Online marketplaces have grown to become one of the major trends in retail business. However, with more aware and knowledgeable customers, marketers need to be more strategic in their approach to reap the benefits of marketplaces.
Here are 5 simple, yet actionable ways to optimize your existence and make the most of marketplaces.
Consider product upsell
By bundling similar or related items, or offering add-ons at the point of purchase, can grab the attention of the buyer. For an effective product upsell, it is essential for retailers to have a diverse and exhaustive product offering, for the customers to choose, thus increasing sales opportunities.
In the current digital landscape, Instagram, with its extensive user base, has grown to be an effective promotional platform for retailers. By using high-quality images of your offerings and related photos, you can target your audience right where they are. Also, by associating with such Instagram influencers, retailers can leverage their social followers and expand the customer base. This also develops a better connection between the customers and the brand.
Reduce ‘abandon carts’
This is one of the most prevalent problems for online retailers. Despite the most user-friendly and interactive site, attractive product listings, and competitive pricing, retailers often face unfinished transactions. That is why is important to revamp the point of purchase and increase conversions. For instance, integrating a live chat at the checkout stage can create interactivity and convince the buyer to complete the transaction. Similarly, offering a time-based discount at the POP can also help reduce abandoned carts.
Invest in an Email campaign
Emails might be a traditional marketing tool, but it is still relevant for the millennial shopper. One of the most budget-friendly marketing techniques, emails can be an effective email marketing campaign can result in conversions. Depending on your product and expected outcome, emails can range from drip mailers, image-based, or text mailers.
Use the ‘Wishlist’ Reminder
Most often than not, customers would indulge in window-shopping and not end up purchasing, but their product preferences are saved in the ‘wishlist’ for later use. This buying behavior makes for an excellent opportunity for retailers to reach out to their customers using a wishlist reminder through a text message, email or remarketing campaigns, by displaying products from the wishlist.