Learn top marketplace sales generation techniques to apply in an online business that works.
If you have an eCommerce marketplace to sell your products or services, you’ve probably wondered what you may be doing differently to come up with more qualified leads and sales into the eCommerce marketplace business.
There are different tactics to try and do that, several of which are simpler than others. Each differs in the process flow and degree of outcome with those tactics.
Sales generation for an online eCommerce marketplace isn’t much different from simple lead generation with some differences.
We’d like to take to a tour into the eCommerce stats to help your business to thrive into the larger picture:
- Online shoppers have generated around 16.24 billion visits in Feb 2021
- In 2021, there will be 2.4 billion online shoppers globally, that is 1.45 billion in 2017
- It is estimated that there will be nearly 2.45 billion global buyers in 2021
- 74% of online buyers prefer to pay for online goods and services via a marketplace that offers multiple payment methods
- Popular online marketplaces like Amazon, Flipkart, and Alibaba accounts for 71% of retail eCommerce marketplace business sales
During this post, we discuss the highest sales generation strategies for multi-vendor online marketplace business websites.
5 Tactics to boost an Online Marketplace Sales
1) Re-market or keep in touch with your customers via push
Consumers of today are spoiled for choice and like to skip from one online eCommerce store to another. Therefore, it isn’t surprising to look for a hack that will facilitate you to re-engage along with your prospective customers.
One way to offend their interest is by sending a push notification (mobile or web). It can be based on the product they were browsing through once they were previously on the business website.
If they need to abandon their go-cart and bounced off the website (which could be a high possibility), you’ll send them a push notification to remind them to complete the transaction.
To make things interesting, you’ll even offer them a small discount or an upsell package deal to return to the website and complete the purchases.
2) Upsell and cross-sell
When the vendor of the marketplace platform encourages consumers to spend over what they had initially planned to, that variety of sales is named an “upsell.” It also goes by different terms like “add-on sales” and “bundle sales.”
As of today, 81% of consumers do some variety of online research before a possible purchase. This suggests they require to assure themselves that once they make a purchase, they get the utmost value out of their decision.
To begin with, make a listing of all products your marketplace is selling and divide them into two categories – regular ones and expensive ones. Up to 4% of your customers will buy the beloved product only because it’s been positioned that way.
Similarly, cross-sell may be a strategy to sell related products with something a consumer is already buying. Cross-sell products should be a minimum of 60% cheaper than the products added to the cart. If you give your customers a whole package – as an example, a camera and batteries at a cheaper price – they’re going to not debate before buying both.
3) Make product recommendations to boost sales
Product recommendations in the online eCommerce marketplace may increase business revenue by up to 150%, conversion rate by 75%, and average order value by 55%. If you find “product recommendations” online, there’s one line that may crop up on your feed many times: “70% of Amazon’s eCommerce site homepage is devoted to product recommendations.”
It is true that the online eCommerce marketplace has initiated the concept of recommending products to visitors who shows interest in your website.
If you’re a first-time visitor on Amazon, you may find general recommendations like “What Other Customers Are gazing Right Now” or any “Best Seller.”
If you revisit it, you may find personalized recommendations on the homepage that are supported in your previous visits’ browsing history.
No wonder Amazon has tapped the potential of product recommendations and then should your eCommerce marketplace platform.
4) Build a brand community with loyalty programs your marketplace business
It’s only if discounts and freebies are helpful in not only converting a customer but also poke at him or her to stay returning for more. However, if you wish your eCommerce marketplace to be profitable consistently, then it must build a community.
And a way to try and do so is via loyalty programs.
Take Amazon Prime as an example. Those memberships are over 100 million within the US alone, with the eCommerce giant aggressively branching bent on other countries like Mexico, China, and Canada.
Amazon Prime means multiple things: faster shipping of products bought on Amazon, access to on-demand video, and special product discounts. With a membership cost of $119 annually, having Prime is worthwhile for frequent Amazon users.
You could also start a loyalty program for your eCommerce marketplace’s customers. Through this loyalty program, your customers are also given:
- Free merchandise
- Discounts and rebates
- Access to unreleased products
It costs 5X less to retain customers than to collect new ones and constant customers spend up to 67% over new customers. Therefore, work on pulling loyal and lifetime customers into your online marketplace.
5) Increase checkout conversion with A/B testing to impact marketplace sales
When the buyers move to the check-out page, they need already conveyed that they’re able to purchase from you and now not use the price of the product or service as a parameter to finish the transaction.
However, many businesses lose customers because of a poor checkout experience. The explanations for the identical can be many:
- Long contact forms
- Less number of payment options
- Tedious “reset password” process
- Hidden shipping costs
- Unattractive CTAs
Check out SimCity’s checkout page variations. The “Variation” page performed better by 43%. To ensure that it doesn’t happen to your eCommerce marketplace, make multiple checkout pages to work out which one customer answers best.
There’s no secret recipe for overnight success. You would like to secure your business consistently and be receptive to making improvements along the way.
Always plan your marketing activities with some insightful tools like CoSchedule and Smart Insights offer free templates for content, social media, and email marketing.
Keep aside a collection budget to run paid social ads. How you distribute that cash across different networking channels depends on the real-time ad performance.
Study analytics frequently to spot which blog post, social media ad, email, or website is performing well and what’s not. Make amends accordingly.
Questions? Speak to us!
Your eCommerce marketplace deserves all the success within the world, and it’s imperative to handle any queries regarding the eCommerce Software Solution you will have. The great news is we are a team of eCommerce experts always at your service.