Marketplace management
3 Things you need to Master to Sell More on Marketplace

3 Things you need to Master to Sell More on Marketplace

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.

Reviews

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.

Indian Retail: Embracing a Marketplace Mindset

Indian Retail: Embracing a Marketplace Mindset

The Indian retail industry has emerged as one of the most dynamic, fast-paced, and profitable market segments. Global retail giants consider this market to be the 5th largest investment destination in the world owing to its expected growth of nearly USD 3600 billion by 2020. Riding on factors like the changing economic landscape and easy credit options, coupled with rising income of consumers, the retail space is enjoying a consistent growth, contributing to almost 10% of the country’s Gross Domestic Product (GDP).

Furthermore, the increased digital connectivity of the dominating millennial population exposes them to global trends, creating an opportunity for retailers to meet the ever-changing lifestyle demands of the modern Indian consumer. Of all emerging trends in the retail industry, the rise of online retail has taken the industry by storm, especially in recent years. Driven by domestic startups and robust investments from international investors and ever-increasing internet users, India is expected to become one of the fastest growing e-commerce markets in the world. Retailers with physical stores are exploring online retail to be at par with the changing trend and address competition from the newer players. In short, e-commerce has brought about a revolution in the Indian retail space.

But how does one successfully thrive amidst this ever-expanding and disruptive market? As the need of the modern consumer surpasses tangible products and extends to best user experience or online journey, their changing behaviors call for a smarter approach to retail. That is where the need for a smart marketplace strategy comes into play. By leveraging all digital channels and diverting resources towards online store management, retailers are now being able to target more customers across smaller cities and towns, where earlier it was impossible to reach physically. Furthermore, with marketplace management services offered by the marketplace giants, retailers today are not afraid to embrace new trends and explore the new domains with open arms.

And thus from the traditional brick-and-mortar stores to the vast, virtual marketplace, the Indian retail industry has come a long way, letting every marketer and retailer enjoy their very own piece of the pie!

Festive Season hacks to nail online Marketplace management

For every Indian, this is the most awaited time of the year, when everyone strives to give and get the best things money can buy. Festive season shopping has evolved from store hopping to marketplace shopping, with grander shopping experiences and options. If you are a retailer or a marketer, you would want to invest all your time and efforts in your E-commerce marketplace management and make the most of this festive season:

Here are a few hacks to guide you through:

Personalize
The best way to reach out to different regions and cultural communities is to personalize your message/product for each of them. For example, for buyers in Chennai, it would have more impact if you use a regional connotation in your brand messaging, that your local shoppers can relate to.

Use the impact of scarcity
Psychologically, customers are always driven by a sense of urgency. For example, ‘Last 3 hours of sale’ or ‘Last 5 items remaining’ (for vanity products) have more chances of conversions than running a ’30-day festive sale’. Use the effect of scarcity to push customers through the marketplace funnel.

Avail the benefit of fulfillment services
With an increased demand for products, consider opting for fulfillment services offered by marketplaces, like FBA by Amazon. This helps you with on-demand warehousing, dedicated logistics, sales support etc. You can also look for a marketplace management service to manage operations, while you can focus more on the strategic aspects of your E-commerce business.

Create product mixes
Most shoppers look for a mix of products to gift this season. You can promote product combos based on what the marketplace is promoting or create your own combinations, based on your sales numbers. This is also a good time to add giveaways with slow-selling products and clear up the inventory.

Automate your processes
When you are running around to fulfill increased orders and deliveries, you cannot slack at any point in the entire process. To make it easier and more efficient, implement an automated inventory management system which will monitor inventory, delivery, returns etc.

With these smart hacks, you can get the maximum value in terms of sales, visibility, and traffic, and turn the festive season into the most successful time for your retail business.

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