Today, merchants utilize marketplaces to streamline their business easily and effectively. An online marketplace is a primary type of e-commerce platform where multiple third parties come together to sell their products and services to customers. The role of marketplaces like Amazon and eBay is to bring together the right customer and sellers for increasing sales.
Marketplaces act as a channel to enhance search engine optimization (SEO), engage more customers, improve brand awareness, and increase sales instead of competing against marketplace giants. Other than B2C companies, Marketplace also allows B2B companies to do wholesale trade and facilitate B2B buyers’ best purchase experience. The Marketplaces reduce expenses and risk of building an international e-commerce site and for sales within a country. In addition, marketplaces are beneficial for enterprises entering a new market and worldwide business expansion.
Features of NetSuite Marketplace Management
• Single Source of Data
NetSuite consists of applications for e-commerce, inventory and order management, customer relationship management, enterprise resource planning, and point of sale. The integration with these systems eliminates the errors and redundancy in data and provides a single source of data for all product-related details, customer and order details in the marketplace.
With Netsuite, You Can:
• Manage product details and characteristics for all channels.
• Handle all product characteristics, pricing in different currencies, efficient promotion, different languages, categorization, and contents for marketing in an efficient workflow.
• Deliver true, branded product details from one source to different channels.
NetSuite as a single source creates content for product details and adds images of products, to syndicate into multiple markets. In addition, NetSuite eliminates the redundancies in sharing the products to different marketplaces and saves time.
A NetSuite connector syncs data between Marketplace and NetSuite. The data sync enhances business efficiency by updating the product details (stock levels, customer details, and sales orders) regularly.
|Multiple Systems||Single Platform|
|Customer Information||Inaccuracy in customer data as it is siloed in channel-specific systems.||One channel to view the customer allows stable personal service, fosters loyalty, and enhances lifetime value.|
|Orders||Consumer expectations reduce with the limited ability to deal with orders across different channels.||Centrally manage orders from different channels to meet customer satisfaction, purchase and fulfill, return from anywhere, process orders quickly, and reduce operating costs.|
|Items||The creation of different versions of the same data as items is managed in silos.||Build and centralize item data and attributes across channels from a single true source.|
|Pricing and Promotions||Channel-based price and promotions.||Easy sharing of prices and promotions across channels or customer segments.|
|Inventory||Inefficiency in handling items due to limited visibility to specific channels.||Accurate and live inventory visibility throughout the enterprise.|
|Returns||Returns and exchanges between different channels are not possible or are expensive to process manually.||Receive revenue from all channels, complete exchanges, manage credit processing, and ensure revenue from marketable items.|
• Seamless Customer Service
NetSuite platform provides customer service reps (CSR) an integrated and unified view of customer transactions in all channels to enhance customer service. This allows CSR’s real-time visibility in every purchase of customers on different marketplaces and verifies the details of orders, delivery, and shipment.
NetSuite eliminates the role of third-party Customer Relationship Management (CRM) and Order Management System (OMS) for CSR in managing orders and customer service. With NetSuite, CSRs handle orders, refunds, exchanges, and verify the changes in orders. Additionally, it reflects updates on orders to appropriate channels in real-time and ensures the completion of the order or check whether there are any relevant mail queries.
• Manage Your Marketplace Shopper Easily
Some marketplaces provide customer details for engaging them again to your e-commerce sites. This acts as an added benefit in increasing your sales in the future.
Marketing automation tools in NetSuite enable marketers to divide customer categories and create marketing campaigns based on the category. For instance, if a customer purchases one of your products from a shopping website, you can mail them a thanksgiving letter immediately and welcome the customers back to your shopping website.
• Minimize Time and Maximize Profits
The ability to check customer records, transfer inventory, improve customer support and order management enhance sales in the marketplace easily as on e-commerce sites. A single platform approach saves time, eliminates the role of multiple systems, and reduces manual process errors.
Check Out the #1 Cloud ERP - Oracle Netsuite
NetSuite is a cloud-based ERP solution that manages the sales, finance, marketing, purchase, inventory, customer relationship, and human resources of a company. As a single integrated platform, NetSuite ERP manages and automates the business operations of the company to enhance its business efficiency.
Make the right decision and opt for NetSuite. Jobin & Jismi is an Oracle NetSuite alliance partner with a proven track record in NetSuite services. Contact us for any assistance.
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