You hear it over and over again: “Diversify your channel mix” and “reach shoppers wherever they are.” But sometimes, that’s easier said than done. Joining new marketplaces comes with a number of challenges, from lack of channel-specific expertise to thinning profit margins. Plus, the e-commerce landscape is more competitive than ever.
Yet, challenges like these shouldn’t stand in your way to multi-marketplace bliss. Instead, conquering them requires a holistic approach that takes your marketplace strategy well beyond listing.
We recently hosted a webinar featuring 7 Steps to Successful Multi-Marketplace Selling to help you develop a cohesive plan to manage multiple accounts — without draining resources.
How to Win at Multi-Marketplace Selling
1. Get everyone on board.
Too many brands still operate in silos. But aligning your teams, from marketing to sales to finance, is critical for a united front that impacts brand growth. Elect a project manager to oversee this cross-functional strategy, help set goals, conduct research and keep everyone on track toward a common objective.
2. Strengthen retailer relationships.
Expanding across marketplaces can be a touchy subject with your retail partners. The best way to approach this is to communicate your intent to sell directly to consumers early in the process. Be sure to set expectations and inform retailers what your marketplace expansion will mean for your ongoing partnership.
3. Clean up your product catalog.
What does your product content say to shoppers? Improve your chances of marketplace success from the start with clear, organized content that entices shoppers instead of chasing them away. Tailor your content to the audience where possible and be sure to include fields like:
- Bullet points
4. Select the right inventory.
Your listings can and should vary from marketplace to marketplace. Sometimes, this is due to the agreements you set with each platform. Study those contracts to adequately comply with first-party inventory regulations. You can also automate your inventory management so you never have to worry about overselling or running into product shortages.
5. Maximize visibility.
Did you know your product detail page placements are responsible for up to 50% ad sales? The thing is, each marketplace’s advertising opportunities are different. Take advantage of these differences to tailor your ads to specific audiences, track performance and make changes for the best ROI across marketplaces. A diversified retail media approach broadens your reach and gives shoppers multiple touchpoints to interact with your brand.
6. Price strategically.
Set your prices too high, and you’ll likely be undercut. Set them too low, and you risk missing out on revenue. Find the pricing “sweet spot” by:
- Understanding and complying with your predetermined pricing agreements
- Identifying pricing fluctuations
- Monitoring the competition
- Experimenting with deals, promotions and discount bundles
Don’t have time or expertise to monitor prices manually? Try an automated repricer to do it for you.
7. Fulfill fast and affordably.
Fast, reliable fulfillment is so important that it’s now directly correlated to customer satisfaction. To ensure customers receive their deliveries on time, carefully vet your third-party logistics (3PL) providers so you know you can trust them to meet expectations. Managing fulfillment across marketplaces becomes increasingly complex, but many platforms offer their own services, including Fulfillment by Amazon (FBA) and Walmart Fulfillment Services.
These tips aren’t even half of the strategic advice our Rithum experts shared in our recent webinar. View the recording on demand to get an eighth “bonus step,” additional multi-marketplace tips and important stats that demonstrate current marketplace growth.