According to an analysis by GMInsights, the Consumer Electronics Market size was estimated at over USD 1 trillion in 2020. From 2021 to 2027, the market is expected to grow at a rate of more than 8%. The growth is primarily attributed to rapid growth in several key emerging regions, namely China, India, and Indonesia.
In addition, consumers are adopting new technologies such as 4K, 8K, and OLED in audio and video electronic equipment such as televisions and speakers. Home audio and theater systems are also experiencing steady gains in sales. These advances in technology and digitization are further expected to boost the demand for electronic goods and household appliances.
This growing dependence on electronics makes it the perfect time to start an eCommerce business and earn a fortune from it. And this starts with choosing an eCommerce platform that fits all your business needs.
Choosing the Right eCommerce Platform: A Quick Checklist
Today, if you want to sell electronics components online, it is not enough anymore to have a store. If you want to be successful, you need a platform that can help you manage your business better.
There are many factors to consider when choosing the right eCommerce platform for your business. Here’s a quick checklist to help you choose the right platform:
The platform’s flexibility to grow with your business and adaptability to your changing requirements.
The range of features that the platform offers to support all aspects of your operations.
How well the platform integrates with other systems like accounting, marketing, inventory, etc.
The level of security provided by the platform and its compliance with data security regulations such as PCI DSS, GDPR, etc.
Whether the eCommerce platform can handle increased traffic and sales volumes without compromising performance.
The quality of support provided by the vendor and their response times when you reach out for help.
With an eCommerce platform such as VARStreet, VARs can sell consumer electronics online with all the tools they need. But it offers much more for the electronics resellers.
VARStreet: The Best Online Marketplace for Electronic Components
As a value-added reseller (VARs) dealing with electronic components, you would know how competitive this market is. It is important to provide better services than your competition if you want to stand out.
And this is not just about low pricing but also about having more products and services to offer your customers. But how can one do all this without burning a hole in their pocket?
The answer lies in having access to a powerful platform like VARStreet that helps you provide these services without bearing any additional costs or expenses on your own. VARStreet offers exactly what you need:
1. 1000s of SKUs
VARStreet Inc. aggregates catalogs of popular distributors like Supplies Network, Arlington-Digitek, Avnet, Arrow, etc., into a single catalog. This makes it easy to browse through thousands of components from a single interface.
2. Faster Deliveries
VARStreet resellers have access to tools that help them achieve faster deliveries, including integrated CRM, ERP, and procurement software, an automated shipping process for expedited orders, and real-time delivery status updates.
3. Contract Catalog
Unlike other B2B eCommerce platforms, VARStreet allows resellers to handle contract-specific SKUs. This enables resellers to offer contract pricing to their customers with just a click of a button and create a customized catalog for specific customers with their part numbering system and item descriptions.
4. Aggregated Catalog
The platform also offers XML integrations with the distributor’s product catalog. This allows the users to access the latest product information offered by vendors through the VARStreet platform. In addition, it allows vendors to update their catalog directly without any manual intervention.
5. Free Rich Content
6. Custom Templates
VARStreet offers custom templates to bring the store to life with custom branding. The template can be customized in terms of colors, images, and fonts, add a logo, and a lot more with ease. All the templates are easily customizable and no design skills are required.
Setting Up A Successful Online Store With VARStreet
If you’re starting an eCommerce business, you want to focus on setting up your shop and product list. There are a lot of things you need to worry about, like setting up the perfect website and optimizing it for search.
And here’s the bonus: You don’t have to be a retailer to sell electronic components online.
Dropshipping is the easiest way to start your own eCommerce business. And with VARStreet, it’s even easier. VARStreet can help you set up a successful online store by bridging the gap between manufacturers, wholesalers, and dropshippers with dropship opportunities anywhere in the world. VARStreet lets you launch your online store in 6 easy steps:
1. Set Up The Distributor Account
Set up an account with a distributor of electronic devices. Distributors like Ingram Micro, Synnex, Tech Data, and Nectron International will automatically update your product catalog with the latest products and pricing.
2. Import Products Into The Store
The product details are uploaded to your VARStreet eCommerce store. You can also upload your products by adding their details manually. You should use the distributor’s catalog for your store launch as it has most of the products in it and will save you the trouble of adding all the details manually.
3. Market Your Products
Market your products via Mails and Ads. Create a Facebook advert to spread the word about your newly launched eCommerce store, or send out emails to your existing customers telling them about it.
4. Start Selling
Now that you have a good collection of products and pricing, you are all set to start selling your products online.
