9 tips to sell more on marketplaces during festive sale
A report by Ace Turtle casts light on tips for sellers to accelerate the sale in ongoing festive season.BY Indian Retailer Bureau | Oct 31, 2018 | comments ( 0 ) |
Choosing the right marketplace
Pick the marketplace that fit your products the best, and are likely to cater to audience who are your primary customer. Do your research and experiment with a few marketplaces but be willing to pull out of one to focus more on another.
Follow the rules
Each marketplace has its own set of rules concerning fulfilment, shipping, product availability, and so on, so make sure you’re in compliance with their rules. What works for one may not be suitable for another, hence don’t adopt one size fit all approach.
Have an idea about the total cost
There are always subscription fees associated with each marketplace. It could be subscription, it could be in terms of transaction cost. Take all these costs into consideration before you start selling on a particular marketplace and adjust your pricing accordingly.
You’re better off starting with your best sellers on your new marketplace since they’ll catch people’s attention. If nothing else, it’s a way to build some useful brand awareness; it may also lead to more sales. This is also a chance to pre-launch new products. You can test them out in an online marketplace before you officially launch them to see what kind of interest you generate from your customers.
Focus on accurate product information
Accuracy and detailing of product details is critical in bettering your chances of more products selling on marketplaces. Some product pages, like Amazon’s are often pre-built. Just upload as much product data and as many photos as you can.
Managing your inventory efficiently
Inventory management plays a critical role in building customer satisfaction. Don’t make them wait for stockouts or learn too late that you’re out of product. Keep close watch on your inventory and make sure the items are removed before they run out in your warehouse. Also ensure that you reorder before you run completely out.
This is something you need to be really careful about. An efficient shipping mechanism goes a long way in building trust not only with your customer, but also with the marketplace you are selling your product on. You need to be able to deliver on their promises, so make sure you are able to have things picked, packed and out of the door in the time required.
Follow marketplace Return policy
Different marketplaces have different return and refund policies, so make sure you follow them closely. They may even vary between marketplaces, so pay close attention that you follow each of them minutely. You may have your own return/fund policies as a retailer, but here you need to follow the marketplace’s policy as you are selling on their platform.
Adjust your strategy
Use data from your sales, product reviews and other sources to help inform decisions to make your marketplace channels more successful. Improve what you need to, whether it’s visibility, shipment tracking, assortment, maybe even product descriptions. Follow updates that occur on marketplaces – there are often new programs and options made available as marketplaces try to make it easier for people to buy and businesses to sell
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