Introduction to Marketing Management Information
With increasing rental costs, infrastructure expenses, employee costs, and other overheads, the retail business is getting tougher for small and medium-scale businesses wanting to set up their own shops or distribute through established retail networks.
Hence, small and medium businesses, large corporates, and those involved in B2B (Business-to-Business) are also actively involved in promoting products online. According to news reports, several businesses based in China, South Korea, Japan, Singapore, and the USA are keen on listing their products on Indian e-commerce sites and reaching out to many consumers there.
Among the global majors trying to capture the Indian market through marketing management Information are US-based Walmart and German Metro Cash and Carry. It may be recalled that Motorola, which relaunched its mobile phones in India in late 2013, tied up with Flipkart to sell its Moto-G, Moto-E, Moto-X, and other brands and was able to sell the products at a discount of Rs 3000-5000 per handset than if they chose the conventional distributor channels. The normal distributor network involves national, and regional distributors and retailers, which would mean up to 15% margin going to the distribution network. A product priced at Rs 10,000 would mean Rs 1500 per unit.
There are two types of marketing management Information
- Customer to Customer, which is focused on building communities of buyers and sellers
- Business to Consumer, where large and small businesses sell goods to consumers and
- Business to business (B2B), where businesses sell to other businesses.
Reasons for the popularity of marketing Management Information
The following are the different reasons:
1. Better price realization
Conventional distribution involves appointing a national-level distributor and distributors at regional or state levels apart from utilizing the services of carrying and forwarding (C&F) agents. At each stage, a margin has to be played to the players involved, and that adds up to the cost price, pushing the product price, or the seller may have to be prepared for lower sales realization per unit. Marketing management information provides better profit realization for sellers and is hence quite attractive for marketing management businesses.
2. Better geographical reach
Marketing management information expands the geographical reach, enabling a seller to reach a large audience compared to conventional marketing channels. With better internet penetration in semi-urban and rural areas, the reach of your brand or product can grow wider. The global marketplace for classified ads allows you to reach a broad and varied audience, amplifying your marketing strategy.
3. Home-delivery and good returns policy
On the consumer side, home delivery of products ranging from processed food, groceries, electronics, electrical goods, consumer durables, clothes, footwear, furniture, and cosmetic products has made it easier for them to shop at the convenience of home or office. Moreover, standard returns policies and warranties have enabled customers to have more faith in shopping online.
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4. Impact on carbon footprint
Marketing management information enables people to shop for various goods without going from shop to shop in congested streets after navigating heavy traffic resulting in huge carbon offsets in cities and towns. The lesser the number of vehicles on the road for shopping, the lesser will be the pollution.
Hence it is high time organized and unorganized sellers seriously thought of offering their products and services online. However, care should be taken to identify your products’ right marketing management information to achieve better sales.
The marketing functions take a small commission or margin on sales of products which it utilizes to build and expand the marketing management information platform.
Some techniques to choose the right marketplace
The following are the different techniques:
1. Choose the top e-commerce players
Amazon, eBay, Flipkart, and Alibaba are market leaders in online shopping and hence more trusted by buyers. Credibility and brand image of the online platform are quite important from the consumer point of view, and hence your product will be better noticed on a credible platform. Instead of selling one or two marketing management information, listing more sites to get visibility and sales conversions is better, as consumers prefer certain sites based on their user experience, convenience, branding, etc.
2. One-Size doesn’t fit all
From a logical point of view, having a presence on top e-commerce sites may help to generate new business. However, several top sellers could list their products in each product category. Hence, smaller brands in niche markets may not get the desired exposure and sales conversions. Hence, it would be better to focus on niche or regional e-commerce portals, which will have focused traffic in smaller numbers than the large marketing management information.
For example, 3tailer.com is a function of marketing for vendors with buyers in niche markets. At the same time, Xoole.com is a site focused on independent sellers, Zibbet.com is a fixed-price function of marketing for handmade goods, fine art, vintage items, and crafting supplies, and Artfire.com is a free marketplace for sellers of handmade products.
Traffic to an e-commerce site matters, but how much of its qualified traffic is more important. How much of it is relevant to the products that you sell should determine the choice of e-commerce sites for selling your products.
3. Look for sites that deliver a good product experience
You may not have the products to be listed on top e-commerce sites, but it should be a delightful experience for the customer. For marketing functions to be discussed in social circles, the product experience must be precisely thought out and flawlessly executed. It includes the front-end user experience delivered through an app or website, pricing, customer service interaction, rating systems, and, most importantly, the back-end service delivery with access to the best service providers.
