Category: E-commerce

Top 10 Reasons Why Your Business Should Have An eCommerce Website

In this era of technological advancement, keeping up with the digital space is a must for every business. With the rise in mobile phones and increased interest in online shopping, having an eCommerce website is a boon. If you don’t already have a viable eCommerce site to supplement your brand, you are lagging behind your competition.

With an attractive yet functional eCommerce website, you not only satisfy customer expectations but also draw in new clients. Moreover, you can increase sales revenue and market your products in yet another way.

Why must every business have an eCommerce website?

If you are still not convinced about the need for an eCommerce site, take a look at the reasons explained below –

1. Round the clock assistance

Online stores are never shut down. They operate efficiently 24 hours a day without any breaks. That means customers can place orders whenever they want without having to worry about closing times. This is bound to appeal to customers.

2. Global reach

With a viable eCommerce website, there is a potential to harness the global market. However, for that, you will need to add certain features that allow customers across the world to place orders and get them.

3. Get new customers

Integrating SEO marketing tactics to your ecommerce website can help you to get new customers. If your store shows up in the search engine results, you can expect more consumers.

4. Source of revenue

It is true that having an online store creates another source to generate revenue for your business. In this era, most people prefer online shopping. Your brand is bound to benefit from this modification in consumer behavior.

5. Increased convenience

Perhaps, the most advantageous aspect of an ecommerce website is convenience. Consumers get the opportunity to shop from wherever they want. Moreover, they can shop at all hours.

6. Enriched customer experience

With the option of search and choose products of their liking, online sites can improve customer experience substantially.

7. Decrease in overhead prices

There is little doubt that running an eCommerce store is much less expensive when compared to a physical one. Here, you don’t have to worry about security measures, the rental price for the shop, utility bills, etc.

8. Personalization

Customization can help you cement the loyalty of the existing customers. You can provide order tracking, product recommendations, delivery confirmation message, and more based on the shopping history. This way, you can make customers feel valued.

9. Improved brand awareness

Another great benefit of opening up an eCommerce site is the increase in brand awareness. The more social media mentions you get, the more you can expand the brand visibility. As a result, more people will know your site and come to shop.

10. Saves time

Online stores drive up the delivery time significantly. As soon as the customer places the order, the material is packed, shipped, and delivered. Moreover, the customers can refrain from visiting the psychical store and save a considerable amount of time.

Conclusion

These are the top ten reasons that explain why having the presence of an ecommerce website is an advantage for brands. Apart from keeping existing customers happy, it aids in expanding brand visibility. Moreover, you can promote your products or services while increasing the speed and quality of service delivery. However, to thrive, you need the aid of the best web development company to develop a successful eCommerce website. Consult GoodWorkLabs for all information related to web application development. Contact them here.

Upscale Your Ecommerce Store With Amazing UI/UX Design

With the escalating growth of the eCommerce industry, numerous business organizations have embraced this concept. More and more people are seeking the online purchase of materials, thereby popularizing the eCommerce stores even more. However, to stand out amongst the stiff competition, one must focus on improving the UX (user experience) and UI (user interface) of the application. 

Why is improving the UX and UI so vital for an eCommerce store?

For an eCommerce store, retaining each and every customer is essential for thriving. If you want to expand the brand, you can’t afford to lose consumers. That is exactly what poor UI and UX can offer. If customers cannot seamlessly shop on your site, then they are unlikely to return. On contrary, if the application offers amazing UI and UX, there will be an increase in the conversation rate. It is vital that you ensure customer satisfaction in order to make your business a success. 

How to upgrade the UX and UI for an online store?

There are numerous ways that you can improve the UI and UX for your eCommerce store. These include –

  • Note the desires of the customers

The opinion of the users is vital in developing the best UI and UX design. For that, you need to comb through the positive and negative reviews. Moreover, you need to resolve their queries and make sure that they feel listened to and appreciated. 

  • Opt for personalization

Personalization of the services is essential in retaining customers. You can make customization based on location, interest, user profile, and time.

  • Ensure the website is mobile-responsive

With the rise of mobile phones and their presence in almost every home, it is vital that you make the online site mobile responsive. Make sure that you choose optimization for an enhanced user experience in your mobile apps. 