5. Manage Purchase Orders
Customer details are sent to the supplier automatically via PO. You can either choose to send it yourself or have VARStreet send the PO.
6. Vendor Ships The Product
The customer directly receives the order from the supplier. In this case, all orders are placed by the buyer directly into the system and then fulfilled by the supplier/vendor. All you need to do is look after sales and marketing efforts for your online marketplace or website, which helps you increase revenue without focusing on inventory or any other back-end work except sales fulfillment.
Features That Make VARStreet The Best Platform For Consumer Electronics Reseller
VARStreet provides a platform for retailers, consultants, and solution providers of consumer electronics to start their B2B business from scratch and establish it at a global level.
1. All-In-One eCommerce Store
A website is no longer a static page that provides information about your company and its products or services but has become an important part of your business’ growth strategy. But, building an eCommerce website can be expensive and time-consuming which is why many small businesses dismiss the idea altogether.
This is where VARStreet’s eCommerce store builder comes in handy. VARStreet offers an All-in-one eCommerce store that provides all the features VARs (Value Added Reseller) need to start their eCommerce journey. CRM, ERP, and Procurement software bridge the gap between partners and manufacturers giving each side unparalleled customization capabilities without the headache.
2. Customer Relationship Management
VARStreet offers a Customer Relationship Management module that is optimized to suit the needs of a sales team. This feature allows the sales team to manage the sales and customers efficiently.
This CRM software is designed to maintain contact information, deal with leads and opportunities, track sales team activity, and much more. In addition, the integrated approach of VARStreet’s CRM allows VARs to collaborate with the sales and marketing teams as well as other departments, including finance and operations, in one application.
The CRM software also provides social collaboration tools like discussion boards, chat applications, and file sharing. Users can also customize the web-based CRM application to add custom fields as needed for the business.
3. PunchOut Catalog
The Punchout Catalog Solution allows B2B buyers to create a purchase order on their procurement system, which will then be pulled into the VARStreet hosted catalog of the supplier.
PunchOut enables B2B buyers to select products from a supplier’s online catalog (e.g., VARStreet) and seamlessly add them to their procurement application (e.g., Ariba Network, Ariba, Oracle PeopleSoft, JD Edwards, etc.) without having to re-enter any item information. Once the items are selected on the supplier’s website, the buyer returns to their procurement application, where all items are pre-populated, eliminating the need for data entry.
4. Quotation And Proposal
VARStreet is a comprehensive quoting and procurement solution for VARs, Systems Integrators, and IT/Office Equipment Resellers from US and Canada.
The comprehensive platform allows users to request quotes, receive real-time price and inventory information from various sellers to create a winning quote.
5. Omnichannel Marketing
With the increase in competition, it has become mandatory for eCommerce stores to have a powerful presence in multiple channels. But it is not an easy task for one person or a team to manage multiple eCommerce channels.
VARStreet offers an Omnichannel Marketing service that will help you reach out to your customers in the US, UK, and Canada through multiple channels like Amazon, eBay, Google Shopping, and many more.
The service allows users to design and manage different types of Web pages, create branded email templates, send emails from the system, create landing pages and publish them on the VARStreet website.
Users also get access to useful insights about the audience’s engagement with the marketing content created using this feature. The data can be used to plan and execute future marketing campaigns more effectively.
6. Flexible Sourcing And Procurement
VARStreet’s Sourcing Solution enables VARs to source electronics from multiple distributors at the click of a button. These distributor connections ensure a smooth sourcing process and automate procurement to improve your supply chain efficiency.
In addition, VARStreet monitors and tracks all transactional data, including order status and shipment data from multiple distributors. This way, the reseller does not need to re-key data or enter duplicate data and is always on top of their VAR business.
7. Reporting And Analytics
VARStreet offers a complete suite of Reporting, Analytics, and Dashboard capabilities that help VARs with market intelligence, customer insights, and insights on sales performance.
Insights like these help businesses understand what their customers want, so they can create campaigns that meet their needs, offer them products and services that match their preferences.
VARStreet is Your One-Stop-Shop To Sell Electronic Components Online
VARStreet is changing electronics retailing for the better with its easy-to-use, cloud-based eCommerce platform. VARStreet gives you the freedom and ability to sell online from anywhere, anytime.
Unlike most platforms, VARStreet allows you to control price, inventory, and accounts in a self-serve model. For many years electronics resellers have been restricted by their inability to sell online or comply with various regulations.
With VARStreet, you can sell electronic components without the hassles of wholesaling controls or the high costs of building your custom web storefront. Sign up today if you want to sell electronic components and get started with your eCommerce journey.