Ángela de la Vieja
One of the keys to ensuring the success of an online business is knowing how to capitalise on marketplace sales. According to recent statistics, 67% of consumers choose marketplaces to find out about the products they want to buy. In fact, over the last two years, marketplace sales have doubled compared to sales through e-commerce stores. The pandemic is the main reason for this, as are the difficulties in international trade caused by the pandemic. Bearing this in mind, which aspects should be assessed when selling on marketplaces? Below, we pick the 4 keys, and give you a sneak preview that monitoring the competition and choosing the right pricing strategy are among them.
Optimised pricing to sell more on marketplaces
A product’s price is the primary driver that makes consumers purchase on a marketplace. The characteristics of good pricing are as follows:
- Attractive: given the competitive nature of the marketplace, the ability to offer the user a reasonable price is key to generating transactions.
- Historical data-based: the ability to draw on historical data makes it easier to create informed and effective short, medium, and long-term strategies.
- Competition-based: market knowledge provides an understanding of what prices are uncompetitive (either because they are too low or too high) so that they can be adjusted accordingly.
Monitor your competitors’ moves
Monitoring competitors’ prices and analysing them using an intelligent pricing solution allows strategies to be implemented that will grow marketplace sales, and thereby the profits of an online business. If this kind of tracking seems an impossible task, there are online tools that make monitoring easier and allow it to be done in real-time. For example, the precise matching function offered by Minderest enables you to match identical and similar products and then compare them. Another functionality that is of great interest when selling on marketplaces is Minderest’s Market Sales Tracking. This allows the retailer to obtain data on actual sales in any market and pinpoint the most recent trends.
Design effective promotional campaigns and offers
Promotions and discount campaigns are useful strategies to attract consumers, which result in increased sales and brand visibility. One of the keys to increasing sales with promotions is analysing competitors’ pricing strategies in previous campaigns, including the types of discounts, the discounted products, and how long offers lasted.
Maintain fluid communication with the consumer
Finally, the way information is communicated to consumers is key to converting a visit into a sale. Display professional photos and videos, product reviews and information about terms and conditions (delivery cost and lead-time, return policy, etc.). These are some of the aspects that boost user trust. Transparency and ease of access to information strengthen regular customers' loyalty and help make the product stand out, thereby attracting potential customers.
Marketplaces can initially seem intimidating due to the fierce competition that exists within them. That is why it is crucial to have Price Intelligence tools. These tools allow you to optimise all pricing management-related aspects and establish effective and highly competitive strategies.
Find out how Minderest can take your business to the next level.
Contact our pricing experts to see the platform in action.
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