From the outside, e-commerce marketplaces resemble an exquisite mix of items and offer. In contrast, internally, they are a mess of intricacies that mingle among each other to create an exceptional user experience. To make e-commerce services appear picturesque to the external world, it takes solid calculations and entanglements on the inside.
Stages like Shopify have simplified building an online store, yet marketplace managers are running into problems when attempting to ensure smooth working. Dealing with a pool of million items and many sellers catering to the needs of over 1 billion customers requires challenging to implement measures.
Let's examine a set of e-commerce marketplace management tips that ensure a quality experience for the two sellers just as customers and offers better results regarding conversion, controlling return, and truck abandonment rates.
Best Practices for E-commerce Marketplace Management
1. Get Equipped with Inventory Management Software
In 2019 over 1.5 billion shopped online and purchased a diverse range of items and services. Items are undoubtedly the backbone of any online store or marketplace. When you have many items, it gets extreme to ensure that all items are available in stock.
With an inventory management system, marketplaces can garner the accompanying benefits:
- Receive updates when an item's inventory goes down
- Identify quick selling items and keep up the stock.
- Discover patterns in customer's behaviour and develop inventory in like manner
- Educate sellers to remove stock when the item nears the expiring date
2. Leverage Dynamic Price Management Standards
E-commerce marketplace management is interesting because multiple sellers are selling the same item. To ensure that every seller gets a reasonable chance, marketplaces need to have a system that prioritizes attractive prices and relies on a mix of customer feedback, delivery speed, post-sale service, and genuineness of seller.
While other attributes like feedback, area, and delivery speed matter, evaluating is the ultimate decision influencer, attractive evaluating is the key to e-commerce success.
Here's how overseeing price can help marketplaces develop:
- Utilizing an automated apparatus to price items differently on different days can help marketplaces receive more orders.
- Sellers can fix their lowest and highest price, and the marketplaces can set price either to benchmark against its competitor or drive more sales.
- Dynamic valuing permits marketplaces to offer extensive limit and retain the customers
3. Invest in Product Discovery
When an examination revealed that "72% of customers prefer Amazon over Google for item discovery", other marketplaces were shocked and started benchmarking against Amazon. In the recent past, Amazon has aced the customer experience game, which is why it is so successful.
Amazon leverages all the available information to identify patterns and afterwards cater to customers with relevant items. Item Discovery can be defined as an event where a customer discovers a thing they need to purchase. The time spent in learning the correct item is called Product Discovery Time. Upgrading searches and improving item discovery makes sense because customers are inundated with alternatives and the lesser time customers need to make the decision, the better the conversions.
Here's the way investing in item discovery will benefit marketplaces:
- Item discovery increases the sale of acceptable items; however, not quite mainstream.
- Simplifies the way to customer journey planning
- Increases conversion by making relevant items visible to customers faster
- Empowers strategically pitching through tabs like "Often Bought Together" and "Comparable Products."
4. Ensure High-Quality Catalog for Higher Conversion and Lower Returns
23% of all returns happen because of sellers themselves' mistakes, whereas 24% of all returns happen because the item looked different from the online store. Bad quality inventories confuse customers as well as neglects to feature the USPs of the thing.
5. Add Cross-selling and Up-selling Features
The sole purpose of e-commerce marketplace management software is to ensure that the stage is up, running, and generating sales. To increase conversions, prominent players like Amazon rely heavily on item recommendations. A recent report revealed that Amazon drives 29% of its sales from item recommendations, enormous.
While replicating Amazon's model of item recommendation is intense and expensive, strategically pitching and up-selling through tabs like "Comparable Products", "Frequently Bought Together and "Other Customers Also Bought" is a viable alternative.
When it comes to strategically pitch, tabs like "Comparable Products" can prove to be a game-changer. By offering multiple versions of the item in total agreement, you are helping customers make better decisions. Such strategically pitching tabs make it easier for the customer to discover things that suit their requirement, budget, and delivery needs.
6. Seller Management Portal
To manage and run an e-commerce marketplace successfully, one needs to establish a seller management entrance that handles sellers' issues. People who sell on marketplaces are the spirit of online stores, and by offering quality help to these sellers, marketplaces can ensure smooth working consistently.
The most well-known seller grievances on Marketplaces include:
- Duplicate postings created by other sellers
- Fake or damaged items being returned by customers
- Chargeback cheats where sellers end up delivery the item with no payment
- Related Post: B2B E-commerce Challenges and Solutions
7. Standardization and Standardization
With customer experience replacing price and brand as the key differentiator, marketplaces need to offer a comparative experience at all touchpoints.
It is necessary to ensure that inventories of all SKUs are updated in a comparative/standard configuration. By keeping a typical arrangement, marketplaces make it easier for customers to discover the data they are searching for. Enormous e-commerce players offer a comparable experience on all pages by ensuring a comparative format across all pages.
Standardization and Standardization can help retailers offer customers a comparative experience at all touchpoints. Reviewing all items to ensure a specific standard is followed through every list is necessary and can prove a game-changer for these marketplaces.
The best practices in normalization likewise help create a brand image through an impressive user experience and lifts the recall among your audience.
8. Define Categories and Navigation Cleverly
Category definition and establishing route make up for an essential e-commerce marketplace management tip because incorrect categorization of items impacts customer experience negatively. When things are added in some unacceptable categories, they don't appear in search results for relevant keywords. Every such instance is costing conversions and revenue for every marketplace.
While proper categorization facilitates easy identification of an item, exquisite route ensures smooth movement starting with one page then onto the next. The well-defined nearby way makes it easier for customers to visit pages like:
- Home
- Shopping basket
- Recently Viewed
- Comparable Products
- Purchase History
9. Optimize On-site Search for Optimal Client Experience
On location search is often ignored when talking about e-commerce marketplace management; however, everything on the Internet begins with an investigation. By upgrading nearby search, marketplaces can ensure a quality customer experience and help customers find relevant items faster.
Below are some changes to incorporate for a powerful Search Functionality:
- Search bars more prominent and visible
- Offer autocomplete feature
- Offer suggestions of brands in search autocomplete
- Permit customers to perform deep searches.
- Letting users search by category can improve item discovery.
- Permit users to sort or filter search results on varied parameters.
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