Results of attaining an impressive UX/UI design

Having an impressive UI/UX design can lead to significant consequences for your brand. Take a look at some of them listed here. 

  • Obtaining the attention of the customers

The result of having an impressive UX/UI design is the ability to promote new services and products. Catchy UX designs can grab the attention of consumers. That is all the time you need to display the promotions, rewards, and offers in order to entice them. 

  • Attaining brand loyalty

As per research, eCommerce stores obtain 60-70% of their revenues from selling products to the same customers again and again. This cements the fact that if you can offer them an intriguing UI/UX experience, they will shop with you again. 

  • Increase in ROI

With the best UX/UI design, you can assist customers in buying what they want without any hassle. If they can seamlessly shop without any obstacles, they are likely to continue shopping from your store. When that happens, you can expect an increase in the ROI. With excessive competition in the market, it is pertinent that you value every customer. 

Conclusion

In essence, focusing on improving the UI and UX for your eCommerce store is an excellent idea. It will not only help you increase the ROI but will also aid in gaining more customers. Ultimately, it will assist in strengthening the brand image and cementing the loyalty of the consumers. However, in order to attain such heights of success, you need to obtain the services of the best eCommerce company. The professionals can help transform your vision into reality with ease. 

GoodWorkLabs, a leader in e-commerce UX UI design space 

GoodWorkLabs is one of the leading UX UI design development companies in India, the USA, and Europe. We have a proven experience in designing UX UI for many of the world’s leading e-commerce and retail brands like – CommonFloor.com, Myntra, ST Dupont, etc. Connect with us at +91- 9863077000 or [email protected] for a free consultation.

GoodWorkLabs Is Recognized Among The Top ECommerce Development Companies In India by Selected Firms

 

We are honored to announce that GoodWorkLabs is named as one of the top ECommerce Development Companies in India as published by SelectedFirms

 

ecommerce-selected-firms-logo

GoodWorkLabs is based out of Bangalore and Kolkata, India, and San Francisco, USA, is a leader in the technology development & outsourcing space globally. Having in-depth knowledge in the ecommerce segment we help our clients by providing them with effective ecommerce solutions. 

 

GoodWorkLabs has extensive experience in creating innovative web design and providing professional web development services.  Whether you’re looking for enterprise website development, building an e-commerce online store, restaurant & food delivery solution, or any other interactive mobile-friendly website our team of developers will make sure that you get the best. Besides web designing and development, GoodWorkLabs is a leading new-age software and design lab that delivers cutting-edge products and solutions for customers globally.

 

About SelectedFirms

SelectedFirms is a platform that helps to match clients in need of IT services with the world’s leading software development companies. They provide their readers with a list of notable firms that meet client’s needs and provide superior services. SelectedFirms provide accurate information about leading IT companies around the globe and aim to connect the clients with the right company.

Top 5 ECommerce Trends To Watch Out in 2021 and Beyond

In 2020 the pandemic had accelerated the growth of the eCommerce industry exponentially. As per research, it is predicted that the revenues for e-retail will cross $6.54 trillion by 2022. Now, the eCommerce market is increasing at a remarkable growth rate. However, it is vital to note that the trends here are ever-changing. The only way to become the ideal e-commerce company in India is to be aware of the trends and incorporate them in time. 

Ecommerce trends to look out for in 2021

The only way to ensure that you are ahead of your competitors is to understand the latest eCommerce trends. Check out some of them listed here so that you can know what to expect in 2021. 

1. Brand video ads

Indeed, the usage of social media is not going to decrease anytime soon. Brands have already realized the potential of using video ads on various platforms such as Snapchat, Instagram, etc. The best way to take advantage of this trend is to make videos of the top-selling products and put them on different social media platforms. You can develop videos such as tutorials, unboxing, step-by-step, etc. If you are into service-related work, then also you can utilize video advertisement for promoting your services. 

2. Rise of omnichannel shopping

The growth of voice assistants and mobile devices has influenced omnichannel selling. The usage of different marketing channels ensures that the customers receive a seamless shopping experience. According to studies, omnichannel shoppers will increase in 2021 even more. To make sure that you take the right steps, you need first to understand the behavior of your customer base. Then, you can use that data to develop personalized content. 

