With digital transformation, there have been many changes in how consumers buy products and services. One of the biggest changes is that consumers now have a plethora of ways to shop online. The convenience of shopping online has gained so much popularity that retailers are starting to realize that they can no longer ignore it. There are several advantages of shopping online. From product availability to delivery, all steps are taken care of by the e-commerce companies. There are several websites that allow their customers to purchase goods at discounted rates and have them delivered at home or workplace. Hence, online shopping has become one of the most convenient ways to shop.
If you are a shopaholic and want to buy clothes for your beloved ones during the festive season or special occasion, do check out the popular online clothing stores that are trending now in India. Still, confused if you should choose an online marketplace or an eCommerce store while you shop online? In this article, we help you understand the benefits of both and make a wise shopping choice.
Online Marketplaces
Marketplaces are online destinations where thousands of brands and sellers create online stores/pages and let the shoppers buy from the ease and comfort of their home. It is a website or app that allows customers to shop from a variety of sources. According to survey, shoppers are much more likely to download an app that offers a wider range of products than a single store. That is one of the most appealing aspects of a marketplace.
The operator of the marketplace does not own any inventory; instead, their business is to present other people’s inventory to a user and facilitate a transaction. With the introduction of more sophisticated platforms, customers can find and compare products from multiple sellers in one place. There are different kinds of marketplaces, like Etsy, Amazon, eBay, or Alibaba, among others.
Advantages of Online Marketplaces
Shopping at online marketplaces offers customers a wide range of benefits. It often makes the shopping experience smooth and helps the consumers make wise choices. Marketplaces make it easy to compare prices and products from different sources before you make a purchase. Being a part of a well-established online marketplace builds trust between you and the buyer. It also serves as a platform for customers to share their experiences about the product and service. You can share authentic and unbiased reviews on the products your purchase based on your experience, which may inspire new customers to make the right purchase.
Myntra maintains its position as the number one fashion and lifestyle platform in India, it is also an emerging online marketplace on the global scene. It is a marketplace allowing stores, boutiques, and brands to sell their products on its platform. Myntra understands its customers’ needs and provides them with a diverse range of apparel, accessories, cosmetics, and footwear from over 500 leading Indian and international brands.
The platform enjoys a leadership position among Indian fashion retailers with over 40 million monthly visits, of which around 91% is on mobile. It is one of the most visited eCommerce platforms in the country, giving Myntra a potential market size across India. Today Myntra is a global player with over 10 million users, 1.3 million active shoppers and 27 million products.
Ecommerce Store
E-commerce stores are websites where a seller sells products to various customers or buyers. The process involves only two parties: the seller and the buyer. These stores are customer specific, and the buyers can purchase goods directly from the business’s website, no middleman or third party is involved. In that case the shoppers are directly in contact with the sellers. It is the most effective way to reach customers with useful products. The two biggest advantages eCommerce has over traditional retail are efficiency and scalability. With eCommerce, you can reach customers all over the world with a variety of products at your fingertips. Ecommerce has emerged as one of the most important tools for a successful business. It helps in attracting new customers, getting their attention and increasing sales. According to Google’s data, the total number of visitors to ecommerce websites will increase by 1.3% this year. The world’s most visited e-commerce websites are Amazon, Walmart, and Alibaba in December,2021. These three sites make up the majority of all visitors to online stores.
The number of eCommerce websites is increasing every year. The number of eCommerce websites has increased nearly 10 times and there are 24 million ecommerce websites worldwide since 2010, according to a study by Statista.com. Out of this 2.86% of people all the action and make an actual purchase after browsing an online store. Ecommerce websites attract the shoppers by providing them a personalized experience. It allows them to customize their location and search preferences. It is predicted by the statistics that in 2040, 90% of the purchases will be done online.
Advantages of Ecommerce Store
There are many advantages of e-commerce for customers. E-commerce is convenient for buying goods or services without creating physical limitations and travel costs. Online shopping is also safe and secure because the buyer must pay through a credit card. Saving time and money is also yet another major benefit of Ecommerce shopping.
In December 2021, amazon.com is ranked first as the most visited Ecommerce and Shopping website. The average amount of time users spend on the website is 7 minutes, and they view 9.46 pages per visit.
Final Thoughts
The internet has opened up a plethora of possibilities for retailers and sellers to reach their customers. A marketplace is a web site where the buyer can directly purchase products from sellers without having to contact the merchant. This is a more cost-effective way of selling your product as you do not have to pay for an expensive website and any service fees that come with it. On the other hand, ecommerce websites are where you set up an online store where you sell your products and services. You can add features like payment gateways, multi-channel marketing tools, inventory management tools, etc., to boost sales and make it easier for buyers to find your products.
Now it’s up to you shoppers to choose the one that suits you.
About the Author:
Aswathy Sreedhar curates interesting and informative content on various subjects appealing to the interest of the readers. She works closely with the content team to fulfil the outreach requirements, write blogs and articles. She possesses a keen interest for literature and creative writing.
