to integrate to your online store.
What should you consider before adding these applications to your eCommerce site?
I will breakdown five considerations when choosing marketplace apps. I also listed some apps for Shopify and Magento store owners to help improve your conversion rate.
1. You have to understand your business requirement.
Shopify and Magento have both developed eCommerce marketplace apps to help business owners. Using marketplace apps can increase the functionality of your online shops and streamline processes. Shopify App Store has over 1,800 apps and you can find an app for anything. Type some keywords about the features of the app you need, it will provide a hundred results to help you solve a specific problem in your business.
Knowing the actual problem or business needs will guarantee that you are providing the highest value to your customer. After understanding the business needs, you can start learning the best way to method toward building a solution. Whether automation is involved or not, you need to how your business will benefit and how to put in place that solution.
If your business is about customizing product printing using some third party app, you can do this without building your own. You can use print on demand apps like Printify and Printful. You don't have to build your print on demand app to connect with your eCommerce website.
The beauty of marketplace apps is you don't have to build it from scratch. Someone has developed it for you to use and integrate on your online shop.
2. You can build your own eCommerce sales funnel based on how you generate leads for eCommerce.
eCommerce platforms offer super easy ways to sell online. There are thousands of paid and free apps available to help you scale your business. Though with many choices out there, it can be challenging to find the ones that fit your business.
I understand your revenue cannot thrive without the right tools. I have helped our clients in finding the best Shopify apps to increase conversion and sales.
Testing apps one by one is tiring. You can feel overwhelmed and confused when looking for the best apps that work as advertised.
For example, if type “upsell” more than 100 apps will appear in the search results. Fortunately, I have listed some Shopify and Magento apps to help you build your sales funnel. This can also fit perfectly with how you generate your leads.
Shopify apps to help you build your sales funnel.
Bold Upsell ‑ Upsell Smarter
Make more on every sale by offering to upsell and cross-sell products. Upsell on the product page, the cart page, even after checkout. You can create a series of follow-up offers that change based on whether the last one was accepted or declined.
Marketing Pages and Funnels
This page builder is a drag and drop custom page builder. You use this on your store without any coding knowledge. This app allows you to create funnels to build your email lists with popups, thank you pages, email confirmations and more to build and grow your leads.
GemPages Page Builder
Use their professional and high-converting templates designed by experts. Every template is designed to fit every industry and need.
Magento apps to help you build your sales funnel.
Rich Snippets Magento by FMEAddons
You may have different traffic sources, organic or paid, you need to get the user to click on your product link. You have to make your product as compelling as possible. This app helps you make the rich snippets more educational, beautiful and engaging. It lets you display more information like photos, customer ratings, price, product name, and a lot more.
Zendesk Chat Extension
This app enables users on your website to interact with your customer support team. It's one of the best Magento apps to answer and fix product related queries. Your team members can reply in real time, too. This not only boosts the customer experience but also helps the customer make buying decisions faster.
3. You can use marketplace apps to improve conversion rate optimization (CRO).
Instead of hiring a CRO expert that will cost you say $5K or more, you can use some apps to do the work for you.
Turn your website traffic into conversion and sales by establishing trust and making it easy for customers to buy. You can use this to add social influence, reviews, optimize your product pages, personalize CTAs, and deploy messenger bots.
You can also integrate marketplace apps to increase your conversion. There are combinations you can try what works best for you.
4. Synchronize your eCommerce website to the local marketplace.
According to eMarketer, it is estimated that global retails sales will reach up to $27.7 trillion in 2020. However, it is also predicted annual rates of growth experience a slow down over the next couple of years. In addition, the Asia-Pacific market is expected to double its revenue and reach up to $2.725 trillion, staying the largest retail eCommerce market for products and services market sectors.
Going multichannel takes a lot of time and effort. Amazon (US), Lazada (Asia), and Etsy serve as a middleman if you opt to sell on one of these platforms. You don't own the space, you are using it to bring your product to the people who are looking for what you’re offering.
Instead of building your own solutions, you can use flexible eCommerce marketplace management app to distribute your products on various local marketplaces and online shops you sell on. Manage your catalogs, change prices, sync inventory in real time and print shipping labels - all from one place
Do you know that 29% of retailers are not operating multi-channel to serve more customers?
Some retailers sell on multiple channels but they struggle to know how much of their product is still in stock across the board. What happens is, there are instances where a customer orders an item which is advertised as in stock but in fact is sold out.
For instance, retailers who are selling bags online may show on Amazon and Shopify that they still have five backpacks in stock. But in real time these remaining items are already out of stock. To restock they must process a new shipment from Asia and this can take 30-45 days or even longer. This kind of delay will result in bad customer experience.
The solution, integrate a cloud-based multi-channel inventory management solutions to your eCommerce store. So it will automatically synchronize your product inventory across all channels.
5. Understand marketplace apps permission.
Similar to iPhone, when you install an app you will be asked certain permissions, such as to view your products and other sensitive information within your dashboard. The type of permissions the app requests will depend on the functionality of the app.
Make sure to read and understand the permissions you are granting before installing the app.
Luckily, all marketplaces apps will show you a star-ranking to know how helpful they are before installing and how many stores are using the same application. You can also verify the reviews first to validate legitimacy and helpfulness.
Digging More About Marketplace versus eCommerce Marketplace Apps
There are people who think online marketplace and eCommerce websites may be the same thing.
Let me explain how they are different from one another.
Though both terms are used for digital businesses, there are some fundamental differences between them. A marketplace is an online platform where you can register as a third-party merchant to sell on the platform and bill the customers directly. Like what you see in a physical market, both sellers and buyers can login and transact on the platform. A marketplace is like being in a department store. The marketplace owner does not maintain the inventory and does not process the orders of the the buyers.
In contrast, an eCommerce website is operated by a single brand. eCommerce business sells specific brands or produces its own products on its website. The inventory is maintained solely by the business owner. eCommerce website also processes the customer’s payment and settles the value added tax. Also, you can’t register as a seller because you can only signup as a buyer.
An eCommerce website is customer-focused and works only as a single vendor where one entity can run the website for selling goods. You can only buy on someone else’s eCommerce website, however, you can buy and sell on marketplace platforms.
Marketplace apps will help you promote your store, sell your products, incentivize your customers, and manage inventory and shipping so you can earn increased revenue.