3. Cryptocurrencies will make an appearance

Often, the option of various payment modes can make your brand more popular than others. Giving more options to your customers is a great idea. Nowadays, most of the eCommerce platforms accept debit cards, credit cards, cash, and other digital wallets such as Google Pay, Phone Pe, etc. However, with the emergence of cryptocurrencies, there is a high chance that they could be integrated with ease. There are numerous advantages that e-commerce platforms can get from adopting cryptocurrencies.  For instance, the transaction fees are relatively low. 

4. Increase in mobile shopping 

With the rise in the sales of mobile phones, it is no wonder that mobile shopping will increase even more. As per Statista, 2019, 73% of retail shopping will be via mobile phones by 2021. The best solution is to ensure that the customers have a seamless, hassle-free mobile phone online shopping experience. If you can offer the customers an unforgettable experience, you will observe a dramatic increase in sales. 

5. A step towards green consumerism

Corporate social responsibility is no longer something that is read on reviews. In fact, research suggests that 88% of customers would become loyal if the platform supports environmental concerns. Most of the major brands have committed to reducing waste and saving mother Earth. You can start assessing your business and see how you can make it even more sustainable. However, you must ensure that your customers know about it. This will aid in boosting your reputation. 

Conclusion

These are the top five eCommerce trends that you can look out for in 2021 and beyond. With such an incredible growth rate, eCommerce is likely to rise even more. Knowing about the trends will definitely aid your business in becoming one of the largest e-commerce companies. 

Want to have your ecommerce website or application? Consult our expert team at GoodWorkLabs and our dedicated developers will build a fantastic application for your brand. Contact us here!

Steps To Launch An eCommerce Store

With the lethal pandemic still looming, people have shifted their focus to online shopping. While the change in mindset was slowly progressing over the years, covid-19 seems to have accelerated it. Now, online shopping has gained immense popularity. Especially for millennials, in their busy schedules, they always prefer to order things online and get them delivered than going out and shopping. If you have been wanting to launch your own eCommerce store, now is a perfect time. An eCommerce store gives numerous advantages to businesses. However, in order to build the best eCommerce site, you must get in touch with experts. Every minute detail matters and can affect sales. 

GoodWorkLabs, one of the renowned companies in Bangalore develops amazing web and mobile applications and has built various leading eCommerce stores.  

With the assistance of an experienced web development company, you can have a successful eCommerce website for your business too.

How to launch an eCommerce store?

Launching an eCommerce store is not an easy feat. There are several steps that you must follow in order to set up a thriving site. 

  • Research and choose the niche

Before progressing any further, you must conduct extensive research on the eCommerce space. Dedicate a substantial amount of time understanding the various aspects. Then, you need to focus on choosing the right niche. For instance, you can sell products to specific niches such as lifestyle, travel, food, etc. 

  • Opt for a business name

Then, you must focus on choosing a business name. You must ensure that the name you opt for is unique and not used by other companies. Keep in mind that using a name that is already patented is a wrong move. It can cause legal repercussions. 

  • Select a legal structure

After this, you need to decide the legal structure of the business. There are various entities that you can choose from such as general partnership, sole proprietorship, corporation, or LLC. In order to make the best decision, you must research all of them and check out the pros and cons. 

  • Get the necessary business licenses and permits

The next step involves attaining the necessary licenses and permits. Keep in mind that different regions require various permits. For that, you must take legal consultation and follow their advice religiously. 

  • Secure a domain name

After you have the permits and licenses, you will need to get an appropriate domain name. It is advisable that you choose the dot-com version. It may be expensive, but it will give you an edge financially in the long term. Moreover, make sure that the site name and the business name are the same. 

  • Select a revenue model

Now, you must decide on the revenue model. There are various ways that you can make money online. For instance, you can choose product sales or advertising sales. You can also opt for more than one revenue model for your eCommerce store. 

  • Design the website

In this step, you must envision the website layout. You need to collaborate with professionals to ensure that your idea comes to fruition. Here, the dashboard must be easy to use and intuitive. Along with that, there are various other things that comes into play while launching a full-fledged store. Consult the expert eCommerce site development firm and they will guide you perfectly. 

