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7 Ways to Supercharge Your Marketplace Strategy
Marketplaces are getting crowded. How can your product listings stand out? Let’s take a look at seven top ways sellers are supercharging their marketplace strategies.
Marketplaces sure have changed. Now, there are hundreds of options to choose from, each with its own set of rules, requirements and built-in audiences. That’s why it’s no longer enough to simply list products. Winning in the marketplace requires a well-planned strategy that takes advantage of all available levers to stand out from the competition.
ChannelAdvisor’s 7 Best Practices for Selling on E-Commerce Marketplaces report can help. From keeping a close eye on your product listings and competitors to automating your programme and launching in more marketplaces, supercharging your strategy is easier than you think.
1. Optimise Your Product Content
Sometimes, what you list isn’t as important as how you list it. Product titles, images, descriptions, keywords and categories can all drive a consumer to purchase. Robust product data helps by ensuring information meets marketplace standards and draws attention. The best multichannel commerce systems help reduce workload by optimising product data at scale, quickly adapt to changing marketplace requirements, and handle other important tasks including order management.
2. Stand Out with Marketplace Advertising
The top search results on marketplaces and retail sites are often paid advertisements. Retail media advertising can help your listings stand out in these crowded marketplaces. While the options may initially appear overwhelming, most programs include a variety of ad formats that allow shoppers to see your content at various stages of the buying journey. Tactics that can improve your success rate include:
- Starting small. List and test your most popular products first, then expand.
- Testing combinations. Experiment with different ad formats to see what works best for you.
- Protecting your brand from predators. Bid upon any brand-related terms where competitors appear first.
- Giving branded words their own campaigns. Separate branded and non-branded keywords into their own campaigns.
- Analysing results. Adjust campaigns to meet your return on ad spend (ROAS) targets.
3. Engage with Customers
Exceptional customer experiences don’t just enhance your brand reputation. They also ensure loyalty and repeat purchases. Take a proactive approach to engaging with customers by regularly monitoring reviews and improving your return policies. While reading customer reviews may be low on the priority list, responding and making things right for unhappy customers can go a long way in brand reputation. Positive return experiences (like hassle-free policies or free return shipping) encourage consumers to buy your products again.
4. Leverage Advanced Repricing Technology
Repricing solutions, often included in leading multichannel commerce platforms, monitor listings on supported marketplaces and automate pricing changes based on custom strategies. These solutions can help you:
- Win the buy box and best offer positions
- Increase visibility among bargain-savvy consumers
- Stay competitive
- Prevent product erosion
- Achieve maximum profits
- React to demand in real-time
5. Build Resilient Fulfilment Operations
Automation helps you compete in the era of same-day delivery. The more you automate, the more you can accelerate delivery times and reduce shipping costs. Intelligent order routing sends each order to the most effective fulfilment partners based on shipping speeds, delivery fees and warehouse locations. Automated inventory management ensures inventory levels are always up-to-date across marketplaces. And automated shipment tracking keeps customers informed with up-to-the-minute delivery notifications.
6. Know Your Competition
You can’t effectively compete if you don’t know how your products stack up to competition. Monitoring your top competitors on Amazon, whether Amazon sells the product, and whether you’re losing market share can give you an edge when creating and managing your listings. ChannelAdvisor customers use the Competitive Environment Dashboard for Amazon to:
- Identify opportunities to improve Buy Box performance
- Track the average number of competitors per ASIN
- Stay up-to-date on other top sellers
- Keep tabs on products Amazon sells directly
- Monitor the 100 best Amazon sellers in any category
- Develop an offensive strategy for product/competitor targeting
7. Expand to New Marketplaces
Different marketplaces serve different consumer needs. Having a multichannel presence ensures your inventory flows strongly. But instead of launching in new marketplaces arbitrarily, identify which ones best fit your product catalogue. Look to smaller or international marketplaces to reach more niche customers. Then, look for a platform to help you manage them all in one place for optimised listings and fast fulfilment.