Yandex.Market, in new joint venture, seeks non-Russian Vendors

A major Russian bank and the biggest online Russian market have announced a joint venture that will probably improve cross-border ecommerce.

Sberbank is the largest and most reliable saving bank in Russia. It’s partly state-owned and contains over 325,000 employees. It’s also the oldest bank in Russia, relationship to 1841. The lender has 16,500 offices in 22 nations. Total assets at the end of 2016 were $416 billion.

Yandex.Market is principally a comparison-shopping website — the biggest in Russia. Merchants can showcase, market, and promote their goods. Buyers can read testimonials and compare the prices of the exact same product from other stores.

Sberbank has sought a foothold in ecommerce. Following an attempted joint venture in Alibaba allegedly fell through, it turned to Yandex, which can be the very best search engine in Russia. The deal should close in 2018.

Yandex.Market will receive, originally, approximately $500 million from Sberbank. With the money, the parties intend to significantly upgrade the site to control more of their payment and checkout process, in addition to fulfillment and delivery. Yandex will have access to Sberbank’s enormous customer base — approximately half of Russian customers.

Foreign sellers

The joint venture is promising news for Russian merchants, who will eventually have a one-stop location to sell internationally. But how will it affect sellers outside Russia? I asked that question to some Yandex.Market representative. Here’s what I have learned.

Yandex.Market is available to the entire world. Everyone can sell there regardless of place. More than 3 million people visit Yandex.Market daily to look for products, read reviews, and compare prices. To deal with customers’ needs for brands and tendencies, Yandex.Market is presently seeking foreign retailers.

Yandex.Market will provide special advertising and marketing support to non-Russian merchants. Yandex is, again, the major search engine in Russia, with nearly 50 percent of contextual advertising. What’s more, it gives other promotional tools for ecommerce, such as cross selling on the Yandex.Checkout support.

Delivery problems are frequently the reason Russians don’t buy from foreign e-stores. The joint project will produce a shipping fulfillment service with a number of partners in Russia and abroad — all working under Yandex’s control.

Non-Russian merchants selling on Yandex.Market will have three logistics choices: send from the merchant’s nation, deliver from a foreign warehouse near Russia, or send from a warehouse in Russia. All three options are being tested at the moment to produce the ideal experience.

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Under the expanded fulfillment options, merchants can, rather, transfer their goods to Yandex warehouses and assign the whole storage, order processing, delivery, and returns to Yandex.Market.

In the short term, Yandex.Market will continue to use its existing payment aggregator, Yandex.Checkout. It is the hottest payment solution in Russia and Russian-speaking nations. It provides popular payment procedures, including credit cards, mobile phones, e-money, and cash on delivery. Additionally, it offers immediate loans to Russian buyers. AliExpress utilizes Yandex.Checkout because of its Russian storefront.

With time, Yandex.Market plans to add extra payment aggregators. Yandex.Market will offer foreign merchants with essential sales documentation, like receipts, delivery notes, and return asks.

In summary, the joint venture must significantly enhance Yandex.Market for Russian customers and, importantly, for cross-border merchants.

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