One of the questions we get asked a lot is “Is selling on marketplaces a saturated business model?” Many people believe that there are just too many sellers for the current demand of items to buy on marketplaces. Today we unpack this question.
The big fear…
Clearly, a “saturated market” is like a fear trigger that worries every entrepreneur. That might be true. But if there is a problem, there must be a solution as well… No?
Competitive marketplaces can also be a good thing. How?
You know that there is a demand, and you can revolve your strategies around many aspects surrounding your product offerings.
Further, a “saturated marketplace” drives you to take the “next steps” that you never think to include in your business unless it’s absolutely necessary. That's why we always hammer on "Research, research and more research, remember?
Are you trying to stand out in a “saturated eCommerce Marketplace”?
This article has 3 necessary steps that you must include in your marketplace strategy to grow leaps and crush your 2023 sales KPI’s.
- Understand your marketplace competition, and understand it well
Understanding your competitor’s offering is important but more important is understanding where the “gap” in the market lies and how you can tap into that space.
What to look out for if you want to rank #1:
- Delivery time
- Seller rating
- Price points
- Inventory management
- Quality of the listing components
- Make use of the marketplace’s support initiatives/programs
It is not easy to be the best on all these pillars but if you succeed, we guarantee that your sales will increase with time!
- Focus on delivering value
Customers will only stay loyal if you offer them what they value, repeatedly. Focus on what is important to them and review this often, because things change – customers may behave differently when there’s new competition in the market, or technology enhancements may no longer make your product enticing. Review the market needs frequently and alter your service offerings and/or the processes that help you deliver them.
How do we ensure that the customer is in 7th heaven?
- Fast shipping
- Review flow with tips & tricks
- Creating a free ebook
- Add a FAQ page in the email flow
- Free gift in the package
- A handwritten thank you card
- An email with a user manual
This is not only going to increase your chances of getting positive reviews but will also increase your returning customer rate.
- Have a consistent brand design throughout your listings
Enhance Brand Content – EBC/A+ page ****content and Amazon storefronts give you more freedom than ever to craft an eye-catching listing design that captures your brand’s essence. Beautiful headings, high-quality photos, engaging copy—each element works together to create a whole where customers feel comfortable and interested. Not only do attractive storefronts make your brand stand out, but they also optimize your listing for sales by keeping customers on them for longer and making it more likely they’ll convert.
Marketplaces are, thus, not saturated if you play the game of strategy and tactics the right way.To succeed as a marketplace seller, incorporate at least these three tips into your business and compete for a slice of the growing GMV.
Would you like to outsource the whole process without taking much risk? Feel free to book a call with us to have us scale your brand to all compatible European marketplaces. ⬇️