  • Market the products

The last step involves the marketing of the products or services in the eCommerce store. For this, you can take the assistance of a marketing expert. A new website will need a reliable SEO strategy to get significant traffic to the site. You can opt for paid advertising to get the best results. 

Final thoughts

These are the steps that you can follow to launch an eCommerce store. However, if you want to establish a successful eCommerce site, you must take the assistance of professionals. They can efficiently transform your vision into a realistic website that attracts a lot of consumers. Contact GoodWorkLabs, they have an expert team of developers and UX designs that will make sure that your store stands out from the crowd and also appeals to the customers. Start your digital journey now. Contact GoodWorkLabs here!

E-commerce, The Future Of Businesses Post COVID-19 Pandemic 

As the countries around the world are planning to unlock, there are infinite anticipated questions about the business landscape ahead that remains a riddle. The changes in consumer behaviour will persist for quite some time. Businesses will have to understand the depth of these changes and re-strategise their market approach. During such uncertain times, companies and businesses need to be on their foot to gather and analyse data quickly and accurately. This will help them to be agile, take response measures, and make informed decisions to whatever twists and turns the pandemic throws their way.

While there are deeper learnings about consumer behaviour, three trends are emerging across the sectors and domains – contact-less experience, social distancing, and digitization. Irrespective of the location, industry, or sector, the one strategy that will address these trends is of e-commerce. In the recent few weeks, the world has observed a new wave in the usage of e-commerce platforms. The industry has become more dense and intense than ever for millions of businesses who may have not thought about selling online before the COVID-19 pandemic.

https://www.goodworklabs.com/mobile-applications-to-rule-post-covid-19-pandemic/

Let us look at how businesses can use e-commerce technology to scale during and post this pandemic:

Convenience:

Convenience has always topped the list while strategizing the e-commerce plan. People are getting used to online shopping mainly because of this major factor. One thing that companies must understand that consumer habits and preferences keep changing and they need to adapt to it. To be at par with ever-changing dynamics of what is convenient shopping, the business will have to do real-time research and take necessary actions accordingly. Currently, people are looking to shop for essential products such as groceries, medicines, dairy products, etc at their convenience. Many e-commerce apps and companies have understood this and tried to deliver in-demand items conveniently to consumers. For example, Swiggy and Zomato had started delivering groceries through their food-delivery mobile application.

Social distancing and contact-less experience: 

As the countries have started to unlock, there has been a major concern about a pandemic blowback. The increased focus on personal hygiene and the new normal social distancing has lead to the emergence of ‘contact-less experience’. This will encourage continued online shopping and reiterate the behavioural change in the long run.

Elderly Consumers to come online: 

For a long time, the elderly population is expected to be in self-imposed quarantine as they are most vulnerable to the COVID-19 infection. Hence, they are likely to use online mediums for their regular shopping and delivery. With them signing-up as customers of the e-commerce platform, the existing customer behavioural trend will be altered and accelerated. The population of 65+ aged is huge in many countries, therefore this will make up a massive customer segment for the companies to serve digitally.

Intensified Competition: 

Convenient, safe, and agile practice of shopping and delivery is what the customers today are looking for. If you lack behind in any of these key practices, or if your competition is doing it in a better fashion, then you are bound to lose customers until you adopt a new approach. For example, when the food delivery platforms like Swiggy and Zomato started delivering groceries, they were strongly competing with bigbasket, Grofers, Amazon, Godrej Natures Basket, etc. Even while they did have tough competition, the approach was well accepted in the market. Therefore, when businesses disrupt and emerge, they become a better and strong competition.

Many online customers are changing their behaviour and purchase patterns as they are opting for a more convenient, safer, and time-saving experience. This will add some strain on e-commerce platforms and online retailers today. How they analyse, gather insights, and react to these changes will define the future of the e-commerce industry in the world. Even post the removal of lockdown restrictions, the consumer behavioural changes will remain the same for some time. This change will transform the retailing and e-commerce landscape for the years to come. If you are looking to set-up an e-commerce platform or a mobile application, then reach out to us at +91- 9863077000 or [email protected]

Mobile Applications to rule post COVID-19 pandemic

Coronavirus 2019 is surely a sour pain for all of us. Little did we know that it would take an epidemic to change our lifestyle upside-down. People locked up, offices shut, roads empty, and socialising became a nightmare. These tough times have not only affected individuals but also the companies and government, as all countries in the world have had a major hit in their economy. It would not be wrong to say that in future, the world will never be the same as it used to be. Many businesses are likely to be shut if they do not evolve and adapt during the pandemic, and many new opportunities will emerge.