4. Novelty of online auctions
eBay is also one kind of marketing function that pioneered online auctions in the 1990s witnessed growing interest, but the novelty of it is gone as shoppers look for faster transactions. It won’t work for commodity-priced items. Me-too products available from across vendors and should be sold at fixed prices, thus not leading to unhealthy competition and strain on thin margins. eBay sellers can choose the auction or list ‘buy it now prices, while on Amazon, sales are at fixed prices.
5. Submit the products to Google
You have your products listed and displayed on different online shopping sites, but it is better to take our own measures to improve the exposure of the products. One way to list them in the search tools’ shopping results is by submitting them to Google.
6. Social media engagement
With the rising importance of social media such as Twitter, Facebook, Pinterest, Reddit, and Google Plus in people’s lives, it makes immense business sense to create special FB pages for brands and blog posts on WordPress, Tumblr and share them on social media. Going for targeted paid promotions to enhance brand awareness and recall among online buyers would be better.
7. Reliable payment mechanism
The process of adding a product to the shopping cart, processing the order, and using a payment mechanism through a payment gateway should be smooth navigation for the user. There should also be a variety of options, including PayPal, credit cards, debit cards, net banking, payment wallets, etc. if the payment system is not perfect and consumers lose money or face a delay in a refund; the marketing management information platform is at risk of losing customers.
When a consumer orders a product online, the marketing operator’s functions are responsible for overseeing and enabling all transactions and ensuring the funds are credited to the right suppliers. They capture legitimate payments and inform the supplier that the corresponding items have been ordered and paid for. Only then can the supplier fulfill the order and deliver the product in a timely manner.
8. Service functions of marketing
Furthermore, other e-commerce platforms have also emerged in this niche segment, offering a wide range of services beyond business customers. For instance, platforms like Fiverr and Upwork have become popular among freelancers and individuals seeking services in various domains. These platforms allow service providers to offer their skills and expertise to a broader range of customers, expanding their reach and potential earnings. Guru.com is another example of buying and selling professional services across different categories.
9. Set up offline presence in select towns and cities
Interestingly, some companies and brands that initially sold their products exclusively through online and direct marketing channels have now set up retail outlets in select towns and cities. As mentioned, setting up physical retail outlets can be a great way for companies to establish credibility with potential customers. Allowing them to physically feel and touch the products they are interested in purchasing can go a long way in building trust. However, it’s important to note that some consumers may still hesitate to order from a company with only a virtual presence and no brick-and-mortar locations.
10. Look for platforms that give good customer service
In order to gain the favor of customers, marketing functions must have a customer grievance redressal system in place. There will need to be more than simply acting as a mere aggregator of products and services to win their loyalty. However, some marketing management information sites have provided good customer service, partly thanks to their clear cancellation and return policies. Therefore, it is important to identify online sites and list your business on them.
The top function of marketing management information
- eBay –founded in 1995 by Pierre Omidyar, is the world’s largest consumer-to-consumer sales service online. It enables both B2B and B2c business
- Amazon- was founded in 1994 as a simple online bookstore. It now sells books, electronics, mp3 downloads, and cloud computing services.
- Alibaba
- CraigsList
- Flipkart
- Snap Deal
- Sears.com
- Buy.com
- Newegg.com
- Etsy.com- is for handmade or vintage items, tools, and supplies. Handcrafted jewelry, clothing, art, photography, paintings, sculptures
- Pricefalls.com
- Shoply. com-free functions of marketing for small business owners
- SOCexchange.com
- iOffer.com
- eCrater.com
- Bonanza.com
- Blujay. com-free classified functions of marketing
- Artfire.com- handmade products
- Wigix.com
- Offeritem.com
- Shophandmade.com
- Zibbet.com –fixed price site for handmade goods, fine art, vintage items
- 3tailer.com to connect vendors with buyers of niche markets
- atomicmall.com
- Sell.com – in classified ad format and Xoole.com for independent sellers.
Conclusion
Online marketing channels are growing rapidly due to increased internet penetration and the popularity of social media. However, traditional brick-and-mortar stores still hold certain advantages in some regions. For instance, deals and exclusive products can attract buyers both online and offline, thus creating a win-win situation for businesses operating in both domains. In today’s digital age, mobile-friendly sites and SMS announcements are crucial for success in the online marketplace. Additionally, clear government regulations are needed to ensure a smooth and secure transition to e-commerce and m-commerce transactions. Moreover, branding plays a vital role in attracting more sellers to the site, which can increase sales and revenue.
However, the function of marketing is still evolving, but businesses need to understand its potential for growth. Ultimately, customer satisfaction is key to success.
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