Differentiating Yourself within Online Marketplaces
There is no doubt that an online offering should be part of every retailer’s strategic plan. However, gone are the days when someone can just create an online website and become successful. The online space is fast becoming very sophisticated, but there are still many operators not doing online well. The biggest thing to remember with online is that many of the fundamentals of traditional retailing still exist. Successful online retailers are offering ‘the full package’. They are providing systems along the way that make transacting online easy for the online user and that give the user confidence about every step of the transaction.
A picture is worth a thousand words
Well photographed products and accurate item descriptions are a must for marketplace sellers. Not only will this reduce the number of pre-sale enquiries you receive, but it will also increase customer satisfaction as expectations at the point of order receipt will better met.
Get to know your competition & exploit gaps in the market
Use readily available market research tools such as Terapeak to gain real time insights into your marketplace competition. Tools such as these can help you understand gaps in the marketplace while also helping you to structure and price your listings accordingly.
Focus on Delivery
Online consumers are becoming savvy internet shoppers, long gone are the days of 1c auctions with over priced freight components. Retailers must now ensure they have the systems in place to allow them to offer the best possible freight rates to their customers whilst not losing margin along the way. This may involve implementing a multi-carrier freight system that allows for the automatic selection of freight carrier based on customer location and order content.
Automate To Reduce Costs
There are a number of listing management tools and order fulfilment solutions available that can help to automate the listing and after sales processes involved in selling through marketplaces. Solutions such as those offered by Neto enable businesses to accurately manage large volumes of eBay listings, complete and ship eBay sales and raise unpaid item disputes from one centralised solution. This in-turn leads to cost savings that can be passed on to the consumer.
Managing Customer Feedback
Online marketplaces are more than just selling platforms, they are a forum for a community of buyers to discuss and review your products and your brand. Maintaining a high level of positive customer feedback is therefore an integral part of any successful marketplace business. According to Bazaarvoice, 94% of online product shoppers read reviews before making a purchase, highlighting the need to make feedback maintenance a key focus of your marketplace business.
Maintaining a branded online marketplace presence
Provided the right technology is put in place, the maintenance involved in a business’s online marketplace presence can be drastically reduced. Solutions such as Neto can automate the listing and after sales process involved in selling through marketplaces such as eBay, negating the need for duplicate data handling and manual listing or stock management.
