The concept of online marketplace clicked in India due to the sheer convenience it offered to retailers who wanted to board the ecommerce wagon. Although eBay was the only option for a while, eventually many platforms sprouted in the system opening the doors for many with additional channels through which they could sell, while for some these meant avenues to start selling online on.
As a marketplace seller, there are limitations to the extent of control in your hands. But you still need to focus on your revenues and returns. Here are some basic pointers you can add to your checklist for staying on top of your game.
It is not enough to keep track of what’s up your competition’s sleeve, but you should also be constantly analyzing and strategizing to ensure you are ahead of the others. It’s good your orders have doubled, but has your competitors’ orders doubled too? If yes, maybe the product category as such is doing well and your competitor has probably hiked up efforts to capitalize on the trend.
For pricing and repricing also, you would need to keep competitor pricing in the scanner, to ensure your products are at a price point that appeals to your target customers.
In the constantly evolving ecommerce landscape, you need to keep checking on your performance in terms of returns and sales. If your orders have doubled, what is the reason for this spike and how can you capitalize on this to double orders furthers, should be available to you as actionable insights. You need to keep measuring certain metrics, daily and periodically, to take control of your every action in the online selling process. These will help to streamline and improvise to reach higher targets.
More the channels you are present on, the more reach you will have with varied customers. With each channel, you have the opportunity to reach out to a different audience, thus expanding your scope in the ecommerce scenario. It would be a wise idea to turn to an order and inventory management software like Browntape, which helps to simplify your online selling process.
When you have options to go global, why limit yourself to the local markets? Cross border ecommerce is catching up in India with Amazon and Alibaba extending services to connect Indian sellers with global buyers. If you are equipped to handle the reach, think about exploring this channel as well to improve your revenues.
Online selling is equated with convenience and ease. But once you start and begin to scale up, it is just like any other business where you need to be equipped with the right team to support the growth of the business. Finding the right team who are always on their toes could be a challenge. Think about outsourcing your ecommerce operations to a team of experts like Browntape Enterprise who will free you of the daily operational hassles leaving you with spare time for strategizing on the above points.
With crores spent on marketing and advertising by the online marketplace giants, competition increased in the ecommerce landscape with each one vying for maximum customer attention. But fact is customer’s attention started getting diluted such that customer loyalty now is difficult to retain.
While the above are not hard and fast action points that could guarantee an increase in sales, you could explore these and expand your avenues. Let us know how it pans out for you.
After dwindling with her family business, into travel and hospitality, for more than 3 years, Pooja Vishant found her true love in writing. Happy-go-lucky and cheerful, she loves pink; so pink is the way to go if you want to get into her good books. The Associate Editor keeps track of even a leaf that has moved in the ecommerce world!