E-commerce marketers who are selling on multiple marketplaces strive for steady traffic and conversions growth. However, due to the multitude of marketing strategies available, it can be difficult to effectively choose one. Investing the time and money in a lead generation opportunity may not give any returns.
We have analyzed the tactics of the most successful sellers to help you manage your budget. Some of these tactics are familiar, while others are innovative.
Level up your marketplace game! This guide will take you through all the necessary steps to outperform your competition and make sure you come out on top. Let’s get started!
The points to be optimized have been divided into two categories: qualitative and quantitative.
Quantitative includes :
- Customer Experience
- Inventory
- Pricing
- Financial Metrics
- Marketing Metrics & Efficiency
While Qualitative includes :
- Product Catalog
- Feed Optimization
- Promotions & Advertising
Strategies to Optimize Your Marketplace Sales
If you’re selling products on a marketplace like Amazon, Ebay or Etsy, it’s important to understand how to optimize your sales. Apply these strategies to maximize your marketplace sales:
- Categorize products
- Find the right marketplace for your products
- Optimize product page content
- Provide payment methods (Popular in a particular region)
- Update your prices regularly
- Enable customers to purchase from social media
- Offer Great Customer Service
Categorize Products
Organizing individual items into functional and meaningful categories is an essential part of creating a successful website. Categorization of products can make or break the success of any website, especially when it comes to ecommerce stores.
However, if too many categories are used, this could lead to confusion and abandonment by customers. Such was the case with sleeping bag categorization, where there were too many filters that led to an over-categorization issue and an 80% site abandonment rate.
To ensure that your product categorization works at its best, you must first determine what type of taxonomy works best for your products – whether it be functional or meaningful based on customer needs.
Next step would be to keep it simple but accurate so potential customers don’t give up trying to find what they need in complex filter menus or browse multiple categories without finding anything that fits their requirements.
And finally, dynamically optimize your product categorization for changes in customer preferences over time with data analysis tools so you can always have up-to-date information about which categories perform better than others.
Find The Right Marketplace For Your Products
It can be difficult for resellers of handcrafted products to find success on Newegg. This is due to the fact that each marketplace has its own distinct audience and product offerings, as well as different rules and regulations.
Etsy, for example, is an ideal place for resellers of vintage and handcrafted items. eBay is great for those who wish to sell refurbished or used items. Conversely, Newegg offers a platform that caters more to users in search of tech-related products than it does to those seeking handcrafted goods.
So, make sure you start at the right place. Here is a short guide for you on how to find the right marketplace for your products:
- Are you targeting businesses or consumers? Depending on your needs, different features may be required including bulk orders and quantity discounts.
- The products you sell are new or used?
- Where are your competitors? Consider a broad product category rather than specific brand names.
- Compare the fee structure of different marketplaces. Is there a listing fee? Do you have to pay a percentage of the final sale price? Do they offer discounts to professional merchants?
- Compare the logistics and seller support services.
- Does a chosen marketplace have a good reputation?
It’s worth testing different options to determine which works best for you.
Optimize Product Page Content
A product page is a key part of any good e-commerce store. It’s the link between potential customers discovering and understanding what your product does, and making an informed decision to buy. That’s why it’s so important to make sure that your content is well optimized for maximum conversion rates.
Whenever someone does a search for a product online, the top results are usually from major marketplaces like Amazon and eBay. That’s why the step in optimizing your marketplace sales is to create an SEO-optimized product page. To do this, start by researching keywords related to your product so you can include them in the title and description of your page.
You should also make sure that your images have:
- Relevant file names
- Keyword-rich Alt Text descriptions
Your products contain quality content, however there are strategies that can be used to improve it. Here are some tips from experts on how to do so.
- Does your Call-To-Action button sound clear?
- Do your products have high-quality photos?
- Do they fit a product description?
- Do they show the important features of the product from multiple perspectives?
- Can your shoppers zoom product photos?
- Does your product include information about its materials, origins, features, etc.?
- Is your product page well-branded?
- Do you highlight the value of your product for customers? What is the problem it solves?
- Do you have an FAQ section?