Who knew that the words like social-distancing and contact-less experience would disrupt our lifestyle and be a norm someday. Well, it is now, and we can not deny that. No matter what businesses you are in, you will have to adapt to this change, sooner the better. This is the time when you need to pay closer attention to consumer demands than ever and adapt accordingly. For instance: Zomato – an online food delivery app started delivering groceries as that is the need of the hour.

Talking about the mobile application, today, many governments are using this technology to track the movement of COVID-19 infection amongst the community. Thereby enabling them to take necessary actions in respective regions. Likewise, a mobile application that will solve the current problems faced by consumers will grow and evolve. Consumers are looking for contact-less experiences and the app development domain offers the same seamlessly. Therefore, mobile application development will strengthen the new norms and trends furthermore.

Mobile Applications to rule post COVID-19 pandemic

Let us take a closer look at the industries that can take advantage of mobile application development during this new normal:

Education Technology 

With no clear picture on when the schools and institutes are going to be open, the demand for online and digital learning will boom the sector of education technology. Children have already started learning online – from attending a virtual lecture to submitting their assignments. What was once started as a value add for kids to upskill has today become an integral part of learning. There are quite a few education apps available, and there is a lot more scope for the new ones to make their way and gain the maximum of the situation.

E-commerce 

Even if the malls and shopping complexes open, there is going to be a fear-factor in the consumer’s mind to physically go and shop. From safely packed food/goods to contact-less delivery, many e-commerce companies are following the new norm. A ‘contact-less’ or ‘zero-contact’ delivery limits the chances of contamination. Therefore, the e-commerce mobile applications are here to stay and rule the retail sector across the globe.

Teleworking 

Working from home is no more a taboo, organisations have seen an increase in productivity during this phase and it is defiantly going to be an accepted norm. This could be possible because of few teleworking applications as they help the teams to stay connected as they were during the regular days. From online meetings to sharing the tasks, teleworking mobile applications provide it with all for end-to-end communication with your teams.

Health and Fitness 

The pandemic has taught us the importance of a healthy lifestyle more than anything else. People now are more focused to enhance their physical and mental well-being. Hence, many consumers are now investing a lot more time on their health and giving it utmost importance. Mobile applications that provide a holistic health solution for mind, body, and soul is well accepted by the consumers. In a nutshell, it cost us a pandemic to understand how important our health is. This is one of the foremost reasons for the growth of mobile applications in the health and fitness industry.

App Payments 

No cash, no cards. They can be contaminated! Consumers along businesses have become very mindful about the contact-less experience and are motivated to pay using mobile applications. Once marketed for its convenient, fast, and effortless transactions, mobile app payments today advocate safety and health factors. So much said and done about the digital transactions, it has only been possible by a pandemic to make people understand that it is ‘safe’ and ‘reliable’.

OTT

Being home locked all day, people are exploring more and more options for entertainment as they have all the time in the world. Televisions are airing old and dated content, whereas OTT platforms are bringing new-age content from their stocked library. Despite watching some dated series, audiences are more interested in consuming new and fresh content each day. Seeing the growing demand for OTT platforms, many film producers are now considering to release their movies online at OTT mobile applications. For some time consumers will avoid visiting theatres and multiplexes. Therefore, this will further spurt the OTT industry.

In the days to come consumers will choose interactive mediums and applications that are safe, reliable, and disruptive. From eduction to payments, the pandemic is truly making India digital. Should you be planning to develop a disruptive mobile application in conjunction with the latest trends, then contact us at [email protected] or  +91- 9863077000.

 

Why should Magento be the core of your e-commerce store?

From visiting a Kirana store and waiting in lines to ordering groceries on mobile applications with just one click, all of us have come a long way. The advancement in consumer behaviour and practices have changed over the last decade and the growth in the number of online consumers is something which we have not witnessed in history. This growth and development can be credited to the e-commerce industry. But what have entrepreneurs and enterprises been using to develop these e-commerce stores?

