What if we told you that you can dominate any marketplace of your liking – and that too without any hassle whatsoever? All you need to do is streamline your marketplace order management, and you are good to go!
What if we told you that you can dominate any marketplace of your liking – and that too without any hassle whatsoever? All you need to do is streamline your marketplace order management, and you are good to go!
Marketplaces are an integral part of any eCommerce strategy. As platforms that offer variety, price comparison, and overall more accessible and much more enhanced shopping experience for consumers, marketplaces can take your business towards success much more quickly.
However, for them to set up in a way that works out in your favour in the long run, you must work on marketplace order management. By strengthening this component, you can transform your presence in any marketplace and make sure that you leave a long-lasting positive impression on all your customers.
Yet, marketplace order management can be tricky, and some businesses may need help setting it up and operating it properly over a long period.
That is where this guide comes in! On this page, you will find everything there is to know about marketplace order management – so keep reading.
Contents:
To understand what marketplace order management is, we must first look at what a marketplace is. In eCommerce, a marketplace is an online platform that facilitates the digital buying and selling of goods. Many big and small brands choose to sell their products on marketplaces because they can be a real driving force for growth! Marketplaces can bring various benefits, including increased brand exposure, a wider audience, and a better shopping experience overall.
So, where does marketplace order management fit into all of this?
Marketplace order management is a process that enables businesses to take care of all their orders on an online platform. It is integral to your functioning as a business on an online platform and allows you to always be on top of your performance.
If you get your marketplace order management right, you can quickly gain maximum efficiency and control, strengthening your position in the eCommerce industry. Marketplace order management will also effectively allow you to get more customers onboard, boosting your overall chances of success.
As of January 2023, the following marketplaces are the top 5 eCommerce platforms. Let’s have a look at some of the reasons behind it being essential to make sure that you have robust marketplace order management set up to achieve success on these platforms:
Amazon is the world’s biggest online marketplace. If you become successful on Amazon, you can be sure that you are on the perfect track, as it will boost your eCommerce standing and enable you to expand your customer reach in every way possible.
However, all of this can only be possible if you get order management for Amazon under control. Because Amazon presents your business to billions of people worldwide, the stakes are very high, and nothing but absolute perfection shall be cut. Keeping all of this in perspective, it is obvious why Amazon marketplace order management should be your top focus when it comes to being successful on Amazon.
eBay is also an eCommerce giant, which means that it is also a leading choice for online buying and selling, and hence a lot of businesses gravitate towards it being their choice of marketplace as well.
However, remember that in December 2022 alone, eBay’s traffic stood at 669.5m! This means that once your business takes off on eBay, you are signing up for a lot of traffic to your shop and, potentially, many orders. You can only deal with that effectively if you have strong marketplace order management to fall back on.
Etsy is a unique marketplace that not only offers consumers an extensive range of unique products to choose from but also provides small businesses and independent creators a creative outlet that can be transformed into a lucrative business.
However, Etsy leaves order management all up to the website user, so you must create the perfect marketplace strategy to sell on Etsy.
AliExpress is a Chinese website that never drops below 390 million monthly visits! People worldwide routinely order from AliExpress because it offers fantastic products from all over the world. You, as a business, can also sell on AliExpress and introduce your products to a large and ever-growing audience.
Anyone can sell on AliExpress: but anyone can also buy. This means that you will be getting a lot of international customers from countries all over the world. You can only confidently deal with such an influx of orders if you have a well-established marketplace order management strategy to support you through it all.
Rakuten ranks as the 5th biggest eCommerce platform in the world. It is an eCommerce website created by a Japanese corporation of the same name and operates in 29 countries worldwide. It was formerly known as Buy.com and sold old computers, but now covers all kinds of eCommerce.
If you want to venture out of mainstream marketplaces like eCommerce and Etsy and try something new, then Rakuten can be good for you and your business. However, for it to go as planned, you must focus on marketplace order management.
As the discussion above shows, success on any eCommerce platform is only possible if you pay attention to marketplace order management. But why is this the case? Why, exactly, is marketplace order management so crucial for eCommerce success?
Let’s have a look at some of the reasons behind this being the case:
Omnichannel eCommerce selling refers to selling your products on multiple eCommerce channels. Although this is the best way to get the traction you need to grow your brand, this can only be done if you have your order management mechanisms for marketplaces sorted out.
Good marketplace order management will interlink all your marketplaces together, making it far easier for you to become an omnichannel business than without it. This is the best way forward for companies considering going omnichannel.
Marketplace order management, especially automated marketplace order management implemented with the help of a marketplace order management system, is the best way to ensure you are doing everything correctly with your order processing. This helps you avoid wasting your time, money, and effort on rectifying mistakes, putting you in a better position financially and in terms of efficiency and productivity.
Businesses that invest in marketplace order management generally do better, so it is vital to start paying attention to it.
