Things you need to master to sell more on marketplaces
Online eCommerce is undoubtedly taking the world by storm. It is now a significant trend and needs for an hour.
Have you ever thought about why global brands such as Amazon, eBay, Alibaba are far ahead and consistent in selling online? Well, the answer is they work on their strategies.
Asian Pacific countries like Malaysia, Singapore are the countries with growing opportunities for a thriving online marketplace.
Because the brands and companies follow organized strategies to sell their products online, they check the market for the demand and competition of their product and decide accordingly for up-selling or cross-selling.
The market strategy is a continuous process as the user’s behaviors keep changing. Any business big or small can grow if they work on their insights.
Let us see fundamental techniques to master the conversion rate.
Market your own business
As you use the marketplace to sell your products and play by their rules is mostly making their brand stronger, which is harmful to your business.
To promote your brand, you can use a flyer mentioning your site or offer some lucrative discounts. Meanwhile, check with your marketplace as some do not allow such promotions.
Understand marketplace pricing strategy
Marketplaces have a different pricing strategy, and not understanding it would result in dooming your business. For instance, Blackberry failed miserably in India for its poor pricing strategy.
It used to be a smartphone leader, but its market share of India reduced to 0.2% by December 2013 as per the reports of research firm IDC. It could have pitched its price lower in India, according to the analysts.
The marketplace has different pricing models like commission fees, subscription fees, listing fees, ads, and freemium. Keeping all this in mind, you have to fix a price for your product where you can earn profit as well.
To compete, you have to understand the pricing techniques. Also, with excellent customer service, you can justify your pricing and hold your position.
Focus on bettering your services
It is the customers for whom you are running the business. So, if you offer the best services, there are chances you can earn high positive feedbacks.
All the focus goes in hard work and effort to run your business but, if you don’t upgrade your services as per the consumer’s shopping behavior, you will not be able to make a mark in the marketplace.
The same goes for delivery and logistic services. Customers do get annoyed with the late delivery or receiving of damaged products. Generally, the marketplace takes care of the shipments.
Still, in some scenarios, if you are responsible for the return or delivery of the package, then you must opt for speed, quality, and trustworthy services.
It is useful if you provide a return and refund policy as well. These things enhance your business rating because if you consistently fall in the rating chart, then after a certain threshold, you will be thrown out of the marketplace.
Make use of promotions
There is a vast number of lister in the marketplace for the same kind of product of yours, so how can you stand out? It is simple, make use of promotions and offers.
Buyers, before buying a product search for it on different platforms and surf through various sellers. They tend to buy it from the platform where they get the same kind of product in cheaper deals.
Several brands use this technique to up-sell their products and generate high revenue. Hence, the additional profit generated makes up for the discounts, as they end up selling more products than usual.
Analyze consumer behavior
Studying consumer behavior is a significant market strategy that helps you understand which product of yours or the market techniques is performing well. The seller can thus focus on the specific area and act.
- The report helps you retain the existing customer by targeting them a particular product.
- It differentiates the consumers from each other, and you can make the target group for the same buying behavior.
- With a better understanding of consumer behavior, it will help you make a sustainable marketing program.
- Market trends keep evolving, so keeping a close eye on consumer behavior stats will not lead to your fallback. For example, healthy eating is adopted by several customers, seeing this Mcdonald’s added healthy food options in their menu.
- The report will also let you understand what your competitor is doing differently, and why are your customers attracted to their products?
Sell on multiple marketplaces
Selling on multiple marketplaces has a lot of benefits. It gives you a higher audience as Amazon, eBay, has trusted and millions of customers shopping every day from its platforms.
Your brand can have more exposure and high sales. But, place your product in the right marketplace to have comprehensive insights of your bestselling products.
More than 2500 sellers are selling on more than 100 eCommerce worldwide, and the statistics seem to grow. Thus, focus on every aspect of your business.
It is not just your product you are selling, but how your market it is, what makes a difference.
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