How to increase sales on marketplaces in 2024

The silence was broken. Something new and exciting is ready to change your marketplace sales in 2024. Do you think the market is oversaturated? Not at all! The secret of success is the right strategy. In the new year, competition on marketplaces will only increase, so it is important to stay at the peak of efficiency. Provide prompt and competent support so that customers feel you care and are attentive to their needs. Each of the methods described in this article has passed through my hands, and I am confident that following these tips will lead to a visible increase in sales. In the future, continue to monitor trends, adapt strategies and keep your finger on the pulse of the market. Good luck and high sales!

Glossary

• 🌟 Marketplace: an online platform where sellers can offer their products to direct buyers .
• 🔍 Product Description Optimization: The process of improving product text and images to increase their appeal and search visibility.
• 💰 Platform advertising tools: a set of functions and services provided by the marketplace to promote goods for a fee.
• 📈 Personal brand: the image and reputation of the seller, which helps increase recognition and trust in his products.
• 📊 Sales Analytics: The process of collecting, analyzing, and interpreting sales data to make informed business decisions.
• 🚀 CTR (Click-Through Rate): Click-through rate, a metric that measures how often people see advertisement, click on it.
• 🔄 Conversion: the ratio of the number of buyers to the number of visitors to the product page, expressed as a percentage.
• 🛒 Product card: a page on the marketplace that provides information about the product, its characteristics, reviews, and the possibility of purchasing .
• 📦 Logistics: management of the process of transportation, storage and delivery of goods from seller to buyer.
• 🎯 Target Audience: The group of people most likely to be interested in purchasing a product or service.

How consumer behavior has adapted

Past experience working in marketplaces has taught me that changes in consumer behavior have a huge impact on our business. Previously, consumers preferred to buy certain types of goods, such as large household appliances or building materials, exclusively in offline stores. This allowed them to realistically evaluate the characteristics of the product and ensure its proper quality.

📊 According to research, over the past three years the situation has changed dramatically. Using our online store as an example, I can say that today many consumers easily purchase complex and expensive goods online. I myself saw how virtual storefronts of marketplaces could become attractive even to those who were previously skeptical.

An example is plastic window structures. Several years ago, they were purchased mainly from special companies that provided measurement services and produced windows exclusively to order. But today, thanks to marketplaces, the process of selecting and ordering these goods has been significantly simplified. I remember partnering with a new supplier that allowed us to provide quality window products to our customers through our online marketplace.

🛠️ How did I optimize our assortment? I immediately noticed the increasing demand for more complex products. We have added to our catalog not only standard items, but also highly specialized products that were previously difficult to find on the Internet. This allowed us to expand our customer base and increase sales.

🤔 One of the key aspects is adapting to change. Many traditional commercial companies have appreciated the prospects of entering marketplaces, and we were no exception. We faced challenges associated with dependence on the policies of eCommerce platforms, but the benefits, such as access to a wide audience and simplified logistics, outweighed the possible risks.

Exploring new realities: personal example and advice

Using my business as an example, I can say that adapting to new conditions requires thorough analysis of consumer needs and prompt response to their requests.

Here's what I recommend you pay attention to:

• 🔍 Study the market: Constantly monitoring the market and competitive environment will help you understand what products are in demand and how best to adapt to changes .
• 💬 Customer Feedback: Regularly receiving feedback and ratings on product quality will allow you to improve your offerings and meet customer needs.
• 📈 Sales Analysis: Carefully studying sales statistics will help you identify the most profitable product categories and focus on promoting them.

Key Takeaway: Complex and large items, such as household appliances or window structures are successfully sold through marketplaces. The main thing is to understand consumer behavior and adapt your range to their needs.

So, I am confident that by adapting your business to new conditions and closely monitoring changes in consumer behavior, you can successfully increase sales on marketplaces. By applying these methods, you can improve your business performance and become more competitive.

⏩ Get started today - update your inventory, incorporate customer feedback, and innovate to stay ahead of the changing world of e-commerce.

