Scaling up your online marketplace: tips for managing growth and increasing sales

In a world where the modern-day consumer begins their purchasing journey online, it is critical for brands to ensure that they have an online presence that fosters trust and can emotionally connect with its audience. 59% of Millennials will go to Amazon first when online shopping, so the giant online retailer can be a brand’s biggest competitors, and also a big ally.  

When selling products online, brands cannot only focus on selling their products to consumers through D2C. From the very beginning, brands may ask themselves how we can grow and scale our business, and the answer to that question is through marketplaces such as Amazon, eBay and Wayfair. Not only this, but also exploring geo-expansion means they open up an international customer base through intelligent use of the opportunities marketplaces offer.

The golden question is how can brands do this? And the answer is through careful planning and execution.

Here are 5 tips for managing growth and increasing sales

  1. Build a brand consumers can trust

The first way that businesses can scale is by creating a brand that consumers can trust and a brand / product that consumers can relate to. If you can create an emotional connection with your consumer, they will be your biggest advocate. Consumers need to see the same messaging, design, and quality across all channels and touchpoints so consumers have the same feeling about the brand whereever they shop in the ecommerce universe.

2 Optimise your products for all marketplaces – give each marketplace the same love

Optimising your product for marketplaces is vital for success and scaling online, which is a part of the many services we offer. It will help you to stay ahead of the competition. To optimise your products, you need to have done thorough SEO keyword research, and use the relevant keywords in your product copy (title, bullet points, product features, product description, and listing attributes).

When optimising your products for marketplaces, you need to ensure that the visual elements of where you can showcase your products have compelling and strong imagery that tells the story of the product without relying on the consumer to read the product copy. By optimising your products for marketplaces, you can improve customer satisfaction and loyalty, leading to increased sales and revenue. When scaling to other regions such as Europe, it is important to have the content translated and have SEO keywords for those regions incorporated into the translated content.

  1. Ensure you have more than enough stock or you will lose out

Before brands decide to scale, they make sure that their supply and logistics are in order and can handle the increase of sales orders that are due to come in. If you run out of stock, you may lose sales and customers to your competitors. Having more than enough stock ensures that you can meet customer demand and avoid stockouts. Additionally, brands who have more than enough stock can more easily scale their business as they grow. With a large inventory, sellers can expand their product lines, offer promotions, and sell to a broader range of customers without worrying about stockouts or delays.

  1. Build an off-marketplace marketing strategy that drives traffic to your marketplaces

Building an off-marketplace marketing strategy that drives traffic to your marketplace takes time and effort, but it can be an effective way to grow your business over the long-term. By defining your target audience, developing a content marketing strategy, leveraging social media, building partnerships, utilizing email marketing, and optimising for search engines, you can drive more traffic to your marketplace. This will attract new customers and ultimately grow your sales and scale your marketplace business.

  1. Invest money on advertising on marketplaces

If you want to scale your sales on marketplaces, advertising on the various marketplaces is key. Using targeting options for advertising, allows you to reach a specific audience based on demographics, interests, and behaviors can also help increase sales. Advertising on marketplaces will lead to increased sales and revenue for your business. By promoting your products to a wider audience and driving more traffic to your product pages, you can increase the chances of making a sale.

We understand that scaling online can be very overwhelming for brands to manage in-house, but if you are looking to take your marketplace strategy to the next level, Optimizon is perfect partner to support you with specific expert teams to focus on each of the areas we’ve dicsussed

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