How to be an online power seller on major Malaysian marketplaces
Malaysia has become quite a hot spot for eCommerce in the coming years. And the reason behind this is the growth of middle- class looking for better deals and growing digital-savvy.
Let us see a few useful data to consider about Malaysia before conquering its marketplaces.
In Malaysia, more than 29 million users are accessing the internet, and the figure is forecasted to grow by 33.5 million in 2025.
The present internet penetration is 91% and is to grow by 97.5% by 2025, as per the data by Statista.
The current population of Malaysia is 32.37 million, out of which the number of smartphone users is 30.41 million, and with a growing population, the penetration rate of smartphones has reached 140%.
Hence, proposing a massive opportunity for SMEs and accomplished eCommerce traders in Malaysia.
The eCommerce economy is about to rise by 20.8% in 2020 and revenue to amount about 3.91 billion U.S. dollars alone in the year 2020 (as per the latest report of Statista) in Malaysia.
They are thus, making the Malaysian market worth investing but have also given rise to direct competition among online sellers and making it tough to meet their profits.
Malaysia is home to several marketplaces giving more power to CedCommerce and WooCommerce sellers enabling rise to eCommerce giants like Shopee Lazada, PrestoMall, Tokopedia, Qoo10 eBay, Amazon, and other.
Hence, these marketplaces to hold its position by promoting “power sellers” or top sellers who can sell maximum products on their platforms and cross-borders.
They are offered free seminars on marketing trends and low rental charges, thus making profits more than anyone else.
In the previous blog, you can check the ways to decode the cross-border eCommerce puzzle. So, how can you become the power seller on major Malaysian marketplaces? Let us focus on some of the useful tips and tricks.
Go multi-channel selling
- Multi-channel retailing is selling your goods on the different sales channels. It lets you reach where the customers are present. Even though you spend a lot on marketing and advertisements but have a single-channel presence, then there is a chance of missing your potential customers.
- However, with a multi-channel presence, you could pop up more frequently and pull customer views. Thus, increasing brand awareness and improving revenue. Customers would be able to remember your brand quickly and will give you an advantage over single channel selling.
- Multi-channel selling will also generate a lot more data and will provide you insights into which product is performing well on which platform. It will help you improve your performance in the marketplace.
Carry out Competitor Analysis
- The industry is crowding with several online sellers flowing in and it is challenging to retain your loyal customers when they have more options to choose.
- The best way to know about your competitor is to learn from them like – What strategies they are adopting? And how are they doing things differently? You can do this by buying their products.
- It will help you know the quality of their product, the ingredients used, and their shipment process.
- To understand their marketing strategy better, you can buy their product from different selling platforms.
- By performing competitor research and analysis, you can learn from their strengths and weaknesses.
Why is SLA important?
- A service-level agreement (SLA) is a contract of service between seller and client. It is being adopted by several companies to keep the sales and marketing team harmonious.
- SLA provides an exact time frame in which you can process and deliver the order to make sure the product reaches on time to the customers. Complying with the terms of SLAs is the best way to rank in the marketplace.
- The high SLA performance makes you a power seller, thereby increasing the customer trust and loyalty towards your service. It is a transparent and mutual agreement between the different parties in the transaction, namely the marketplace, the seller, and the customer.
- Keeping your logistics up-to-date and efficient is the only way you can comply with the SLA agreement and receive its benefits.
If you are externalizing your shipping and logistics, then you must take care of these tips to improve your SLA-
- Mechanize your inventory by using multi-channel inventory software like Browntape that manages all complexities and provide profitable selling.
- Use the marketplace logistic service to take care of all the shipping, and your load is shared.
- Provide a standard packaging with all the details of the shipping address, invoicing, and other safety measures to prevent the product from damaging.
- Keep track of your inventory and shipments.
Things you need to master to sell on the marketplace are, evaluate your pricing strategies, make use of promotions, focus on bettering your services and keep your business updated.
The better is your customer service; the higher is your ranking in the marketplace and the more benefits you can reap.
Provide hassle-free return and delivery, engage in social media platforms, and provide discounts or offers. Though it is a continuous process, with your efforts and smart work, you can become an online power seller.
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