Magento is one such reliable platform on which ecommerce businesses are built. It’s a platform designed to help small, midsize and enterprise level businesses make it big in the e-commerce industries. The Adobe owned platform powers close to 250,000 online businesses and is preferred by many entrepreneurs and businesses worldwide.

Magento is specifically designed and developed to help e-commerce platforms grow by providing useful analytics, scalable technology and optimal solutions to manage a heavy backend while fulfilling consumer needs. If you’re a dreamer who’s reading this article to build your e-commerce store, we’re here to help you and tell you why Magento is one of the best things that can happen to your business.

 

Giants using Magento

Magento is used worldwide and there is no doubt that it’s one of the best tools to build your e-commerce. Many of the biggest players of the industry like cocacola, Ford, Nike, Nestle Nespresso etc have relied upon magento to build their ecommerce platforms.

 

Why use Magento?

There are many reasons why Magento is used at this scale and is the choice for every e-commerce store owner. Some of the reasons are listed below.

1) Open Source

“Good things are never free.” Well, this is not the case here. The Magento community edition is open source i.e. free to download and use. This renders the development cost of the website to a bare minimum and the owner can think of better ways to use his/her money. The free edition can be downloaded from here.

Magento the core of your e-commerce store

 

2) Scalable Tech

One of the reasons why writing code for e-commerce websites is an onerous task is that the code written should be scalable and should be optimised to handle large chunks of online traffic. Magento is designed to be scalable and hence websites deliver efficient and fast services to its users. It’s no wonder why even big companies with complex operations and high amount of traffic deploy a Magento website to sell products and services.

 

3) Community

Being open source is one of the strengths of Magento. People all around the globe use it and help other developers to grow in the field by developing free and cool extensions to integrate with your Magento e-commerce store.

 

4) e-Commerce friendly

Though WordPress might be the best content management system being offered out there, it is no Magento. Magento is specifically designed for building e-commerce platforms and hence has inbuilt features and actions that a developer can use to provide business solutions. This is why Magento is now preferred over ‘WordPress + WOO Commerce’ and ‘Drupal + Drupal Commerce’ combos. This is one of the major reasons why the number of Magento websites worldwide have doubled from 2017 and 2018.

 

5) Performance

A fraction of a second might be the difference between an interested lead and a converted customer. Hence, if you want to convert that doubtful lead into a happy customer, using Magento is probably a good idea. Magento with its highly optimized and scalable tech renders web pages on your device within an eye blink. This is one of the reasons for a higher conversion rates of websites developed in Magento.

 

6) SEO Friendly

Search engine optimization is one of the aspects of an e-commerce business that cannot be neglected while making a choice of a platform for your e-commerce store. Magento comes with inbuilt features to develop SEO friendly URL structure, sitemaps, positioning layer, URL rewrites, tags, descriptions, etc. Also, there are a multiple set of extensions to optimize your website’s rank on a search result page on Google and other search engines. We advise you to use these functionalities to the best of your capabilities to increase sales.

 

7) Ease of integration

Managing an e-commerce store is not an easy task and entrepreneurs depend on different specialised systems for keeping an eagle view of their website and its performance. However, Magento doesn’t fail here too and provides all specialised systems integrated on one single dashboard. Magento is compatible with a plethora of third-party services including payment gateways, transportation, database applications, shipping, order tracking etc. Also, keeping an eye on the websites performance is imperative and hence Magento offers Google tools such as Google Analytics, Google Checkout, and Google Base built into its system.

 

8) Billing in Multiple Currencies

Technological advancements have made the world a smaller place and businesses can now sell their products to anyone. Hence, consumers should be able to get billed in varied currencies without any hassle. Magento provides developers to integrate payment gateways which can be used to bill in multiple currencies.

 

9) Multi store millionaire

If you have a pipeline of ideas and products in varied fields and want to set up separate e-commerce stores, Magento is here to facilitate your dreams. With Magento’s content management system you can set up multiple stores for yourself with just one backend. This helps companies to perform enterprise level operations on different stores with utmost ease and pleasantness.

 

10) Size doesn’t matter

Magento websites are responsive to screen sizes and don’t lose any functionality or efficiency if your consumer operates through a desktop, laptop, tablet or even a mobile device. Also, inbuilt features help you track your consumers’ preferred devices and in turn help you optimise design and layout of your website specific to your consumer needs.

