The third-party ecommerce segment such as marketplaces can be a hypercompetitive platform for sellers and retailers. Standing out can be a daunting task against the sea of similar products and general merchandise. Sellers must take active measures to be distinct and compelling to win the marketplace game. Target Marketplace came about last 2019 as the ecommerce marketing arm of the US retail chain Target. It is a third-party and invitation-only selling platform for retailers similar to Walmart and Amazon.
In recent years, with the boom of the online selling platform, business models and marketing strategies are becoming dynamic and ever-changing.
Although Target Marketplace is still in its infancy, the current product lineup still runs by the thousands from home essentials, food items, furniture, and apparel. In this article, we will discuss the five secrets to increasing sales in the Target Marketplace medium.
- Creative content in the Target Marketplace realm is everything
Despite offering mass-market products, content and copy must be of good quality. Optimize content with eye-catching, detailed, and relevant words. Optimize headlines through informative and brief product descriptions that include specifications and alternate photos. Images must capture product application and usage together with dimensions or size charts. Include a precise universal product code for each item. At the onset, factor in pertinent details like pricing and shipping.
- Be distinct through competitive pricing and promotions
The biggest hurdle in marketplaces is competition. With this, prices can be dynamic, and they can even change within the day, especially with mass-market product lines. Typically, the lowest or close to the lowest price is front and center on any platform. In the case of Amazon, reasonably priced items are automatically in the “buy box” category. Marketing strategists and agencies offer solutions such as price-monitoring tools like Monsoon Commerce or Channel IQ. Aside from price-monitoring, these tools also carry out dynamic re-pricing and bid management with the minimum price retailers set. In this way, your products stay ahead of the game with consistently competitive pricing. Make sure to put so much thought into it with pencil-pushing methods factored in with inventory management and gross margin computations.
- Carry out regular product audits and proper inventory management
It is a given in any selling platform, whether brick-and-mortar setting or online, that the product line must capture the interest of your target audience likewise match the buyer profile and behavior in the marketplace platform. Conventionally, highlight the products that can realistically sell, are competitive, and with excellent profit margins that can support shipping and other expenses. The trial and error process can differentiate and identify the best-selling products. It is best practice to conduct regular product audits, be wary of inventory, and promptly act on the results. It is a pickle to receive orders that exceed your list leading to cancellations. Canceling orders due to unavailability is a frowned-upon practice in marketplaces and denotes lousy service.
- Deliver superb customer service at all times
The best practice in crowded marketplaces is to directly respond to your audience with personalized, impeccable, and warm customer service. Building relationships can foster good service ratings that can make or break you. Most of the time, purchasing decisions are dependent on previous customer reviews, ratings, and testimonials. Best practices include responding promptly, accommodating and honoring refund and exchange policies, and meeting shipping commitments.
- Impact visibility via targeted ads
To stand out, take active measures to be relevant and visible by partnering with digital marketing experts and strategists to promote the business via advertisements, social media, and search engine optimization tactics (SEO). With the massive volume of product listing, it is easy to get lost. So instead, take advantage of ad network opportunities to make your offerings top of mind and boost sales and revenue.
Ultimately, the trick with marketplaces is for your products to be at the front-end and be top of mind for consumers. Achieve these goals by collaborating with agencies to leverage and optimize your brand in this saturated space. They can significantly influence your content, digital ads, pricing, and promotions. In turn, you can focus on quality products, inventory management, and customer service.