Consumers are more empowered and informed than ever, they are in total control. A shopper can reach your competitor’s website in one click. As a result, retailers must provide what customers want. Not only do they want easy accessibility, but they also want a fair price and a high level of service – all thanks to the competition between the marketplaces themselves.
E-retailers need to deliver convenience, competitive prices, and a very high quality of service. The Forrester report specifically shows that price is one area where Marketplaces truly deliver on what customers want. The report states that “competitive prices is the most critical attribute while shopping on a marketplace”. In fact, 58% of customers indicated that they found competitive prices to be the most decisive factor while choosing from an online retailer or marketplace.
It is crucial to note that competitive prices do not necessarily mean a race to the basement. With the Marketplace model in place, the innate competition between sellers will ensure price optimisation and equilibrium in the market. And, because retailers pay nothing upfront for Marketplace products, the commission received is pure profit.
Enewcleus’s Marketplace Services allow retailers to control and moderate- What products make it to the Marketplace. If a retailer does not want to carry items that are too low priced to fit in with his brand, he can eliminate those items or avoid working with those marketplaces which promote only low price products. It is very crucial to understand & use the Marketplace model as a way to expand combination and get the best prices because it is the most cost-effective method right now.
