As an eCommerce merchant, you have several sales models at your disposal. You can pick and choose the model that suits your business the best. Let’s look at the top three sales model:
This the oldest form of sales model, which gained popularity in the modern world due to eBay. The main reasons behind the success of auction format are:
- Cost effectiveness
- Better profitability
- Good marketing tactic
If you are dealing in unique, artistic products, this sales model will work best for your business. Moreover, there are various types of auction formats such as forward auctions and reverse auctions that you can consider.
In simple terms, shopping carts are virtual shopping baskets. Every eCommerce website will have a shopping cart to facilitate a quick shopping process for the users. Shopping cart has two users: online store users who use the cart to shop the products of their choice, and administrator who manages the product information of the online store. There are various types of shopping cart available in the market. Some of those are:
- Licensed shopping cart: In here, the merchants will need to pay one time fee to download the software on the server.
- Hosted service: The merchants using hosted service will need to pay the fees monthly or yearly for the service. The software will be installed on the web server but it can’t be downloaded.
In presence of hugely augmented eCommerce market, having a single store is not enough. For better success, many merchants operate multiple online stores through a single administrative panel. With the help of a single powerful dashboard, administrators can easily update product information, inventory level and shipping details on multiple stores with a single click.
There’s no precise answer to the question which sales model is the best for you. As every business is unique, the sales model should also be unique. If a single sales model is not right for you, you can always mix different elements of various model to come up with a unique solution that works for your business.