Items not eligible for sale on the marketplace in 2024

In my experience working on various marketplaces, I often encountered newcomers who did not know which products were best not to put up for sale. 📉 Understanding which products can harm your business is vital to a successful start.

Prohibited items

One of the first things I always look at is reviewing the list of prohibited items on the platform. For example, 🌐 most sites have strict rules regarding the sale of medicines, weapons and various dangerous substances. During my experience working on an electronic trading platform, I have repeatedly observed how sellers who ignore these rules faced serious sanctions, including account blocking. I strongly recommend that you read the marketplace's policies and understand all restrictions to avoid any trouble.

Low-demand product items

At an early stage of my journey, I also made mistakes related to the sale of goods for which there was practically no there was demand. 😔 Such goods occupy warehouse space and do not generate profit. To assess the prospects of products, I learned to conduct in-depth analytics, looking at data on sales and market trends. For example, in one of my projects, an analysis showed that some seasonal products, despite their apparent unprofitability, can become popular during certain periods of the year. Therefore, I recommend using analytical tools to assess potential demand and avoid products for which there is no sustained interest.

Items with Limited Demand

Some items, even if they seem like a good idea to you, may have limited demand. 📉 In one of my business projects, I tried to implement unusual gadgets, but I was faced with the fact that such a product had too narrow a circle of buyers and was difficult to find its audience. This experience taught me that it is better to choose products with wider and more stable demand. I am sure that this rule will help you avoid unnecessary costs and increase your chances of success.

Final review

In one of my latest projects, I used accurate data using a tool and made sure that the marketplace is a favorable environment only for products with projected demand and no legal restrictions. I encourage all aspiring entrepreneurs to carefully analyze their chosen product categories and quickly respond to changes in the market situation to achieve maximum success.

Taking advantage of free promotion opportunities

👋 During my career I have repeatedly observed how new businessmen immediately rush into battle, trying to promote their products on marketplaces. However, desire alone is not enough - the most important thing is to correctly use the available platform tools. It is important to consider that the success of promotion on the marketplace largely depends on the accuracy and completeness of filling out product cards.

⏩ How I did it:

• 🛒 Product card optimization. The first step was always to create a clear, understandable and honest name for the product so that the client immediately understood what was in front of him. Particular attention was paid to a detailed description of the product, including all characteristics and high-quality images.
• 📊 Filling out all columns. When filling out the product, I did not leave any empty fields, even if they seemed insignificant to me. Any missing data can reduce the card's ranking in search results.
• 🎯 Participation in discount programs. Many marketplaces offer new cards in discount sections. I always made sure that my products were included in these promotional sections, which significantly increased the number of views.

One example I can give is the new addition to the Prom platform. In the first three days, it was automatically ranked higher, which made it possible to collect data for further display. I constantly monitored the quality of all filled fields in order to use this opportunity as efficiently as possible.

Using paid promotion opportunities

🔔 Paid product promotion has helped me out more than once and significantly improved my sales figures. From the first days of using paid tools, I saw the results of this approach. Here's how I managed to succeed:

⏩ How I did it:

• 💰 Advertising banners on the main page. One of my projects involved installing advertising banners on the main pages of marketplaces, which is quite expensive, but the result was worth the investment. This helped build a good reputation and brand awareness.
• 📺 Video advertising. Some platforms allow advertising videos. Using this method, I attracted more potential buyers.
• 🔍 Advertising in the search bar. By placing ads close to the search bar, I ensured the visibility of my products to already interested users.

An example of a successful case was a project in which I used banners on the main page of one of the large marketplaces. The investment turned out to be justified, as the number of views and sales increased by 20-30%.

In conclusion, I am convinced that the integration of free and paid strategies promotion on marketplaces ensures sustainable sales growth and allows you to make maximum use of all available tools.

It is important to take a responsible approach to choosing a product and online platform

In conclusion, I want to share an understanding of why the methods I talked about above may not be effective, and what can be done to avoid this. From my experience, the biggest mistake is choosing the wrong product to sell. Once I was faced with a situation where the products I had chosen turned out to be completely unclaimed on the market. I rely on thorough market research to ensure that the product is truly of interest to the target audience.

