E-commerce refers to purchasing and selling goods and services over the internet, using funds and data to complete transactions. Another name for it is electronic commerce or internet commerce.
E-Commerce Marketplace Management
E-commerce marketplaces like Amazon and eBay – to name a few – have made online shopping and selling more accessible and more efficient than ever. Owing to their utility and strict compliance with frequently regulated guidelines, they have earned the trust of buyers and sellers alike on a global front. Naturally, competition is stiff, and often you’re competing with others at the margin of just a couple of sales. With this, unfortunately, the chances of succeeding in E-commerce marketplaces don’t grow with opportunities which can make trying to stay ahead of the market genre you’re competing with and, on top of your game, a lot of work.
Supervising marketplace management services, optimizing product listings, Amazon/eBay/other platform-based pricing. If left unchecked, they balloon into issues that can fatally harm a business by stemming into losses that could’ve otherwise been easily avoidable.
Inability to verify product details
Take an Amazon product listing that displays wrong information about a product’s color for argument’s sake. It could very well be an entirely honest mistake, a mistyping error, simply due to a distracting move, or mere human error. However, to the customer, it’s obvious and out there, and they’ll more often than not translate it to ‘said wrong information’ at face value. They will predict being served with what they see. You then end up with a disgruntled customer who feels cheated, leading to a bad review and a spiral of negative consequences like them not becoming a regular at your e-store. Once lost, the trust and brand relationship with the customer is compromised; there’s not a lot left for you to work on. Hence, it’s a definitive rule of thumb to verify your product listings on all channels your store features.
Product listing challenges are avoidable, and just so you get the gist of things, here are the most common blunders being made; duplicate listings, the wrong category selected, typography errors in the title, description, highlighted phrases, or price of the product.
In an ideal world, as a seller, you should technically be concerned about ensuring that your customers are delivered what they paid for and shielding yourself from fraud. However, other things need your attention, like transaction risks, spam buyer accounts, promo-and-offer abuse, along data breaches. There are too many vertical risks involved for assessment, which is why most leading E-commerce companies choose to rid themselves of extra burden and responsibility by hiring marketplace management services for this purpose.
Take into consideration chargeback issues. Many problems can arise between placing the order and delivering it to the buyer’s doorstep, leading to a valid refund request. These problems could be purchases being made with a stolen card, or the product may differ from the description slightly or even entirely, for that matter, from the original order.
Take clerical errors into consideration too. Whatever the reason be, you will need to pay the transaction amount plus a chargeback fee to the marketplace – not an ideal situation to land yourself. Strive to have the necessary precautions under your wing to protect your online store from unnecessary risks.