Online marketplaces are arguably the best thing that ever happened to the world of retail. And it has grown to be a major trend in the business. But for any retailer or marketer to thrive online, they need to constantly evolve and master new and innovative strategies for better marketplace management and make the most of the trend.
Here are the key techniques that you need to master and increase conversions.
Upsell your products
While you are putting maximum efforts in selling each and every unit of your product, diversifying your selling option might be a better strategy. You can bundle some of your most selling products with similar or related least selling ones. For example, a standalone shower gel might not be as attention-grabbing as a combo of soap, shower gel, and a bath towel. Or you could also throw an add-on at the point of purchase. For instance, if someone is checking out a shampoo, you can offer an add-on of a conditioner for a discounted rate.
Address your POS
Irrespective of a great user journey throughout the site and offering the best rates in your product space, you might end up with incomplete transactions at the checkout stage. This largely affects your conversions. To address this, you need to reinvent your point of sale strategy. Check what could be a probable concern. Is it the checkout procedure too long or not transparent enough? Do your payment methods cause problems? Avail the services of a market expert who offers AMO service and marketplace management service who can run an analysis of your user experience (from login to checkout) and help address your customer’s concern where and when it occurs, thus reducing the risk of abandoned cart.
One of the most basic psyche of consumers, when they cannot make a purchase decision on their own, they tend to fall back on social proof and go by the word of mouth, the word being reviews in today’s world. In marketplaces like Amazon, if a product has more than 10 times better reviews than its competitors, chances are users (including you as a customer) will choose the former. You can send out your product samples to reviewers in exchange for honest and detailed first-hand reviews.