The most successful online sellers understand the need to have their products seen in as many places as possible. More “eyeballs” on their products translates to higher sales volume. However, managing multiple marketplaces can be time consuming and difficult. Here are some tips to help you best manage your multi-channel business.
Understand your pricing and profitability by marketplace
Every marketplace is a little different in terms of what fees are charged to sellers, which features are available and who the target market is. When you are adding products to a marketplace, make sure to understand how these fees and features will affect your profitability. For example, Amazon charges a flat fee when a product is purchased, but these can vary by category. To contrast that, eBay also charges this fee but also charges an “insertion” fee, basically a fee per product to list on eBay. There are exceptions for every fee, but understanding exactly how much you will receive for each product is key for succeeding on that marketplace.
Overcome the “Look, Touch, Feel” Barrier
Brick and mortar stores continue to have traction with buyers because holding, touching or trying on a product allows a customer to physically understand what a product looks like and how it might fit for the purpose they are buying. One thing you can do to overcome this barrier by taking multiple, high quality photos of each product. Follow this up by providing clear, well written product descriptions and make sure to include any important product specifications, such as weight, height, length, width, etc. Move the buyer from the research stage into the purchase stage by insuring they know exactly what they are receiving when they order from you.
Build Loyalty and Repeat Customers by having excellent seller metrics
Inspiring repeat customers can be among the most effective ways to bolster both your top and bottom lines. When a customer has a pleasant experience with you, they are far more likely to purchase from you again. Having items in stock, fast shipping, secure tracking numbers and responding quickly to any issues or questions that might arise are key metrics in building customer loyalty. Among the best ways to do this are managing your inventory and sales in one central location, such as using Auctiva.
Understand which marketplaces and business software will generate the most return
No business is the same and therefore, no marketplace strategy is the same. If you’re looking to sell your handmade and vintage products, Amazon Handmade and Etsy might be the best strategy. Vendio is a platform designed specifically for sellers of these types of goods. For businesses looking for more exposure but lacking the resources to tackle multiple marketplaces, a managed solution may be best. MoreCommerce’s Managed Marketplace platform allows sellers to quickly add their products to over 15 marketplaces and let the MoreCommerce team manage and market your products for you. Alternatively, if you sell on Amazon and eBay and want one place to manage inventory, listings, sales, and sync quantity across channels to prevent overselling, Auctiva Multi-Channel is a perfect fit and is currently one of the most reputable and cost-effective solutions.
Don’t try to manage each marketplace independently
While you may want to manage your pricing by marketplace, managing your products and sales in multiple places can leave you feeling overwhelmed. If your inventory isn’t synced, you can quickly oversell by receiving orders on multiple marketplaces. Managing your products, inventory and sales in one place is possible and Auctiva is the solution. Having helped online sellers manage their products and sales for over 20 years, Auctiva, powered by MoreCommerce, is a trusted name for selling software. As for managing those pesky exceptions like price differences for marketplaces? You can manage all that in Auctiva as well!