In the present juncture, marketplaces are serving as online ‘malls’. Online marketplaces, irrespective of their size and dimension, are simply booming. This can be attributed to the fact that online merchants nowadays find it more rewarding to pay for a virtual space on a website rather than paying for a physical store built of brick and mortar. Hence, online marketplaces are occupying an ever-expanding share in the complete buying process of online shoppers. It goes without saying that online marketplaces provide online merchants with a real visibility boost in the realm of Ecommerce. In a cutthroat competitive world, it is extremely important for you to diversify your marketing channels across the top-notch online marketplaces for generating higher levels of revenue and overall profit for your site.
Importance of Driving Traffic to your Online Store for Generating Revenue
Selecting the perfect niche of products for your Ecommerce site and building an informative and engaging portal are not the only critical aspects of launching an online store.. What is harder is driving traffic to your site and getting them converted for augmented revenue and profit. There are a number of actionable tactics by which you can get attention from your targeted audience and also gain momentum from it for increased sales of your products. Proactively reaching out via most effective social media platforms, sharing regular blogs and press releases, making family and friends share pages etc. are some of the most effective strategies that can drive traffic to your site. However, one of the most widely followed strategies by online merchants these days is integrating with reputed and reliable online marketplaces worldwide. This allows you to sell several extra products through their website as you can make use of the popularity and reach of these online marketplaces to reach more buyers. To be specific, more traffic implies greater exposure to your online store and your products which in turn leads to higher conversion rates for rise in overall sales of your products.
Scaling up Sales across the Online Marketplaces
Online marketplaces enable sellers to expand their reach beyond domestic territories, internationally. With a wide range of global online marketplaces at your disposal, you need to be very mindful of your selection and choose the ones that make sense for your product categories and customers. However, there is a set of factors to be kept at the back of your mind before finally integrating yourself on a selected marketplace and making the products live. Some of these may be listed as following:
- Informative product pages: The product pages listed across online marketplaces that exhibit description about your products is the only link between you and your customers. It is highly essential that you exhibit as meaningful and valuable information as possible on these pages in order to attract higher traffic inflow and acquire greater conversion rate from it. For example, while uploading a particular T-shirt, you need to specify a particular set of information (Brand+ Gender+ Color+ Material+ Fittings) in the title to match the standard requirements; also image size of the product should be as max as possible (2000X2000px).
- Mapping product catalogue as per market requirements: Your product catalogue should be in sync with the requirements of the online marketplaces you are working with. The attributes of product categories differ from one marketplace to another. The attributes should chiefly match the title, content description and images asked for.
- Multi-channel product listing: Every online marketplace has got its own set of rules and regulations for listing your products. Selling on multiple marketplaces can be arduous at times as you won’t get access to all the channels easily; you won’t be able to match up the different set of rules and regulations applicable in the different marketplaces as such. Settling for poor product listings can degrade the chances of your products being seen and trusted. Therefore, it is wise and advisable that you get hold of an Ecommerce aggregator for getting access to multiple channels with the aggregator’s tools.
- Inventory management: Having real-time inventory updates is the only way to ensure that your inventory levels are always appropriate on the online marketplaces. Whenever a purchase takes place, the remaining stock levels should automatically drop down across all your channels so that no underselling or overselling of products takes place. You should thus have a strong inventory management tool for maintaining proper stock levels to avoid any cancelation of orders due to unavailability of products. This is where an Ecommerce aggregator comes into picture for effective inventory management.
- Project your sales targets: Have a clear projection of your sales targets for accomplishing your business goals across the multiple channels. This will help in managing the operations of your business more easily. It will also help in optimising prices of the fast moving products for generating a higher volume.
- Adhering to marketplace norms: The online marketplaces are becoming highly selective about whom they will permit to sell on their platforms. In order to be one amongst the fortunate lot, you need to imbibe exemplary behaviour expected on these platforms violating which your seller account might be temporarily or permanently suspended. An Ecommerce enabler is adept with all the marketplaces and its norms internally and can possibly assist you with pricing promotions and other issues with dexterity.
- Marketing and promotions: Set a budget for each and every event you wish to participate in for the purpose of marketing and promotion of your products. You can liaise about the same with an Ecommerce enabler and chalk out the best marketing and promotion options available. You can either opt for PLA or promotional discounts, banner ads or other various methods of promotion to gain more visibility for your products and thereby fetch higher conversions.
What should be your next move?
It has become a trend for online merchants to flock to online marketplaces for expanding their businesses by augmenting overall sales. Though online marketplaces are designed in an easy way for you to handle, yet it simply does not govern around creating an account and listing products for successful sales across the multiple channels. It governs around a lot of other factors stated above and successful management of all of these is a pretty Herculean task which requires intervention from an Ecommerce aggregator like Eunimart.