The e-commerce retailers are enjoying a really good time with the advancement of the data automation system in the business world. The exponentially increasing graph of sales in the United States, as expected by the product sourcing companies, will necessarily create room for growth. This growth can be experienced by marketers only if navigate the changing needs of the customers and find the correct opportunities to explore among the crowd.
In fact, the best possible way to tap this growth is to expand the services your company has to offer to the customers and quickly jump on the trending ideas of the market. According to a statistic shown by Statista, sectors like fashion, media, personal care, appliances, hobby, electronics, food, furniture, toys, and DIY are expanding rapidly. This rise will be having a direct impact on the media and electronics, which will correspondingly show a steady rise in the upcoming years.
But, these expansions will not affect two of the major factors- onboarding brand new products and finding the right suppliers. These two will remain the sectors requiring the necessary labor and time to carry out the processes. You can rely on the e-commerce platforms for providing an excellent experience to the consumers. Although these platforms are doing it great in maintaining the contentment of consumers, the manufacturers and suppliers are still behind the race when it comes to integration and automation.
In this context, you will know how retailers of product sourcing agencies can make the correct use of data automation processes to increase pace to market and slash the overhead to propel the e-commerce sales.
Where Does The Actual Problem Lie?
Every customer expects to experience a streamlined process. But, it is only known to an e-commerce retailer that there is a lot of processes going on in the background to ensure a flawless process is brought up to the consumers.
Another factor responsible for poor growth in the e-market is the use of outdated technology by the wholesale manufacturers and the suppliers. While the world is going through a technological revolution with a steady advancement in almost every mobile integration and technology, the suppliers are still at backstage with no proper advancement in their field. All they must do is rely on several data languages to keep their products integrated with the retailer’s website.
To increase the product offerings and bring new suppliers, the retailers must go through a six-month procedure of custom development, data integration, and troubleshooting. Even after they can onboard a new supplier, they must constantly monitor the data feed to make sure that dimensions and product descriptions are up to date. The hassle does not end here, there is even more to it.
The Invisible Possibility Cost
A huge part of the opportunities is constantly being missed by the retailers while they are keeping a focus on onboarding new suppliers for up to months. For instance, the trends in electronics bought to the market in the year 2016 almost took the generation through a rollercoaster with the development of virtual reality headsets, the proliferation of drones, and virtual assistants. All these culminated into an onslaught of gadgets, and if you have missed on them, then you have likely missed out on them entirely. Whenever retailers delay in onboarding a particular supplier, they miss the entire window of opportunity for bringing out the best and popular product to their customer. This often leads to the customer’s shift to a more loyal and potentially updated buyer-elsewhere.
Working With Several Suppliers – Here Is The Reality
If you take a deeper look into the world of e-commerce, you will understand that all they are focused on is delivering the next biggest and best thing to their customer in the cheapest, yet fastest way possible. All of them are looking for an edge by hyper-optimizing their services through innovations in processes and technologies.
Staying ahead of the game is all about speeding up the process of merging with multiple suppliers across the world. To constantly speak in all their data languages and homogenize them reliably and swiftly for their own benefits is all required by the product sourcing agencies to compete with their competitors. Although many retailers are creating their own API solutions, the onboarding procedure continues to be a lengthy one. So, what is the next thing you should do to keep up with these fast-paced onboarding procedures?
The question is about staying ahead of your competitors, right? So, if you are able to feature the brand-new products to your potential customers before your competitors do, your customers will keep choosing you henceforth. You will be retaining customers continuously and may win the trust of some new ones in the process. You just have to keep an up-to-date and a wide range of new inventions in your online store. Besides, you will also have to take care of the data accuracy.
Connecting The Retailers With The Suppliers
Organizations can make the use of cloud-based sourcing solutions for connecting suppliers with retailers. These cloud-based platforms are essentially adapted to take all the data from the supplier, irrespective of the data language, and pipe it into the organization’s store via API.
Onboard Suppliers In Fifteen Days
Who does not want to cut down the huge onboarding procedure period from six months to almost an average of ten to fifteen days? Here is how it can be done. Plus, you can also connect with suppliers and retailers across the world virtually and incorporate their data into your workplace. This can be done by the product sourcing companies that make the use of new-age data automation processes.
Once you become capable of offering products quickly and onboarding suppliers you will e able to do the following things:
- Free up the money you used to spend on lengthy onboarding processes
- Stay ahead in the product fads and seasonal trends
- Discover brand new products
- Constantly enhance the number of orders with passing years
The cloud-based sourcing strategies can really add value to your organization and help you stand out in this competitive business world.