The global e-commerce industry is a USD 6.3 trillion pie that everyone should be free to take a piece of. These days, even with minimal capital and technical knowledge, anyone can start their own online business. What’s more, you don’t even have to create your own e-commerce website.
According to data gathered by Statista, Amazon has the lion’s share of the U.S. e-commerce market at 37.8%, as of June 2022. This is followed by other platforms, including the e-commerce sites of Walmart and Target that allow suppliers to market their products directly to customers.
Meanwhile, in the Philippines, Shopee is the top B2C e-commerce site, with 71.94 million monthly visits in 2022. It is followed by Lazada, with 36.55 million monthly visits, and Zalora, with 1.77 million monthly visits. On top of these, popular social media sites like Facebook, Instagram, and even TikTok are now being used by businesses in the country to sell their merchandise.
This shows that consumers also love to shop at well-known online marketplaces aside from the individual websites of popular brands.
While many of these marketplaces have almost unlimited budgets for marketing and advertising, individual sellers and businesses still need to stand out from the crowded digital space. To maximize your revenue, consider the following strategies:
Provide a Variety of Payment Options
One of the first steps to maximize sales on online marketplaces is to offer a variety of payment options. With the modern consumer used to diverse payment options, you need to accommodate their preferences, which may include e-wallets, QR codes, and credit and debit cards.
For well-known e-commerce sites, the set of payment methods is standard for all sellers. It is often the case that merchants just need to enable some of these options if they’re turned off, such as COD or cash on delivery.
If you’re selling on platforms that don’t have their own payment gateways, such as Facebook Marketplace or Instagram Shop, consider making use of solutions that will let you send a hassle-free payment link to customers via popular direct messaging apps.
Users can click on the link and they will be able to access a payment module where they can pay through the payment method of their choosing, whether it’s by credit or debit card, QR Ph, or any one of the popular digital wallets in the country.
One such business solution that allows you to do just this is Payment Links. Powered by Maya Business, this link for payment solutions is now used by many online merchants in the country that don’t have their own websites.
Not only is an online payment link a secure method of payment, it also presents a more professional method of billing that inspires trust on the part of the customer.
Optimize Product Listings with Custom Marketplace SEO
Search engine optimization (SEO) isn’t limited to websites; it’s equally crucial within online marketplaces. That said, the conventions and best practices are not the same for all e-commerce giants. As such, you need to study policies and proven best practices for each platform.
For instance, Google’s sophisticated algorithm may see through your direct match keywords, but Amazon’s search engine may not be as smart. You have to pay attention to technical limitations such as the number of characters in the title and the number of words in the description. Depending on the platform, all these could vary.
Write a Complete and Informational Product Description
The product description is your opportunity to educate potential buyers about the benefits and features of your offerings. Make sure the main benefits stand out in your list of features.
Include key details, such as product specifications, dimensions, and materials to let customers know what to expect when they receive the product. Since customers will not be able to use their other senses to properly evaluate the product, you have to be descriptive and compelling in your text.
After all, the more informative your description, the more confident and informed your buyers will feel.
Use High-Quality Product Images
Visual appeal plays a significant role in the online shopping experience. In the digital realm, consumers rely heavily on product images to assess the quality of the merchandise they are considering, and as such, these images factor significantly in their purchasing decisions.
That’s why you should invest in high-quality images that show the physical characteristics of your products from multiple angles. Moreover, ensure proper lighting and clarity to showcase your offerings in the best possible light.
Remember that multiple images that provide a comprehensive view of your products can significantly boost buyer confidence.
Price Your Products Competitively
Competitive pricing is a constant challenge for small businesses. That’s because striking the right balance between profitability and affordability is essential to a business’s success.
To achieve this balance, research your competitors’ prices and adjust yours accordingly. What’s more, consider offering promotions or loyalty discounts to attract cost-conscious shoppers.
Finally, regularly monitor pricing trends and adjust as needed to remain competitive within your niche.
Encourage Customer Ratings and Reviews
Customer ratings and reviews are powerful tools for building trust and credibility on online marketplaces. As such, encourage satisfied customers to leave positive reviews and ratings for your products.
Respond promptly and professionally to customer inquiries and concerns. After all, even negative reviews can be turned into opportunities for improvement and further sales in the future, while also showcasing your commitment to customer satisfaction.
Implement Strategies Based on Market Research
The digital space is far from a brick-and-mortar market in terms of dynamism. In a physical store, it would take some time to implement changes in strategy and offerings, but in a digital marketplace, trends, and consumer preferences can be considered and immediately addressed.
To stay ahead of the curve, conduct regular market research. In particular, analyze customer behavior, monitor competitors, and identify emerging opportunities. Many online marketplaces have their own analytics tools that will let you do this.
Once trends emerge, you can consider the actions you can take to remain agile and competitive.
Maximizing sales on online marketplaces is a multifaceted business goal that requires strategic approaches.
By employing various business solutions available to modern startups and SMEs like yours, you can increase your revenue and stand out from the rest of the pack.