As a business, your number 1 priority should be to impress your customers. As such, you must create a fulfilment experience that meets all your needs, requirements, and preferences.
You can only do this if the order management aspect of your business is properly planned out. If you master taking orders, you are already halfway there in terms of achieving an unforgettable fulfilment experience, and your customers will surely appreciate that!
Enter your details to book a demo of the Canary7 WMS.
So, we keep talking about how important it is to have solid marketplace order management in place – but how can a business like yours ensure it happens?
Of course, with the help of a marketplace order management system!
A marketplace order management software is an automated software system that can help you streamline and improve all your order management processes for every marketplace of your choice.
Here are just a few ways in which such a system makes it easier for you to improve your selling tactics on online platforms:
Because it is an automated solution, a marketplace OMS helps you eradicate all manual processes. Instead, it automates everything. This is great because this way, you can minimise all the errors and mistakes that are bound to be made when relying on a manual set-up of order management. When everything is automated, not only do you end up saving time and effort, but it is also great for your budget, and hence, an automated OMS becomes the ultimate key to efficient marketplace selling.
The ultimate goal for any business is to scale up, i.e. grow, without any boundaries and restrictions. You will have to deal with limited growth if you don’t have a marketplace OMS. This is because you can only do so much with manual efforts, and sooner or later, you will be slowed down because of them.
On the other hand, a robust marketplace takes all the burden and responsibility away from you. It allows you to divert your focus on other things, such as scaling up as a business. Not only that, but it also ensures that once you scale up and have to accommodate more orders, it can help you do so without requiring a harsh software transition on your end.
Marketplace order management that contributes to your business’s success is broader than just one channel. An effective marketplace order management system will help you centralise data from other channels and consolidate it in one place. This process makes it easier for you to sell on different platforms.
This is beneficial because it means you can easily access and use it. It also means that there is quite a strong interconnection between all your channels, so you don’t have to divide your time and commitment between them. All of this, in turn, makes it even easier for you to maximise your potential and grow as a business.
The better you manage your orders, the easier you can improve conversion rates. As a marketplace, OMS streamlines your order processing strategies; it makes it easier for you to impress customers to the point that they come back to you, time and again, and buy from you.
This will help you improve your conversion rates, and by the time your revenue report rolls around, you will be able to see all of this effort translated into some spectacular figures!
Although primarily, a marketplace OMS helps you deal with the back-end logistics, it also provides some important sales support. It generates data that can provide helpful information to your sales team regarding their progress. They can then, accordingly, know which areas need improvement and make decisions that enable those improvements!
In short, a marketplace system will help you manage orders and provide some great insights that can make it all the better for your team.
Good order management is needed to help you solidify your success as a business. To ensure that you are establishing a framework that makes it easier to meet your marketplace selling goals, you also have to work on improving your inventory management.
Luckily, a marketplace OMS will help you do that. It interlinks order processing and inventory handling and allows you to automate and streamline both experiences in a way that makes it convenient for you to cut back on inefficiencies in both areas.
A marketplace OMS is not only about your back-end logistics; it can also help you improve your finances. You can connect your order management solution to top-notch accounting solutions if you pick the right system offering accounting integrations.
This enables the automatic flow of information between the two, and one updates the other. This way, your order processing activity will automatically reflect in your accounting books, and you will know what decisions you should be making to achieve optimal financing decisions.
We have already mentioned this a few times; we can’t stress this aspect enough. So many businesses out there end up going under just because of inaccuracies. When selling on an online marketplace, accuracy is vital – which is precisely why companies that don’t value it ends up suffering in more than one way.
With marketplace order management, you can ensure that your processes are entirely error-free and accurate. This will allow you to sell way more freely and help you gain your marketplace customers’ trust.
Marketplaces are famous for introducing customers to a more extensive customer base. If you perfect marketplace order management, you can repeatedly attract these customers. Not only that, when these customers leave positive reviews, you will also attract many other visitors, which means your business can grow without you having to try too much.
Therefore, if you have been struggling to get more customers, getting on a marketplace and using an OMS that will help you manage marketplace orders will help you a lot.
If there is one thing you need to remember as an eCommerce brand, it is the fact that you are only as good as your order management. If you leave your order management strategy to manual processes and paper-based systems, you are leaving an impression that, as a brand, you are not adapted to the modern world.
On the other hand, with marketplace order management software and the fulfilment experience you create with it, you are enhancing your overall image as a brand and conveying to the customers that you have what it takes to dominate the marketplace you are operating in!
For eCommerce brands, online marketplaces are great platforms for selling their products. They allow businesses to sell more and faster, which means they can improve their revenue if they finally take the leap.
However, you must focus on marketplace order management to ensure you can operate in any marketplace successfully. This can only be done effectively and efficiently if you have a robust marketplace order management system – which is why you need to get one today.
The good news is that you don’t have to look any further; the best marketplace order management software can be found here.
