Do you want more revenue from your marketplace sales? You can do this by being smart with your own data and the data that the platforms make available. In this blog I will tell you how to do this.
Get more profit from your current product range
It is extremely important to have a grip on the numbers of the business. Without the right insights into gross margin and ROI, there is a good chance that the right products are not being targeted. Rising competition and increasing commission and advertising costs make it more important than ever to focus on profit rather than turnover. In most sales accounts, less than 20% of the product range accounts for 80% of the results. Do you know how much result the products really bring in per channel? In this blog we dive a little deeper into the figures.
Product launches
An important part of success on a marketplace is a good product launch strategy. This is a part that many sellers do not pay enough attention to, which significantly reduces the chances of success. The algorithms on the platforms are based on: [number of sales, conversion rate, return rate, reviews, stock level and company rating]. When a product is added to the platform, there is a month where you have to use the algorithm to your advantage. Because no data is known yet, you can quickly increase your ranking and findability. By offering the products cheaply and by advertising on the right keywords, the chance of sales increases directly from the launch. In this way, you conquer the desired ranking position, and from that moment you increase the sales price to become organically profitable. Keeping track of the ranking positions is crucial in driving the assortment.
Insight into the profit per channel
Not every channel works the same. To become really successful on Amazon, more specialist knowledge is needed to make the algorithms work in your favour. Choosing the right keywords is extremely important to get a favourable position among the competition. If the products are not optimised, the chance of becoming really successful is small. This development also continues in other sales channels such as bol.com. Every year, the complexity of data and competition increases. A growing trend is that sellers are reducing their assortment in order to focus more on the products that make the most money. Invest in data to be able to make data driven decisions.
More product reviews means more sales
Research has shown that a product with 10+ good reviews is bought 5 times faster than a product with less than 2 reviews. So this is a huge conversion killer. Automate the sending of emails so you are ahead of the competition. Send every customer an email asking them to post a review. This automated flow delivers on average 6 times more reviews than when the tool is not used. This provides a boost to the products through just one clever automation. The mails can easily be set up for the different sales accounts and the different sales channels. Reduce customer queries and immediately send the invoice and product information such as a user video.
Do you want to know which products generate the most profit on bol.com?
Understanding market demand is extremely important for making good sales forecasts. When you use market data and competitive analysis in the right way, expanding your range is no longer a gut feeling, but a data-driven business decision. In this way, you can quickly see how much room for growth there is for your products. Good market research increases your chances of successful assortment expansion. Find out what the market is waiting for before you buy a product in bulk.
Automate your reports
Collecting all sales data can be a time-consuming task. This process is time-consuming and prone to error. These are processes that can be automated, so you can keep the focus on the course of the company. Within FiveX there are several possibilities to run reports for internal use or for Marketplaces Agencies. Get a daily, weekly or monthly report of all sales performances. Spend less time on reporting and focus on the optimisation strokes that bring more results!