According to a report on The New Indian Express, the retail sector in India lost a whopping Rs. 15.5 lakh crores within the first three months of the lockdown between March and May 2020.
Around the same period at the height of the COVID-19 pandemic, Amazon reported the biggest profit ever in its 26-year history. The Indian arm of the world’s most popular e-commerce platform significantly contributed to this extraordinary feat.
With brick-and-mortar stores shut due to the lockdown, online shopping became the go-to option for the consumers. Retailers struggling with their sales can take advantage of these popular online marketplaces to boost their business, especially when the Indian economy is embracing everything digital.
Here are 4 tips that can help retailers improve their online marketplace sales in a growingly digital economy-
1. Target Multiple Marketplaces
It sure makes sense to list your products on the most popular online marketplace like Amazon or Flipkart. After all, they have the biggest market share, and millions of customers across the country visit them regularly. But rather than focusing on a single marketplace, retailers should target multiple such popular marketplaces to boost their digital presence.
While you sure can start with one, do make strategies to add other platforms where you’d like to list and sell your products.
|Modern solutions such as PIM (Product Information Management) software make it easier for sellers to manage their offerings across marketplaces.
2. Focus on Marketplace Specialization
While customers prefer the likes of Amazon, Flipkart, and Snapdeal for a wide range of product categories, several others specialize in particular segments. For instance, Myntra mostly sells fashion-related products, while Nykaa is popular for beauty and wellness products.
|While you should definitely list your products on Amazon, Flipkart, etc., focusing on specialized marketplaces that align with your product category can boost your visibility and sales.
As people visiting such platforms often have strong intent to make the purchase, the chances of generating more sales are higher.
3. Expand Your Product Range
Another effective way for retailers to boost their online sales is by expanding their product range. You can consider extending the existing product range or even branch out to a new but related product category. Marketplaces allow you to do this in the most cost-efficient and agile manner, making them highly suitable for a digital economy.
|Expanding your product range can not only help you generate more sales from existing customers but also attract new ones.
4. Time to Understand Marketplace Optimization
Just like search engines, marketplaces like Amazon also have their algorithms. For instance, A9 is the name of the product search algorithm used by Amazon. Just like you optimize your website to rank higher on SERPs (Search Engine Ranking Pages), you can optimize your product listing on Amazon to make your products rank higher when someone enters a product search query.
|There are mostly three important aspects of optimizing your product listing for Amazon. They are relevance, visibility, and conversions.
Combined with the tips discussed above, marketplace optimization can help you boost your sales by helping your products rank higher.
The Changing Face of Retail in a Digital World
While the pandemic has severely impacted the retail sector, it sure has presented a host of new opportunities too. It is time for retailers to upgrade their traditional practices and get innovative with their approach. For instance, taking advantage of popular marketplaces that are now highly preferred by consumers is a smart way to prepare yourself for the digital economy.
Focus on the tips discussed in this post for establishing and expanding your presence on digital marketplaces. You can also consider working with a reputable digital marketing company to help you select marketplaces, list your products, and optimize the listings for improved sales.