In the twenty-first century, there is no escape the force of e-commerce. Online selling platforms will account for approximately 18% of all worldwide transactions by 2023. That may not seem like much in the broad scheme of things, but the volume of sales is slowly increasing year after year, and this trend is likely to continue.
In Europe, the United States, and China, ecommerce is already firmly entrenched as a popular trade platform. Emerging markets like Latin America and even areas of Asia are now embracing the movement. If a company’s goal is worldwide development and brand awareness, internet selling channels are more vital than ever.
What exactly are Online Selling platforms?
It’s no secret that selling online differs significantly from having a physical storefront. If you were a shopkeeper, you might conclude a transaction for goods or services in a variety of ways. Cash, card, gift certificate – as long as your firm is properly compensated, you’re unlikely to worry.
Of course, shopping online is a bit different. Customers are unable to touch or view things before purchasing. Without any difficult social contact, it is considerably easier to abandon a deal before completion. More specifically, clients may only check out and finish a transaction online. Whether you use a credit card or an e-wallet, the transaction will not be complete until money are transferred.
A company must satisfy consumer expectations to make this procedure as smooth as feasible. This includes presenting attractive photos, descriptions, and videos to entice a potential buyer to convert and delivering a secure checkout experience. Perfecting your ecommerce site design is essential for attracting attention, but you’ll also need the right selling platform to close the purchase.
How many types of Online Selling Platforms are there?
There are three types of online marketplaces:
- Self-hosted platforms
- Hosted platforms
Each of these techniques has advantages and disadvantages. Let’s go through each sort of selling platform in depth, then look at which one would best fulfil your company’s needs.
Self-hosted e-commerce platforms
Self-hosted online sales systems, the most popular of which are Magento and WooCommerce, are an excellent solution for the seasoned cyber-seller. Finally, the money earned by a self-hosted ecommerce site is strongly related to the success or failure of a digital marketing plan.
The ecommerce provider creates and hosts a self-hosted website on your server. Once the site is finished, you’ll just use an open-source sales platform.
This method gives you total control over all aspects of your ecommerce operation. This also implies you’ll have complete access to your clients’ first-party data. Such information might be useful in developing profiles of your target audience.
You might select a hosted ecommerce site if you want to focus on recruiting customers to your own site rather than competing with the masses on an online marketplace. Shopify is the most well-known of these online selling systems, but there are a rising number of others. BigCommerce is Shopify’s main competition, although you could instead choose a website builder like Wix or Squarespace.
Using a hosted online payment platform will allow you to showcase and advertise your items in a more flexible manner. Marketplaces may limit the amount of characters in the description, the quantity of photos, and the usage of a home style in listings. You would not have such issues if you manage an ecommerce website.
Marketplaces are the most common type of internet selling platform. They are unquestionably the most noticeable. Consider an online marketplace to be an internet-based department store where you can find whatever you need. Simply think of anything and put it into the search box.
Based on this description, two companies instantly come to mind and tower above any competitors: Amazon and eBay. These two names have been synonymous with online shopping since their inception in the early days of the internet in 1994 and 1995.
Other markets, on the other hand, have established a brand and a loyal following among online shoppers. The craft website Etsy is maybe the finest illustration of this. With over a hundred markets available, you may come across a variety of names you’re unfamiliar with.
Here’s a link to create ecommerce multi vendor WordPress website
What are the prices of internet selling platforms?
Doing business with an online sales platform might be quite expensive. A self-hosted platform will be the most expensive at first. You must pay to develop a website as well as to keep it operational and online. However, if you are capable of doing so, you can save money in the future. The costs of hosting a website vary. Of course, you will have to pay for your monthly hosting. How much depends on the host you choose.
You can also check how much will your selling platform will cost by clicking here