But how to start your own online store?

You can either choose to build an online store for featuring limited products or choose to create a multi-vendor ecommerce store for higher ROI with the help of a huge variety of products.

The second option sounds more appealing which offers a better product choice to the target audience easily.

Let’s start with how a marketplace works.

A multi-vendor ecommerce store allows the vendors to manage their orders using a separate dashboard provided for them. All they need to do is list their products and start selling instantly. All the integrations and customizations are provided by the marketplace which saves extra efforts and time.

Now let’s see how building a multi-vendor ecommerce store is better than having an individual online store. Here is a list of the top benefits of having a marketplace

1. Better ROI- Generating a higher return on investment with the help of a specific set of products is always difficult as compared to doing so using a multi-vendor marketplace. Multi-vendor ecommerce stores have great potential of generating high ROI because of the variety of products and competitive pricing offered by several registered vendors. This is helpful for attracting customers who are looking for certain products and hence making a purchase.

2. No trouble with inventory management- Inventory management can be considered as one of the biggest pain for an ecommerce retailer. With a marketplace setup the owner need not maintain an inventory. Multiple warehouses are maintained by individual sellers in multi-vendor ecommerce stores scenario. Along with this, there is a number of delivery partners involved in the supply chain. Hence delivering products to customers can be done in a quick manner as it is not depended on a single warehouse.

3. Winning formula for owners, vendors, and customers- Marketplaces help the business owner in earning profits from the commission applied on products listed by the vendors. On the other hand, the vendors can directly earn a profit by selling their products at a multi-vendor ecommerce store which needs the least management from their end. At the end when it comes to customers, a huge range of products convince them to shop more and return to the store.

In spite of the neck to neck competition in the ecommerce industry, you may have noticed that some online stores manage to gain the attention of customers. How do these online stores manage to choose the top ecommerce platforms which would help them in effectively selling the wide category of products? What are the tips that help the ecommerce platforms to being the favorite choice of the online store owners?

Let’s take a look at the 4 helpful tips which can help in achieving success.

Eye catching ecommerce website templates- It’s not just the variety of products that attract the customers but also the attractive website. Beautiful design themes should be a part of your website as it is necessary for creating an engaging site. Also providing facility to optimize themes across various devices and providing convenient ways for shopping can be a cherry on the cake. This can be achieved by implementing the UI/ UX techniques which help in building up an engaging website.

Make your brand mobile ready- Top ecommerce platforms ensure that the power of mobile commerce is utilized in a smart way. In an era where mobile phones have become a necessity for almost every one of us, creating mobile friendly website can’t be missed at all. The online websites need to be easily accessible from all the basic to high-level mobile devices. Store owners can leverage the latest technology to build a quick loading site and provide the best shopping experience to the customers on their mobile phones.

Utilizing the power of social media- Visiting various social media sites is a part of the daily routine of almost each and every customer. Apart from being connected to friends and family, people use social media to look for various products that they need. Top ecommerce platforms provide the facility of integration with various social media channels and carefully analyze the visitors and followers which is itself a good marketing strategy. Depending on the preference of your customers, you can arrange various contests and offer discounts to encourage the customers to buy from your store..

Offering a personalized touch with the marketing deals- One of the best ways to create a reputation for your online store is by engaging the customers with multiple channels and offering them a personalized touch. Keeping the customers updated regarding the new product launches, offers, deals etc using the browser and PUSH notifications, SMS, emails can help in better sales. It becomes easy to pull the customers back to your site using these effective marketing tools.

There are several top ecommerce platforms on the market that provides various features that can help you create an online store. Analysing the requirements and target of your online business is the first step to do before choosing a suitable platform.

You can pick Store Hippo ecommerce platform which provides features to apply all the listed tips. With Store Hippo you can design various templates, create mobile ready sites, integrate various social media channels etc and take your business to a new level of success.

Even more startling: 10% of advice was found to leave investors in an even worse financial position.

Through a “vertically integrated business model”, Commonwealth Bank, National Australia Bank, Westpac, ANZ and AMP offer ‘in house’ financial advice, and collectively, control more than half of Australia’s financial planners.

It’s no surprise ASIC’s review found advisers at these banks favoured financial products that connected to their parent company, with 68% of client’s funds invested in ‘in house’ products as oppose to external products that may have been on the firms list.

Why the banks integrated financial advice model is flawed

It’s hard to believe the banks can keep a straight face and say they can abide by the duty for advisers to act absolutely in the best interests of a client.

Under the integrated financial advice model, there are layers of different fees including adviser fees, platform fees and investment management fees adding up to 2.5-3.5%

The typical breakdown of fees is usually as follows: an adviser charge of 0.8% to 1.1%, a platform fee of between 0.4% and 0.8%, and a managed fund fee of between 0.7% and 2.1%. These fees are not only opaque, but are sufficiently high to limit the ability of the client to quickly earn real rates of return.

Layers of fees placed into the business model used by the banks means there is not necessarily an incentive for the financial advice arm to make a profit, because the profits can be made in the upstream parts of the supply chain through the banks promoting their own products.

This business model, however, is flawed, and cannot survive in a world where people are demanding greater accountability for their investments, increased transparency in relation to fees and increased control over their investments.

It is noteworthy that the truly independent financial advisory firms in Australia that offer separately managed accounts have done everything in their power to avoid using managed funds and keep fee’s competitive.

