Today’s consumers are demanding more convenience, variety, affordability, and timeliness, with every purchase and interaction they make. Thanks to the versatility and diversity of the eCommerce market, this demand is being answered with resounding promise and creating an infrastructure for infinite growth in the future.
In fact, recent statistics highlight that eCommerce is currently one of the world’s fastest growing markets; in 2013, global eCommerce sales reached $839.8 billion – by next year, Statista anticipates these annual sales to reach upwards of $1.5 trillion. Similarly, several eCommerce think tanks predict that by 2020, more than 50% of consumers across the world will make online purchases.
Just as the market’s past advances wouldn’t have been possible without the implementation of innovative technology, neither will the success of future benchmarks and industry projections. Perhaps one of the most valuable features to the eCommerce professionals and users across the globe is the development of cloud-based platforms. By onboarding cloud technologies, the entire selling process becomes faster and easier. Furthermore, when adopted early on, cloud-based platforms offer a slew of benefits including increased market value and the opportunity for a more streamlined experience.
Benefits of Product Sourcing in the Cloud
Over the next five years, the fashion, electronics, media, food, personal care, furniture, appliances, toys, hobby, and DIY sectors are projected to expand by a significant percentage. However, by onboarding cloud technologies, suppliers can provide the ultimate experience for consumers. The cloud enables companies to have real-time access to things like product descriptions, pricing, and dimensions, allowing them to cut costs while also ensuring that critical information is accurate and up-to-date.
Onboarding new products and suppliers can take months and cost a fortune. However, by implementing cloud-based technologies, product sourcing is not only quicker, but it’s more accurate and effective. Not only does this offer consumers the convenience, variety, affordability and timeliness they crave, but it also gives suppliers agility in product sourcing and a competitive edge that will keep them relevant in a cut-throat market. In addition, product sourcing with the cloud offers a slew of benefits including:
- The cloud enables quick turnaround, allowing suppliers to feature fresh products and services sooner faster than competitors. By having an expansive, up-to-date, cutting edge inventory of products, you will attract and retain a remarkable customer base.
- Using the cloud cuts back on onboarding time which not only eliminates the risk of timely errors, but it also prevents suppliers from overlooking costly mistakes associated with data accuracy.
Perks of Partnering With Professional Cloud Product Sources
When using a company that specialises in cloud-based product sourcing, suppliers don’t have to worry about the fine details that take a prolonged amount of time like connecting them with retailers, and implementing data feed – regardless of data language. This enables businesses to expand product offerings without working through the risks and challenges of sharing data with online stores and other marketplaces.
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Additionally, professional cloud-based product sourcing companies provide a centralised process for a vast array of product sourcing needs. Not only do these companies specialise in the technical integration of multiple suppliers, but they also utilise cloud technology to sell and process orders effectively such as:
- Titles, descriptions, and images
- MAP, MSRP, and street pricing
- Weight and dimensions
- Invoice services
- Purchase orders
Better yet, leading product sourcing companies that specialise in cloud-based technology are able to provide a seamless onboarding process in a fraction of the time it would normally take. Instead of waiting months for the process to go live, retailers can connect with global suppliers and integrate data into online marketplaces in a matter of weeks.
By integrating cloud-based product sourcing and partnering with experts to facilitate the onboarding process, eCommerce markets can gain a competitive edge by avoiding costly risks and providing the convenience, variety, affordability and timeliness that consumers demand.