 

Summing it up

Magento is an Adobe owned platform that powers about 250,000 web stores worldwide. The inbuilt features along with the ease of integration provided by the platform results in a lethal combination for building a successful online store. All this being open source too, help entrepreneurs in cutting development costs and generating sales with higher conversion rates. 

If you’re a dreamer and wish to accomplish success with an e-commerce store, this is the last day of your hustle! We at GoodWorkLabs help dreamers like you to reach at the top of your e-commerce game by developing Magento websites. The team of experienced Magento professionals is equipped with decades of experience in this space helping different websites stand out in the huge crowd. So let’s build your dream with Magento!

5 things to remember while creating a MarketPlace

How to create a MarketPlace for your business

Probably you have a novel business idea that is keeping awake until late night, or you are just excited at the sudden success and trend of collaborative economies such as Air Bnb, Uber and want to try your hand at building a similar business model, then we can safely assume that you are interested in setting up your own marketplace.

Starting up today has become more easier than before and as the trend sees it, Startups are soon the way of the future. Sam Altman, the president of Y Combinator emphasizes that for any Startup to excel, there are 4 areas that need a concrete vision:

  1. Idea
  2. Product
  3. Team
  4. Execution

(Read more about this in Sam Altman’s lecture here..)

design thinking process

Image source: Art of Education

 

Whatever you are building, be it a multi-national business or a non-profit organisation, it all begins with the idea.

So, before you build your marketplace, we want to ensure that you have these five things sorted out to help you sail easily through your business.

 

Five things to keep in mind while building a MarketPlace

 

1. Solve a real-life problem

Most entrepreneurs are always very excited about their Startup idea. But do you have a vision that can translate this idea into a real-life product?

When creating a marketplace, you need to be 100% convinced of solving a real problem – for both the user and the service provider. That is how collaborative economies work – it is all about bring buyers and sellers on a unified platform and transacting business (something similar to e-commerce)

For example: Air BnB has disrupted the hospitality and travel industry because it solved one simple but important problem – finding cheap and nice places to stay. Hotels are not always an economic option especially for those who travel on budget trips. At the same time, Air BnB has shown that even the real estate market can be open to the hospitality industry with the right strategy. 

The only way to test your idea is by developing a minimum viable product and launch it. In this way you can be sure of the market and demand for your product / service.

solve a business problem

2. Think as a Collaborator

If you are looking to tap into the collaborative economy, then you need to start looking at unused or idle assets that you can unlock. Whether it is creating a marketplace to make aviation parts easily available or creating an online metal trading portal, you need to think of your marketplace as a key that unlocks resources that would have otherwise not been easily available to consumers.

The benefit of creating a marketplace is that you can start one for almost anything – renting bikes, teaching classes, food or even gardening. As per the collaborative economy Honeycomb study by Jeremiah Owyang, the hottest startups are in transportation, goods and services and money.

Innovation is not always about creating something new, it is about doing the same thing in different ways. It is time that you put your thinking hat on and look at the resources around you in a different way. Think of opportunities of how you can acquire the maximum potential and that is when you will have a great marketplace idea.

shared economy

Image source: Juggernaut

3. Look for fragmented markets

One of the key ingredients to the success of a marketplace is when you reduce the gap between customers and service providers. Think of the small players and the inaccessible products that are of great value but lack an organised business structure.

For example: A big challenge in the freelance market has been to find qualified and dependable freelancers who can work your projects. With marketplaces like UpWork, it has just become so easy to filter out the right freelance workers for your business – be it video, content writing, design etc. Thus, both buyers and service providers can easily communicate and transact business at ease.

Thus, think if your marketplace as a one-stop shop to satisfy all your customer requirements – right from finding the product / service, evaluating it, reading reviews and buying it. As a service provider, your platform will be his door to a larger target audience. Hence it is a win-win for both parties, solving both problems – thus re-iterating point number one – solving a real problem.

Sell online on market place

4. Enable a layer of trust

Trust forms the basis for any business and the same rule applies to online marketplaces as well. One of the biggest reasons for users to shy away from transacting online has been the quality of products and trust in sellers.