🌟 Extremely important:

• 📊 Conduct a detailed analysis of the selected product using supply and demand data.
• 📉 Pay attention to potential competition and evaluate their promotion methods.
• 🎯 Take into account the characteristics of the target audience and their needs.

Moreover, the e-commerce platform may not suit you in many ways, which can also lead to low sales. I had a case where the e-commerce platform I chose was completely unsuitable for my business due to low levels of audience interaction and inappropriate conditions for product optimization. In such cases, it is worth reconsidering your strategies and choosing a more suitable platform.

🚀 I would like to recommend:

• 💹 Before entering the marketplace, evaluate your financial capabilities.
• 📌 Carefully choose the electronic trading platform itself, study the conditions and fees.
• 📈 Don’t ignore the seller rating, it significantly affects product sales.

Table: What's useful and what's not do

In my opinion, correct and balanced planning of all stages: from product selection before promoting on the right platform is the key to increasing sales. Research the market, product, and audience before you get started to avoid mistakes and wasted investments. I advise you to pay due attention to the above-described aspects in order to confidently build your business and achieve success.

Expertise L'Oréal

Founded over a century ago, L'Oréal is a global leader in the beauty and cosmetics industry. With a huge range of products including skin care, hair care, color cosmetics and fragrances, L'Oréal strives to continually improve its sales and attract new customers on marketplaces.

Main goals and objectives

The company set itself the following goals:

• 🔍 Increasing the visibility of products by popular marketplaces.
• 📈 Sales growth through improved inbound marketing tools.
• 🎯 Improving interaction with the target audience and strengthening your personal brand.

Main problem

Main problem for L'Oréal became ensuring's competitiveness on a platform saturated with various beauty brands. The need to stand out, attract and retain customers is becoming increasingly important as marketplaces become increasingly popular.

Characteristics and interests of the target audience

The company's target audience covers a wide range of age and social groups, from youth to mature clients. Audience interests include:

• Product quality and effectiveness 💄
• Fashion trends 💅
• Safety and natural components 🌿
• Ease of online purchasing 📲

Key points of interest to potential clients

• Use of natural ingredients in the composition of products 🍃🌟.
• Innovative marketing strategies, including collaborations with famous bloggers and influencers 👨💻🧑🎤.
• Active interaction on social networks 📸 and on marketplace platforms.

Facts, figures and results of the project

1. Product description optimization: The company improved product descriptions using keywords, which increased organic traffic by 35% 🚀.
2. Using advertising tools of the platform: Investing in paid platforms gave a 50% increase in sales 📈.
3. Development of a personal brand and participation in promotions: Carrying out unique promotions with the involvement of influencers increased interest and trust in the brand.

“The secret of our success lies in constant adaptation and the ability to hear and understand our client,” emphasize L'Oréal.

Table project success:

"With changing consumer behavior and increasing competition, it is important to stay one step ahead and not be afraid to experiment,” says marketer L'Oréal , Jeannette Loisier.

Final Recommendations

To maintain and further increase sales on marketplaces, L'Oréal must continue:

• 🚀 Invest in innovative advertising campaigns.
• 📊 Analyze customer needs and feedback for timely adaptation of products.
• 🌐 Actively interact with the audience through social networks and marketplace platforms.

By maintaining flexibility and following trends, L'Oréal will be able to compete successfully in the future and maintain a leading position in the beauty market.

Frequently asked questions on the topic: How to increase sales on marketplaces in 2024

Thank you for reading and for being more prepared! 🤓

Now that you've learned about effective ways to increase marketplace sales in 2024, you're armed with the knowledge and ready to take off! After all, optimization of product descriptions, competent use of advertising tools and personal brand development are just the tip of the iceberg. Apply these tips, become a sales virtuoso and surprise your competitors!

I look forward to your comments below, because your experience can enrich this topic even more. 😊

Author: Rita Kochevskaya, independent expert "Elbuz". My texts are the magic that turns ideas into automated success of an online store. Welcome to the world of my words, where every phrase is a step towards masterfully effective online business!