The banks have refused to admit their integrated approach to advice is fatally flawed. When the Australian Financial Review approached the Financial Services Council (FSC), a peak body that represents the ‘for-profit’ wealth managers, for a defence if the layered fee arrangements, a spokesman said no generalisations could be made.

There are fundamental flaws in the advice model, and it will be interesting to see what the upcoming royal commission into banking will do to change some of the contentious issues surround integrated financial advice.

Many financial commentators are calling for a separation of financial advice attached to banks, with obvious bias and failure to meet the best interests of clients becoming more apparent.

Chris Brycki, CEO of Stockspot, says “investors should receive fair and unbiased financial advice from experts who will act in the best interests of their client. What Australians currently get is product pushing from salespeople who are paid by the banks.”

Brycki is calling for structural reform to fix the problems caused by the dominant market power of the banks to ensure that consumers are protected, advisers are better educated and incentives are aligned.

1. Cost of Living: Some factors, determining, the Cost of Living, include: wages (and wage growth); prices, etc, and how wages, are, or, aren’t able, to keep – up, with the increase in costs, etc! Most realize, we have, in the past – few months, experienced, a huge, jump, in pricing, most – apparent, in the food stores, restaurants, and, nearly, everything, related – to, day – to – day, existence, etc!

2. Federal Reserve: In recent times, the near – historic – low, extended period, of interest rates, has, in addition, to the intended measures (helping businesses, and the economy, in trying – times), has caused a Real Estate, Sellers Market, and, a huge rise, in home prices, in most parts of this country! In addition, it created a surge, in consumer use of credit, because, borrowing, appeared, cheaper! However, most economists forecast, many of these supports, and maintaining, such low rates, will, gradually, be reduced (or minimized), probably, beginning, next year. What impact will that have, and will we see, the historic reaction, which has been, when rates rise, it helps reduce inflation, etc?

3. National economy/ conditions: Largely, because of a world – wide, supply – chain, set of obstacles/ challenged, many industries, have experienced, challenges, in terms of, getting sufficient amounts of needed materials, etc! Go into, nearly, any store, and you will see, more – sparse, shelves, than we have seen, in recent memory! In addition, building supplies, products, food, toys, cars and car parts, etc, are under – stress, because of this!

4. Worldwide economies/ economic conditions: Nearly, every nation, is experiencing, economic issues and challenges! The United Kingdom, because of worldwide, as well as specific national trends/ causes/ conditions, has been largely, impacted! Since, we live, largely, in a global economy, when there is any disruption, in the supply – chain, it affects, everyone!

5. Stock and Bond Markets: Because of several reasons/ factors, the United States Stock Market, has benefited, significantly, and experienced, significant increases, in the price of stocks. In addition to the obvious ones, because, interest rates, have been, so low, many investors, believed, stocks, were, nearly, the only game – in – town! When, if, interest rates, rise, bond rates, will rise, and existing, bond prices, will adjust, and drop!

6. Immediate, intermediate, longer – term ramifications/ impacts: The immediate impact of inflation, is, usually, rising prices, and, wages, which, usually, rise, at a far – lower rate! In the intermediate – period, we begin to see, weakening economic trends, and in the longer – term, depending on how long, it ensues, there are often, several, undesirable ramifications, and impacts!

Don’t take inflation, and its risks, for – granted! The more you know, and understand, the better prepared, you will be!

1. Bond prices and interest rates: The price of a bond, generally, is inversely – related to interest rates! When these rates go down, prices, rise, and when they go up, the inverse occurs! Bonds have, what is known, as, a par – value, which is the price, paid, at the end of the term. Markets usually set these at 100, which represents $1,000 per bond, at maturity. However, during the period, the pricing can rise or fall, which impacts, liquidity – related issues!

2. Mortgage rates: For the last few years, we have been witnessing and experiencing, record – low, mortgage interest rates, which have helped the overall, real estate/ housing market, especially, in terms of, pricing increases! In most areas of this country, we are seeing, home prices, at their highest levels, ever, by a significant, dramatic amount! When this rate, is low, a home buyer is able to buy, more – house – for – his – bucks, because, his monthly payments, are so low! Consider, however, what might be the potential ramifications, and impacts, when these rates, will, inevitably, rise?

3. Consumer credit: Low costs of borrowing, help the automobile industry, in terms of consumer financing, etc! Although, not as much as other vehicles, rates on credit card debt, are lower, and there are often, shorter – term, promotions, offering deals! However, since, most of these are variable, and based, on some index, etc, what happens, when there is an increase, in this?

4. Business borrowing: Another area affected, is business cost of borrowing! Presently, they have had access, to relatively, cheap – money, which helps in reducing the costs of borrowing, overall operations, purchasing inventory, etc. But, what happens, when this, ticks – up?

5. Impacts on stock market prices: For some time, because bonds have paid so little, in terms of dividends, etc, many have considered, the stock market, the only game, in – town! In addition, many corporations, have seemed, better – off, than they probably are, and we have witnessed, a higher, ratio of prices to profits, than in the past! How long will this last? How high can it go?

Many factors impact these issues, especially: actual and/ or, perceived inflation; consumer confidence; politics/ government actions/ the Federal Reserve, etc. The more you know, and understand, hopefully, the better – prepared, you will be!