Transacting second-hand goods (such as OLX) has become more acceptable these days only because the portal allows buyers to directly interact with sellers, check product reviews, thus enabling a layer of trust between the two parties.

Your marketplace is not a directory to just list products and services. It is about creating an environment where buyers and sellers collaborate and communicate before transacting business.

For example: Skill Share is one such trusted platform for education where users who want to learn new and diverse skills can reach out to industry experts and sign up for their classes. Skill Share has a policy which checks and establishes the credentials of the teacher.

Marketing gurus such as Seth Gordan have their courses listed on Skill Share and this creates a brand trust at a subconscious level, thus enabling easy on-boarding of users.

Thus, it is very essential that your marketplace is able to create this initial level of trust with users.

 

5. Narrow your market focus

While it is nice to spread your wings wide and fly, when it comes to creating a marketplace, it is best when you cater to a particular segment of products / services and users.

Don’t think of yourself as Amazon or eBay with a hundred million products. Just focus on solving just that ONE single problem that your marketplace has been designed for.

The only reason Air BnB and Uber have been successful in disrupting the market is because the former focused on providing temporary accommodation while the latter focused on creating an on-demand transport service for users. Both of them has a clear and narrow focus on the problem they wanted to address and solve for users.

Also, when you narrow down your focus you will be able to identify your true competition. There could be a particular niche that has not been tapped into and you could create a marketplace for that particular product.

Trying to be the next Air BnB or Uber with your market place is not the best strategy to move forward. Instead, trying to create a seasonal renting space or creating a taxi service specially for women / kids could be the kind of marketplace innovation that you must think of.

To sum it all up….

All we can say is, you can create a marketplace for practically any product under the sun, but these five points will help you stay focused on what matters.

Also, at GoodWorkLabs we have a fool-proof solution that can help you build a marketplace solution that can help you promote your business to millions of users across the world.

Read about our marketplace solution here.

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Prudent Tips To Integrate Social Media With Your eCommerce Website

Social Media & eCommerce

 

Being one of the most popular activities online, social media offers a plausible experience. Integrating it with an e-commerce platform is something that has been a key concern among many online entrepreneurs. The idea is not new, and many have tried it before. And, it has been called as “F-commerce,” which is short for Facebook commerce. However, it is only recently that e-commerce stores have encouraged social sharing to bump up the customer experience overall

So, let us take a look at some tips that can effectively integrate social media features into your e-commerce website and augment the stellar overall shopping experience.

 

5 SAP Softwares Every Industry Should Be Utilising

 

  • Adding share plugins to the e-commerce products

Social media sites have psychologically manipulated people to believe that an item that gets more approval gestures has a high credibility. For example, getting more Facebook likes on an image automatically makes a user think that it is a popular image. A similar idea can be applied to your listed products on the e-commerce website. Adding a share plugin to the product may help in increased visibility for your item – hence, getting your more chances of sale.

  • Target the content that is given by the user

While the product description, advantages, and features are all written by the writers handling your e-commerce website, the impact of that content is not entirely conclusive. On the contrary, a customer review section is much more viable where a mere review left by a client can help your product gain more recognition. Moreover, you need to highlight the review comments in such a way that the positive ones are always displayed at the top. This gives users an impression of the positive points about your product, letting you increase your sales for it.

  • Adding sign-in options to social media accounts

For generating recurring clients, you may have added a registration feature for them. But, filling up the fields with username, passwords, and whatnot makes it counterproductive for a positive user experience. However, this issue can be resolved by integrating social media sign-in alternatives to users, where they can just sign in with their social media accounts instead of creating new accounts.

  • Combining a comment system with social media accounts

Another add-on feature that can be integrated with the above tip is a comment section that is social media-based. As the social media profiles of the users are synced with the remarks given by users respectively, this limits the chances of spam comments.

  • Sharing items on social media that sell more

Some of your products on the e-commerce website are likely to experience more purchases. That is why you can use a social media website to create your e-commerce website page where all your popular products are shared with the users. Trending products are more likely to be purchased by users, thus giving you a boost in your business.

Which of these social media integration tips are the most feasible for your online business? Try embedding these methods in your e-commerce platform to increase your visibility among potential customers.

 

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