When running an eCommerce business, your marketplace is the hub of all activity. The pandemic has transformed virtual marketplaces like Amazon, Shopify, and Etsy into strong connecting links between a business and their customers. A well-managed marketplace provides a smoother consumer experience and boosts your sales. Here are 7 strategies that help you manage your eCommerce marketplace in the most effective ways:
1. Standardize SKUs and listings
Having a standard way to organize SKU code listings reduces the chances of human error and makes inventory management easy because you can track and cross-reference SKUs to find your best sellers and keep track of stock.
There are many ways that you can form SKU codes, but they must be distinct and easily identifiable. A great way to achieve both is to have distinguishing features like the brand name, color, size, and product name in the SKU code. For example, if you’re a brand called Bejeweled listing an emerald necklace in a small or large size, the SKU code could be something like BEJ-EME-MED-NEC.
You should also have a standard way to organize the listing. The product name, features, descriptions, and other components should be listed in the same format across all channels.
2. Consider listing automation solutions to centralize your catalog
An automated listed solution like Kentro can be a game-changer for businesses with multichannel listings by helping you centralize the catalog. Kentro can make multichannel listings easier to manage by enabling you to set different prices across different channels, updating product information for all channels in one go, and providing better organization for smooth usage. It can help you cut down on labor costs and save time.
3. Use pricing to your advantage
Marketplaces can have thousands of products, and sites display products in searches based on prices. Setting the prices too low can indicate low quality and setting them too high isn’t competitive. You can use an automated system to set different prices on different days. Offering bundled offers and kits at competitive rates can set you apart from your competitors.
4. Choose the right inventory management software
Good inventory management software can make or break your eCommerce marketplace strategy. You should be able to see your inventory in real-time, track past sales to determine your best sellers, keep a log of your inventory, provide stock alerts to help you buy inventory at the right time, and track expiration dates. And Kentro allows you to do all of that and more!
5. Leverage product discovery
When deciding product names, it’s vital to think from a customer’s perspective. The product title should be easy to read, concise, and attractively display key features to sway customers over to you in a sea of competitors. You can also offer different versions of one product targeted at varied audiences to show up in the “Similar Products” and “Customers Also Brought” tabs on marketplaces like Amazon.
6. Consider a fulfillment solution
Provisions like two-day delivery or same-day delivery can be the deciding factor for a potential customer. Outsourcing, drop-shopping, and intelligent fulfillment are viable and cost-effective options. You can also streamline the fulfillment process with Kentro. We help you avoid redundant work with features like automated package entries, provide quality control, and ship automatically at the lowest possible rates to save you money.
7. Enhance the product page experience
When designing the product page, you can take the simple approach and list the features of your products with a few photographs, or you can go the extra mile to create an immersive user experience that creates conversion. You can make your product page more user-friendly with interactive videos, augmented reality, and positive reviews.
Kentro is your all-in-one solution for eCommerce marketplace management!
Starting and running an eCommerce business is easier than ever with Kentro! Kentro helps you manage your marketplace with increased convenience. It’s a comprehensive solution that handles every aspect of your business, from inventory tracking to order management, accounting automation to supply chain management, and so much more! We help you streamline your eCommerce business operations so you can focus on what matters. Book a free demo with us today to set your company up for long-term success.