Welcome back to the second installment of 9 Reasons to Trust WCMp. and if you haven’t read the first one, we highly recommend you do so here.
With that out of the way, let’s dive into the second part. So, what can you expect from Part- II?
Well, if the 1st part taught you to build your online empire, the second part is here to help you manage it. You’ll discover the necessary tools to help you rule your newly defined empire with a complete control.
- Tools to help you optimally grow your business
Why is this important?
Creating a marketplace takes time compared to standalone online shops. You have to buyer/seller communities(the infamous Chicken Egg problem) from the ground up, which is no doubt challenging.
Therefore, knowing the pace at which your marketplace grows is important as it enables you to formulate realistic and achievable goals.
Rushing marketplace development might cause you to overlook certain problems, making them harder to deal with a few months down the road. One such factor is the revenue model. You need to research your niche to see what kind of revenue models usually attract your target sellers.
Whether or not you should choose a subscription based revenue model or a commission based system or charge a listing fee will require a bit of experimentation. But you cannot only rely on research alone.
The goal of any marketplace is to achieve the ‘virtuous cycle’ which solves the chicken egg problem, a positive feedback loop where quality suppliers attract more customers and vice versa.
You need to find the right growth channel, promote trust & safety in hopes of developing an ecosystem of products, services and experiences giving sellers a reason to connect with your marketplace.
All of the above factors determine the pace at which your marketplace grows. Knowing what to do and when to do it is a crucial factor in your marketplace’s development, but, that’s not it. You also need to track it’s progress to ensure your effort does not go in vain.
WCMp’s Report Management Module helps you do just that. It grants you an overview of your marketplace, and your vendors, the necessary information to grow their respective businesses.
Sellers gain access to,
- Advance reports
- Detailed sales statistics.
- Banking overview
WIth these tools your sellers are well-equipped to optimize the growth of their respective businesses.
In addition, as an admin you also gain access to other metrics sales overviews, tax reports etc. all of which allow you to gauge your marketplace’s growth and take the necessary steps for its continuous development.
- Vendor Payment and Proper Security
There are numerous ways to make online payments to your sellers. You can either consider direct bank transfer or use online payment systems such as Paypal and Stripe. Different sellers might have different requirements regarding payment methods. Some might ask for weekly payments while others prefer it on a monthly basis.
You need to have this flexibility in terms of payment if you plan to attract them to sell on your marketplace. You can begin by focusing on,
- Quality of service– This includes making timely payments without fail.
- Secure Payment gateways– Such as offering services like Paypal, Mangopay and Stripe for those sellers who are not keen on sharing their banking details.
However, fret not as WCMp has you covered. WC Marketplace has a comprehensive payment management system that provides the admin with a myriad of choices. You will be able to,
- Apply payment gateway charges
- Conduct on schedule payment
- Issue and approve commission withdrawal requests
- Pay vendors in real time with Stripe Connect and Mangopay
- Offer sellers various types of commissions based on product and category. You can choose a predefined payment scheme for individual and global sellers.
- Choose from a wide variety of commission calculation types, such as fixed, percentage, fixed + percentage per transaction, fixed + percentage per unit, sales by vendor/product and finally by purchase quantity
That’s not all as you can even schedule payments for automatic disbursals, set withdrawal limits, allow vendors to request for withdrawals and much more.
We know that a robust, flexible and secure payment system goes a long way in establishing long lasting relationships with your vendors. So we made sure you have the latest tools at your disposal.
- Easy Refund Management
One of the leading challenges for any online marketplace is the refund management system. Customers take a leap of faith when buying products online. The shirt might be a size smaller, or the earphone might not work properly. Whatever the reason, consumers always prefer a refund in case the product does not work out.
Managing refunds can quickly become a hassle without a dedicated plugin, especially if you’re selling multiple products. As because any downtime during refund processing reflects poorly on your marketplace’s image, it is crucial that you dedicate a system that specifically overlooks it. A proper refund management system allows,
- Customers to seamlessly request refunds
- Sellers to set specific conditions for refunds along with a duration period such as 15 days from the date of purchase, notifying everything to them via the refund management policy
- Sellers to ask for a specific reason for the refund
- Vendors to accept refunds and also manually pay for them
Fortunately, WC Marketplace has a dedicated Refund management module that does all of the above thereby providing your customers with a carefree shopping experience.
The online market is more competitive than ever as more and more businesses are looking to set up shop in this pandemic-stricken world. But that shouldn’t discourage you from trying as people are buying stuff online, now more than ever.
The competition may be fierce, but look at it this way. WIth the correct tool, you can now cater to a much larger audience making it easier to target your potential customers.
Look around you (or actualy Google them). Craftsvilla has created a niche around Indian ethnic dresses. Custommade has created a niche in the jewellery space. Houzz has focussed on home interiors. We can rattle many such names who have created their niche. You can too.
So it’s never too late to start your online marketplace, especially when people are practicing social distancingThey are being forced to shop from indoors, making this the perfect opportunity to set up your online store and achieve those goals
Where do we come into the picture and why choose us??
Here at WCMp we provide a wide variety of features for FREE, only to help you get started. Once you get a hang of it and start earning a profit you can always upgrade to more features that will help you expand your empire into greener pastures, with only a few clicks.
Install our FREE plugin today to get an edge over your competitors!