Last Updated on Apr 19, 2020 by James W
The online marketplace has grown manifold in the last two decades, so much so that several retailers operate using this medium alone. With no need for expensive brick-and-mortar structures, online sellers start with an advantage. However, the stiff competition that exists in most niches requires that you play your cards right. Fortunately, following a few simple strategies will give your business the boost it requires.
Increase Online Presence
If you hope to increase sales, you have to make every effort to reach out to a larger audience. Consider these statistics: over 50% of all Americans
prefer shopping online and not in brick-and-mortar shops, and as many as 95% who have access to the Internet have made at least one purchase using this medium. If you use your own website, pay particular attention to aspects such as search engine optimization (SEO), content marketing, social media marketing, and pay-per-click (PPC) advertising.
Pricing is Crucial
If you overprice your products or services with the hope of making large profits, know that it might not happen. This move, on the other hand, may result in reduced sales. Take time to compare how much similar products or services sell for to get an indication of what you can expect. If your budget comes with a little leeway, you may consider offering free shipping as this gives buyers a feeling that they are getting more value for their money.
Customer Service is King
Just about every successful business you turn to takes pride in its customer service, which extends to how it understands and treats its customers. Great customer service starts with educating your employees about what is expected of them. Remember that good customer services does not limit to a smiling representative over the phone, it is about delivering an outstanding user experience in every aspect such as your company’s website, its offerings, and delivery of products. With satisfied customers, you get repeat business and recommendations.
The Power of Reviews
Results of a 2017 consumer review survey showed that
85% people trust online reviews as much as recommendations by people they know. Positive reviews, as a result, means increased sales. Sending emails to customers two to three weeks after they make purchases gives you easy means to build on your reviews bank. If you know people who use your products or services personally, ask them for reviews. Don’t go the fake reviews way because they are typically easy to spot.
Think Global
Using the online marketplace to reach out to a global audience is easy, and there is no dearth of consumers who source products and services from different parts of the world. When it comes to receiving payments from international customers, you may save a tidy sum through competitive exchange rates and low fees by turning to a specialist money transfer company.
The World Account provided by
World First, for instance, comes with receiving accounts in multiple currencies, giving online sellers the ability to bank like locals in different countries. The Borderless Account by TransferWise offers similar features as well.
Conclusion
As the online marketplace continues to evolve, it is important for existing online sellers to adapt, failing which newer players will take over. Even if you have a steady flow of customers now, it is vital that you keep the long-term picture in mind and keep innovating so your business remains relevant.
