To help retailers leverage marketplaces for growth and success, we worked with RetailBiz on a Special Report which you can download here. Below are three actionable takeaways from this report so you can ensure you make your mark in 2018.
- Focus on the consumer
The retail landscape may be changing but what this means is that your customer is also changing. Their expectations, how they shop, how they search, what they want…this should be your focus. The convenience of marketplaces is a huge factor when it comes to changing spending habits. It’s easy to see the appeal of marketplaces from a consumer perspective which is exactly why retailers should be leveraging this opportunity.
Marketplaces boost customer loyalty, increase average order values, and build trust. They offer access to a huge base of existing and new customers. Our clients report that selling through marketplaces such as Catch, eBay and Amazon allow them to connect to consumers that would previously never have discovered them. Have you taken changing consumer habits into account in your eCommerce strategy?
Having the consumer at the centre of your strategy also means that being seen by your customer is key. So how do you ensure visibility on each platform? Firstly, ensure that you know what is expected of you and what you need to do to stand out. For Amazon, it’s all about the Buy Box. eBay’s page structure means there are multiple product listings for the same product, allowing retailers to showcase their brand in their eBay store as well as product listings page. While the specific requirements to guarantee prime position aren’t public knowledge, essentially, when you offer a competitive price, have a positive customer feedback metric, have fast and efficient delivery, adequate volume of inventory and low refund and return rates, your products are more likely to be featured in searches or Amazon’s Buy Box. Know the guidelines and how to ensure you’re meeting the demands of each marketplace so that you can position yourself as a leader.
- Analytics and Insights
Getting the right feedback is an essential part of any strategy. Analytics tools should be used so that you can make informed decisions by getting the right data about sales channel performance, top-performing products, orders past shipment date and product-listing statuses. This is what should inform you strategy about pricing, products and more.
It’s not a guessing game. Your marketplace strategy should involve solid insights about your consumer and your performance so that you can scale accordingly. From automated listing tools to optimised listings, there are an array of tactics to ensure your business is making the most of what marketplaces have to offer.