How to find the best online suppliers for your eCommerce business

17/10/2019

Angela de la Vieja

Like any other company, an eCommerce business needs collaboration from other players in the market in order to carry out its activity under optimal conditions. These tend to form part of the structural and distribution costs of the store. That is why, along with identifying these key eCommerce partners, it is also necessary to make your choice of service provider a fundamental decision.

The suppliers for your eCommerce business are the foundation that allows you to start your business and sell the products that your users want under the best possible conditions. In the beginning, it can be easy to lose yourself among all of the options that you can find on the market, but there are certain factors that you should take into account when it comes time to choose.

The first thing that you should check is if the business model of your suppliers matches your needs. If you are dealing with suppliers of products for your sales, you should check out how they work and if their business type will allow you to operate alongside them. Being a marketplace is not the same as being a drop shipping company, for example.

As for solution providers, keep in mind things like gaps in payment, terms of service, etc. Knowing about and comparing what each supplier offers will allow you to make the best decision for your store. For example, we have already discussed how to choose the best pricing solutions for your business as well as which factors can allow those solutions to adjust and best fit your needs. This is true in the case of Grohe, an eCommerce business specialising in home improvement and furniture, that, in Minderest, has found the perfect solution for monitoring the prices of its competitors since we offer them reports with a personalised level of detail and the frequency that they need.

At the outset, it never hurts to ask for product demonstrations or to verify what the opinions are on our potential suppliers. Just as user-generated content is becoming increasingly relevant in the eCommerce world, do not hesitate to use the same in your search for online suppliers. Check out reviews, comments, ratings from other retailers, and, above all, compare the information about their quality as a supplier.

When it comes time to request samples or presentations, do not worry about any possible negative reactions. Not all of them will offer this directly, but it is a completely normal procedure. If you have any doubts about a possible negative outcome, suggest a concrete payment in case you end up placing an order for their product or employing their service as an online supplier.

Finally, assess the value of choosing one supplier over another based on the investment margin that will entail. When we talk about product suppliers, it is clear that you will always emphasize the profit margin that that supplier will allow you to reach through sales on your eCommerce platform by using a competitive pricing strategy within the market.

On the other hand, when it comes to online suppliers of the services necessary for your eCommerce business, what is most important is that you appraise their performance in terms of the cost involved. Commissions, service fees, and, above all, how will all of this affect your eCommerce profits?

With these keys, you will be able to optimally assess which suppliers will be best to boost your business. Building a relationship that is solid and beneficial for both parties will allow you to take your partnership to the next level, with all of the necessary guarantees.

11/11/2022

Consumer behavior: How can behavior tracking be effective for setting the right pricing strategies?

Behavior tracking is becoming massively popular today. As a result, pricing strategies born from studying consumer behavior are a merchant's dream come true. If done right, it can conquer every market for the business quickly. With abundant data available, the strategic makeover of the pricing models is becoming easy for companies.

What is behavioral tracking, and how is the data beneficial in pricing?

For a quick understanding, behavioral tracking refers to gaining in-depth knowledge and insights into consumers through their web data. Their browsing habits, spontaneous decisions, shopping interests, and preferences come under behavioral tracking.

How can enterprises use customer behavior data?

Companies can use customer behavior data as a tool to strengthen their hold on the market. A customer’s preferences, values, and tendencies allow businesses to work in sync with them through the collected data. Apart from this, customer behavior can also aid in:

Tailoring customer needs for customer retention

Personalization is becoming the heart of a company’s growth. No matter in which area an enterprise is functioning, tailoring the services, products, and solutions is becoming increasingly crucial. Uniqueness and personalization attract the crowd like no other.

Increasing the overall value

One of the best ways customer behavior data affects a business is by upgrading the value of customers for the business. The customer’s characteristics allow the company to target the people that match the business prospects well.

Optimizing every type of content

Everything that is up for digital display requires content. You must have seen companies unveiling their products or services through advertisements and making the initial public appearance. Two essential sales strategies – upselling and cross-selling comes through content optimization.

Pricing Strategy

Last but certainly not least is the influence of customer behavior data on the pricing strategy. The pricing strategy essentially constitutes content derived from data analysis. Companies need to have a dynamic approach to the pricing system to attract the right customers.

17/02/2015

Saint Valentine’s Day, always a good opportunity

V-Day is looming, a long-awaited date for all and also a good occasion for the eCommerce. According the study conducted by Prosper Insights and Analytics, it is forecasted the average consumer expense that day will be the highest in last years. Furthermore, 25% of them will buy online, which means an increase of 4% regarding 2014 (The US department of Commerce). This is, therefore, a key date where market competitiveness increase and which could be assumed as a big opportunity for our business or, a big fail if we do not adopt the correct strategies.

How to turn this event into an opportunity? To achieve this goal, we need to adapt our prices to this hostile environment, i.e. we need to develop an appropriate Dynamic Pricing strategy that allows us to adapt our prices to the variations produced in supply and demand and to position us ahead of our competitors. In V-Day, the frequency in changes will be higher, carrying it out each hour or even each minute. It is estimated that 65% of leader retailers have the ability to respond quickly at these variations, such Amazon. For this reason, it acquires great importance the correct use of a software specialised in price motorisation of competitors. Do not miss the time and adapt your business to new adversities.

28/12/2022

Which are the best footwear marketplaces to sell on?

Footwear marketplaces are booming. The last decade has seen the launch of new specialized marketplaces with millions of different users. Among them are Spartoo, Sarenza and Farfetch, portals with international reach. Their main value is that they unite hundreds of footwear brands, as well as offering clothes and accessories. Although each has its own characteristics, they are all vertical marketplaces, i.e., they focus on a specific area, and their sales categories are interrelated. For sellers, these portals provide an opportunity to expand sales channels and drive the globalization of their e-commerce business. We explain how to sell on these footwear marketplaces so that you can assess whether they align with your plans for the future and then start defining a possible pricing strategy.