As a retailer or wholesaler your goal is to sell as many of your products through your own platform. But have you considered adding marketplaces as additional sales channels? One concern regarding marketplaces we often hear from wholesalers is the competition on these platforms. Don’t worry, that doesn’t have to be a challenge!
For you as a wholesaler, online marketplaces actually offer lots of opportunities. In one go, you will have access to thousands of potential customers who might never have found their way to your shopping website. One of the biggest advantages of marketplaces is that they are already spending a lot of resources and time on marketing, allowing you as a seller to reap the rewards – provided you use the marketplace in the right ways.
In order to get an optimal start on marketplaces, we have prepared a list of useful tips for you:
Good product descriptions
For marketplaces you will have to make a few changes to how you describe and promote your products. When a customer visits your website, they usually have a pretty good idea of what they’re looking for. On marketplaces, you need to provide more guidance for your potential customers and try to answer all their questions.
That’s why it’s important to look at your product through the eyes of your B2B customer – the retailer. Make sure you list details like dimensions, materials, and other relevant information. Good product photos can be a great start, but it’s the product description that usually settles the deal.
It’s true that various marketplaces have different requirements for product descriptions. A good and flexible data feed can be a great solution. Still, making a data feed can take up many hours of your time, and while outsourcing this task to an agency or developer is an option, that won’t be cheap. A Feed Manager will make things a lot easier – it allows you to put a data feed together in just five minutes!
As a retailer and wholesaler you are well aware that some products sell faster than others. Over time, this excess stock will build and become more challenging to get rid of without incurring too many losses. On top of that this excess stock will also take up valuable warehouse space.
The solution for excess stock
When you have excess stock, you have two choices. One, you sell the excess stock to wholesale buyers at fire sale prices, meaning even more losses. Or two, you sell it to marketplace customers looking for good deals, limiting your losses or maybe breaking even.
At EffectConnect we created a nifty little tool for option two, the Batch Compare Tool. The Batch Compare Tool ensures that the EANs of your products and the ones of your competitor are compared, which results in them appearing on the same search results page.
A customer enters a search query for a ‘red pillow’, leading him to a page with all kinds of related products. The Batch Compare Tool makes sure that all EANs in your file that are linked to the attributes ‘red’ and/or ‘pillow’ are compared, leading to them being presented more prominently on the marketplace.
When you offer a red pillow at a competitive price, a customer looking for a red pillow and filtering on price will be a lot more likely to end up seeing your products.
Retailers or wholesalers want their customers to order as many products per order as possible. One commonly used trick to entice customers into doing so, is to offer volume discounts. With volume discounts you give customers discounts based on the number of products they buy in a single order. This doesn’t just drive your sales, it also brings down costs because you’re selling more products per order.
Are you still not entirely convinced if selling via marketplaces is right for your business, or would you like some help with other e-commerce issues? Please don’t hesitate to contact us for personalised advice.