In today’s tech-savvy consumer age, e-commerce is more of a norm than an exception. Even those organizations who have successful physical stores and setups, still tend to have e-commerce websites. Online stores help businesses or as we call them, ‘sellers’, especially SMEs to access wider markets and customers that are otherwise not easily reachable because of geographical limitations.

However, with the internet flooded with online selling partners, it can be baffling as to which online platform to partner with. It is extremely important to choose the right selling partner to take full advantage of such arrangement.

Here are six factors that can help you to choose the right partner:

Speciality

Online selling platforms usually target a specific type of consumers and focus on a certain type of products. For example, Flipkart sells anything from books to electronics, FirstCry focuses exclusively on children’s products, and Rolling Nature is dedicated to planting enthusiasts. There are several e-commerce players competing with each other for the same product or category. So, it is important that you choose an online selling partner which aligns with your product better than the others.

Customer Service and Technical Support

An efficient technical and customer service support is of paramount importance for both customers as well as sellers. Customers expect a timely resolution to their concerns related to purchase, payments, delivery, and returns. Similarly, if the e-commerce website hangs frequently, is difficult to navigate, has slow boot time or is simply too complicated for customers, they can feel disappointed with the experience. So, even if your product is good, they will switch to another website. At the same time, if sellers are facing any issues pertaining to customer service or technical aspects, the online selling partner should be quick to address so.

Ease of Becoming a Seller

Usually, online selling partners have a well-defined policy for businesses to become a seller. However, what you need to ensure is that how smooth the on-boarding process is, whether they provide any training to go online and manage the customer queries, and how quick the transactions – between seller and customer as well as the seller and online selling partner, are processed.

Seller Reviews

Just the way customers search for user reviews before buying the products, you can also do the same before choosing an online selling partner. You can search online or seek feedback fellow business associates who are present on a particular online selling platform. Their experience can give you some very important insights into the functioning and processes of the online selling partner.

Logistics Efficiency

It is the online selling partner who would be majorly monitoring and controlling the movement of goods. They should be able to ensure safe and timely deliveries to customers while giving enough time for a seller to pack and hand over the goods to a courier. The better and quicker they shipment/delivery/return policy is, more customers are loyal to them. So, check out how the logistics chain of the online selling partner works, who are its logistic partners, and how it handles logistics grievances of customers.

Financing

Now that you have decided to take your business online, you would require a further infusion of funds. While you can avail small business loans from regular sources, did you know that some online selling partners also offer quick business loans? So, it is advisable to tie-up with the one who provides a preferential and easy access to small business loans for sellers associated with them. For instance, Flipkart, Grofers, Wydr and The Secret Label have partnered up with FlexiLoans, an online financing platform, to offer quick business loans to their sellers.

These were some important guidelines when choosing an online selling partner to grow your business. Right from business loans to technical efficiency, each factor is an important consideration.

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In such a scenario, most online retailers are to be made aware that they can now have access to financial products like collateral free business loans for traders and SMEs and can ensure their business growth remains unstalled. These business loans without collateral are a boon for an SME and they need to be made aware of the digital lending platforms who are giving them access to this funding with a transparent fee structure and no heavy processing charges, unlike the banks.

Knowledge is power and thus being made aware that loans without collaterals are available to an online retailer can give him a competitive advantage over his peers. Also with a larger product line, he can attract a larger customer base thereby increasing his reach significantly.

A digital lending platform is an online marketplace for businesses to have access to without collateral. The method is a simple and hassle-free one with transparent charges. The application process is as follows:

• Registration: An SME will have to sign up and register on the website of the lending platform and fill out a simple application form.
  
• Analysis of the borrower: A unique credit score will be given to the customer profile using the platform’s superior technology and credit engine mechanism which will then help them avail loans from the lending partners. Generally, the loans approvals are based on the sales profile of the seller. His business stability and future cash flows will be considered. Thus this platform is a marketplace for borrowers and investors to meet and serve each other’s needs of funding without lofty documentation and getting a better interest rate on their money respectively.
• Loan Disbursement: Post the approval, the documentation process and customer service, as well as regulatory compliance, is handled by the digital lending platform with ease and the seller can have access to his funds in a short span of time in his bank account.
• Easy Installments: Repayment terms are easy and sellers need not have the pressure as they would have with a bank. They can then focus on growing their business efficiently by setting up a repayment schedule of weekly/monthly installments. The loan term can range anywhere from 1 month up to 6 months. The collateral-free loan amounts for traders can go up to a crore rupees, thereby not limiting their potential to scale the business.

Thus a digital lending platform helps businesses get funding at the right time and grow their online presence efficiently at lower costs and in a shorter time period.

Also Read: FLEXILOANS.COM GETS FEATURED IN BUSINESS STANDARD FOR OFFERING LOANS WITHOUT A CREDIT SCORE

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