- Are there any social proofs on your product page?
Provide Payment Methods(Popular in a particular region)
As online shopping becomes increasingly popular, providing a smooth, convenient payment experience is essential to entice customers to make purchases. Offering customers payment methods which correspond to the region’s preference can help do just that.
Take electronics retailer BestBuy as an example – they offer several different payment options, such as debit and credit cards and PayPal. To accommodate customers’ preferences in different regions or countries, retailers should make sure to add appropriate payment methods.
For instance, if a large portion of your customer base is located in Europe and prefers paying with their credit card for example, offering this option should be included in your payment menu on your website or store app.
Similarly, if Apple Pay is the most used method within a certain area, you should make sure you provide this service too – ensuring your customers are able to shop and pay for their items with ease and convenience no matter what preferred method they have.
Payment gateways also allow for customer-specific preferences so it’s worth investing in one from the start.
Update Your Prices Regularly
Keeping your pricing up to date requires you to regularly review and adjust its structure. With the ever-changing marketplace and intense competition, pricing must remain relevant and in-sync with the market fluctuations or else you will fall behind your competitors.
There are several ways to go about this such as cost-plus, competitors’, or value based models that should be reviewed at least once every few months or so depending on your industry type and target market.
Before repricing your product, make sure to research related factors such as your product’s value and overall business cost. Additionally, consider setting a revenue target that is realistic yet profitable for your company.
Your pricing model should take into account Black Friday specials or other deals that are available for purchase in the market so keep an eye out for these during regular price updates too. Accurately analyzing these various factors can help ensure that you choose a strategic pricing position that will provide optimal returns in today’s competitive landscape.
Online marketplaces offer an advantageous ability to businesses, allowing them to modify their prices through algorithms and machine learning, which in turn takes into account competitor pricing.
Enable Customers To Purchase From Social Media
With the huge number of people who are present and active on social media nowadays, providing an opportunity to buy products directly from social sources is quickly becoming a key part of a successful lead generation strategy. This helps shorten the sales cycle immensely, allowing customers to purchase desired items quickly and easily.
One of the most efficient ways to enable direct buying from social media platforms is by integrating a marketplace with one’s socials and creating shoppable content for marketing purposes.
For example, when seeing a Pinterest story or Instagram post advertising your business, tapping on it will take users directly to the page on your marketplace from where they can instantly purchase the item featured in your post.
This significantly strengthens conversions between customers who view your posts and those that end up making purchases since there are no extra steps required in between and you make it easy for buyers to snag whatever it is you’re offering.
Offer Great Customer Service
Customer reviews are incredibly important when it comes to selling products on online marketplaces. Studies have shown that even just one negative review can result in customers not buying the product.
So it’s critical to focus on delivering great customer service in order to garner positive reviews from happy customers. And if you receive any negative reviews, be sure to respond quickly and try to resolve any issues they may be having with their purchase or experience.
Last but not least, don’t forget about providing excellent customer service when engaging with prospects prior and post purchase.. Providing quick responses before & after customers make a purchase is essential .
This helps establish trust between both parties leading & ensure further recommendations from satisfied buyers within the same community! Additionally websites such as Facebook ,Google Business ,Yelp & even Trustpilot offer plenty of ways buyers can leave feedback about their own experience fueling better conversion rates for future cross selling.
Consumer satisfaction is key, as 81% state that a positive customer service experience can boost their chances of making a repeat purchase. Ensure you meet their expectations.
- We welcome you to contact us through our preferred channels, including social media, a chat box, email, and more.
- Please respond to emails within four hours, and other communication channels as quickly as possible.
- Providing multiple support options is essential for shoppers, including FAQs, a Q&A section, helpful articles, an interactive voice response system, in addition to a live chat or phone number.
- Make sure you meet your shipping goals on time!
Conclusion
Starting a business in a digital marketplace can be intimidating. There may be competition and buyers that you don’t know how to reach, leading to frustration and confusion. But with some simple tips, you can easily get your business off the ground, boost your sales and start building a reliable customer base.
Consider your requirements carefully, then you can use social media marketing to promote your products and increase sales.
