One of the biggest challenges faced while running an online marketplace or multi vendor ecommerce platform is maintaining the user experience quality of the platform. The majority of the marketplaces looks way different from how it was designed once they are launched. This is because the merchants tends to add products images, descriptions etc. as they please. The situation gets worse when the number of merchants increases. So how do we bring the order back and maintain the user experience…
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Average basket size or transaction value is the average number of products sold in one singe bill. It has a significant impact over revenue goals and maximize business value. The ecommerce platform or ecommerce marketplace you have or you are planning to purchase should be capable of executing the following best practices which have enormously helped ecommerce merchants to increase ATV (Average Transaction Value). 1. Product Bundling This method increases the perceived value of the products and hence makes the customer feel…
Researches have shown that cost isn’t always the most substantial factor, emotions play a significant role in purchase decisions. While making a choice, there is high probability that most people will stick with their original decision even though it could possibly be wrong. It is due to a psychological bias known as the Overconfidence Effect. Then why you should promote recommendations when you could use that space to do a whole lot of other things? Statistically speaking, the people who…
Amazon, the market leader in ecommerce, has come a long way since its beginning in 1995. Their business model set a precedent in the field, and even after all these years, they have managed to retain their dominance and stay above their competition. This has been made possible by the brand name built over the years, and also how they engage their customers and encourage them to return to their website for regular purchases. Upcoming online retailers can observe and…
“A real businessman or entrepreneur has no enemies. Once he understand this, the sky’s the limit.”- Jack Ma (Ma Yun), Founder and Chairman- Alibaba Group “Start with the customer and work backwards”- Jeff Bezos, Founder, Chairman & CEO- Amazon.com The celebrity CEOs Mr. Jack Ma of Alibaba.com and Jeff Bezos of Amazon.com needs no further introduction. They are undoubtedly the most talented entrepreneurs that changed our perspective about ecommerce. What made these people different were the… decisions they took,…
