Marketplaces and online businesses have been doing well even before the global health crisis changed the way of how people around the world can shop. Now, as everyone is asked to remain at home unless they have an urgent business outside, consumers have become more dependent on online shopping.
If you are still having doubts about selling on online platforms, here are 5 ways on how you can leverage marketplaces to increase brand get your products out there and increase your conversions.
1. Get a broader audience reach
As mentioned above, many consumers have started relying on marketplaces to shop, whether it’s for essential or luxury items.
Listing your products or services on marketplaces such as Amazon and eBay allows you to reach millions of shoppers. Amazon has around 310 million active accounts, while eBay has more than 171 million shoppers. If you prefer a more targeted reach you can have your products listed in a specialised online store too.
2. Increase visibility and brand awareness
Listing your products/services in different market places gives your products/services more exposure and visibility to customers who might be interested in what you offer. Whilst these listings are not guaranteed to drive more traffic to your website when the customers opt to purchase on marketplaces, it still counts as a conversion. What you can do next is try to establish a good relationship with your customers and guide their transition from buying from a marketplace to using your website for future purchases.
3. Establish a good relationship with your customers
Businesses whose products are listed in marketplaces can greatly benefit from the platform’s brand-building and marketing efforts. Since a lot of customers trust marketplaces, it is easier for brands/businesses to benefit from this established level of trust.
These platforms also allow you to establish and develop a good relationship with customers who are actively shopping or are interested in buying products/services that are similar or related to what you offer. If you gain these customer’s trust and build a good relationship with them, it will be easier to convert them into repeat customers.
4. It serves as a great testing ground
Aside from giving your products more visibility, marketplaces can help you gather more information on what your potential buyers are looking for. If you have new products, you can add them to marketplaces to see how your potential customers will respond.
You can also check the data available on the platform to see which products/services are often bought together by your customers. You may use this data to create promotions, bundles, or discounts for your future marketing strategies.
5. See what your competitors are doing
Aside from manually searching for or checking your competitor’s website, it is easier to see what they are doing on marketplaces.
Knowing your competitor’s strengths and weaknesses can help you see opportunities and gaps that you can use to your advantage. Whilst it is hard to tell if the same strategies will work for you, you can always use the data you gathered to strengthen your marketing strategies in the future.