eCommerce marketplaces also follow Pareto’s principle like any other sector, which means that 80% of the sales volume comes from the top 20% of eCommerce stores.
And as we discuss it in 2023, we have already witnessed wide-scale digitization during the Covid-19 pandemic era, a surge in inflation, and the impact of the subsequent recession.
Also, the 2010 era is long gone when starting an eCommerce store for X was a sure-shot way to earn money.
Today, anyone can build an eCommerce store within a few hours using a platform like Amazon, eBay, or Etsy.
So, how do you stand out in an overcrowded marketplace in 2023?
Well, i95Dev has covered you as our experts have decided to disclose the top five secrets to winning big in saturated marketplaces.
By the end of the article, you will have access to the winning insights, and most importantly, you will understand the value of small but substantial eCommerce selling decisions.
Let’s get started:
1. Ditch exclusive focus on USP, POD, UPB: base your branding strategy on empathy
One of the biggest mistakes you can make when getting started in an eCommerce marketplace is to get caught up with jargon like USP (unique selling point), POD (point of difference), UPB (unique perceived benefit), and the likes of these.
However, we want to put it straight across to you that these terms have turned cliched since everyone is buying online courses these days.
Instead, you must shape your branding strategy around empathy since most of your competitors will be strategizing around the same USPs, PODs, and UPBs, thereby making them not-so-unique.
For instance, if you are selling Mattresses, you must avoid focusing on features like the number of springs used, fabric, and ventilation.
Instead, you must focus on the negative effects of not getting enough sleep, like mood swings, headaches, obesity, hypertension, diabetes, stroke, and heart attacks.
This way, you can connect with your target audience intimately and become a truly unique brand since going the extra mile with your branding strategy sets you apart.
2. Invest in marketplace SEO
While it is effortless to get started on marketplaces like Amazon, marketplace SEO isn’t as easy as a plug-and-play platform.
Optimizing your eCommerce store on these platforms is fairly difficult since they work like search engines with complex algorithms.
From your product name to descriptions and specifications, you must input the right keywords and phrases to ensure that your products are ‘visible.’
We recommend investing in a proper marketplace SEO strategy to accommodate desirability factors, discoverability factors, pricing strategies, and product photography insights.
On top of that, it will also help you get an idea of any backend algorithm factors and dynamic bidding.
3. Infuse social proof as a core element of your marketing, branding, and sales strategy
Before we begin with this tip, let us go through these statistics curated by OptinMonster:
- Before making a purchase, 87% of people do research online about what they want to buy.
- 92% of people are more likely to believe recommendations from people they don’t pay for than any other advertising.
- Before making a purchase, the average person reads 10 reviews online.
- 88% of people trust user reviews as much as they trust recommendations from friends and family.
- 82% of Americans say that before they buy something, they ask their friends and family for advice.
- 70% of individuals will take the advice of someone they don’t know.
- 92% of people will believe what a friend says.
- Buyers need an average of 40 online reviews of a business before they believe its star rating.
- When shopping online, people of all ages expect to find an average of 112 reviews for each product.
- 85 percent of people think that online reviews that are more than 3 months old are not useful.
The message is loud and clear: if you want to be successful in any marketplace, interweave social proof with your brand identity and marketing strategies.
You must encourage your customers to share their ratings and opinions right from the launch of your store.
Running a referral campaign and providing extra discounts to customers for social proof will help you skyrocket your conversions without costing you an arm and a leg.
4. Don’t shy away from “easy returns” if you want easy success in a crowded eCommerce marketplace
“At least 20-30% of all products ordered online are returned”- this is one of the harshest facts of the eCommerce business.
Undoubtedly, it is a daunting reality that pressurizes your bottom line but echoing with the customer sentiment has its benefits.
Nordstrom Inc.’s famous tire return story is a testimonial to this strategy’s positive impact on brand recognition and customer loyalty.
Also, it will earn you a sweet spot when it comes to preferring among a huge number of sellers dealing in identical items and trying new products.
5. Even if it requires outsourcing, get professionals to work on your content and photographs
Most new entrants choose to write product descriptions and click product images on their own.
Undoubtedly, rephrasing your competitor’s product descriptions and clicking images on your own with a few Canva touch-ups will save you a couple of bucks, but it certainly compromises the output.
As we stated earlier, despite the claims made by marketplaces, ranking higher is fairly complicated.
Your product descriptions and images should facilitate purchases by disclosing the right information at the right spots.
Lacking clarity will automatically sabotage your chances of getting noticed. An average customer won’t put much effort into learning about a new product when many brands offer similar products at similar prices.
Getting someone who knows the ins and outs of marketplaces can put you in a 10x better position to capture the market.
Over to you
These five low-effort-high return tips will create a perfect synergy with the rest of your efforts to get stellar results.
We also suggest you invest in branding, branding identity, and creating a framework to act upon customer feedback.
Also, when building your marketplace strategy, think beyond the marketplaces, i.e., social selling, setting up your eCommerce store, and email marketing.
This way, you will be able to mimic the big sharks of your segment in a cost-efficient yet effective manner.
Do you need guidance and technical help to set up your eCommerce store on leading marketplaces?
Talk to our experts
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