Exclusive Interview – Sophia Tsao – Vice President – Newegg Global Marketplace
Newegg Global Marketplace was founded in 2011 as an expansive business unit of Newegg.com. We asked Sophia Tsao to give us the inside line…
Having been a PC components and electronics retailer since 2001, our core business built up a loyal and tech-savvy customer base of over 36 million customers, who are always looking for the latest and greatest in tech products. Our technical expertise that began with consumer electronics and computer hardware has now grown to other tech-related fields such as home automation, virtual reality, automotive electronics, health-tech, drones and STEM (Science, Technology, Engineering, and Math) , sourcing products from both 1P and 3P partners. Incorporating this hybrid model offers our customers a premier and wider product assortment. As our assortment grows, we recognise the growing demand of our international customers seeking products from different parts of the world, which propelled us to open our platform to more than 50 countries. Consumers and sellers alike are now connected to products globally through a single e-commerce platform. A localised look and feel invites familiarity and trust. We’re proud to say that consumers who previously had no access to certain products are able to obtain them through Newegg, while experiencing top notch service.
How does your marketplace work, and how is this kind of activity developing?
Newegg is an invite-only marketplace. We examine each seller application carefully, reviewing various factors such as product assortment, content quality, price competitiveness, and seller rating. We extend a personal invitation to qualified sellers to come on-board and operate a seller account. As a basic requirement, sellers are required to have a legitimate business license, backed by a dedicated customer service line, and an operation that fulfils orders within 72 business hours. Aside from these basic selling requirements that ensure quality of product and service to Newegg customers, there are no other requirements.
NEWEGG HAS DEVELOPED A TRULY NATIVE MOBILE APP TAILORED FOR THE CHINESE CONSUMER.
Newegg operates its online Marketplace platform by making ecommerce easy. The Newegg advantage is that the seller could pay a single commission rate, which includes services such as digital marketing, effective merchandising, local return service, local customer service, payment processing and fraud prevention. Newegg makes selling to the U.S., China, and globally to over 50 countries easy, sellers can manage all their online business transactions though one Newegg Seller Portal. Newegg Marketplace also removes typical barriers to entry caused by high security deposits or unknown promotion co-up fees. Sellers have access to various logistic services powered by Newegg ensuring seamless cross-border transactions. All of these things offered have one goal in mind, provide the best customer experience possible. For more details on commission rate with Newegg Global, sellers can visit http://www.newegg.com/ sellers.
So how can companies trying to get into the Chinese market proceed?
Companies looking to penetrate the Chinese market need to understand how the demographics and ecosystem operates because it’s uniquely different than how the U.S. market operates. Chinese consumers, for example, heavily utilize mobile shopping through chat applications and prefer very content-rich product pages. A lot of how they access information and make a purchase is through their mobile device. Considering these and other elements, Newegg has developed a truly native mobile app tailored for the Chinese consumer.
The ttHigo app and ttHG. com target a key niche within the Chinese marketplace, offering competitive pricing and first-tomarket availability on authentic branded goods. ttHigo provides a localised shopping experience while offering quality customer service and a satisfaction guarantee that is synonymous with the Newegg brand. Through ttHigo, sellers are presented a simple commission rate that houses all the services required for success.
What are your thoughts about the CE China show, and its official show daily CE China Daily?
The CE China show looks to be a promising event for Newegg since it connects us to international manufacturers eager to enter the Chinese market. Additionally, it presents opportunities for us to see what new technological developments specific to the Chinese consumers will be presented. We’re happy to be partnering with a thought leader such as CE China Daily that is devoted to highlighting trends in the CE space in one of the world’s most important markets.
Photo: Sophia Tsao – Vice President, Newegg Global Marketplace