Online marketplaces offer a centralized platform where buyers and sellers can interact seamlessly. These platforms offer buyers the convenience of online shopping anywhere at any time from their wide array of products at competitive prices.
For sellers, online marketplaces present an unparalleled opportunity to reach a global audience without the need for significant investment in physical storefronts.
Digital marketplaces’ accessibility helps small businesses and entrepreneurs compete alongside larger brands.
But it’s not enough to set up shop on one or two of these marketplaces to generate and increase online sales. You need an online marketplace strategy to win.
Let this blog serve as your online marketplace strategy:
• Complete Product Listing Details
• Optimize for Search Engines
• Offer Competitive Pricing
• Offer Different Shipping Methods
• Engage in Social Media Marketing
• Partner With Influencers
• Run Paid Ad Campaigns
Online Marketplace Marketing Strategy
From Amazon to eBay, several online marketplaces are out there. So here, we discuss seven marketplace growth strategies you can practice on whichever platform you’re selling to increase online sales.
1. Complete Product Listing Details
A detailed product listing is essential for capturing potential buyers and preventing them from wandering off to competitors. When your product listing is complete and well-crafted, you give customers all the information they need upfront, thereby streamlining the purchasing process. This builds trust and minimizes the likelihood of them seeking additional details elsewhere.
You don’t want your customers to feel compelled to leave your page searching for only basic product details elsewhere. Rather, you want to provide potential buyers with everything they need to say “yes” without hesitation.
Tips:
• Title: Your product title should be clear, concise and keyword-rich. It’s the first thing shoppers see, often determining whether they’ll click through to learn more.
• Description: This is where you dive into the details. Highlight your product’s key features, benefits and unique selling points. Use bullet points for readability and ensure your description answers common questions.
• Images: High-quality images are vital. Include multiple photos from different angles and, if possible, show the product in use. Visuals help customers better understand what they’re buying.
• Price: Be transparent about pricing. If there are discounts, show the original price alongside the discounted one to highlight savings.
• Specifications: List the technical details or dimensions clearly. This information is crucial for customers who need specific details to make a decision.
Start by thinking like your customer. What information would you need to feel confident about a purchase?
You also want to update your listings regularly. You can update frequently asked sections (FAQs) based on recent inquiries and adjust descriptions based on seasonal trends or new features. Regular updates not only keep your listings fresh but also signal to customers that your store is active and reliable.
2. Optimize for Search Engines
Search engine optimization (SEO) is essential because it makes your products easier to find for potential customers, even outside the marketplaces you’re on. When your product listings are optimized for search engines, you expand your reach in search engine results like Google.
Optimizing for search engines goes hand-in-hand with writing detailed product listings. When crafting your product descriptions, you’re not just providing information for potential buyers but also embedding keywords that search engines recognize. This dual purpose ensures that your listings are informative and searchable.
Tips:
• Identify the terms and phrases potential customers use to search for products similar to yours. Use tools like Google Keyword Planner to find high-traffic keywords relevant to your products.
• Incorporate these keywords naturally in your product title, description and even image alt text. Avoid keyword stuffing, and ensure the text remains readable and engaging.
This way, if shoppers search for a relevant product on Google and your listing pops up among the top results, you can likely drive significant traffic to your marketplace store and aid a sale.
3. Offer Competitive Pricing
Competitive pricing is another online marketplace strategy that ensures your products are appealing to cost-conscious shoppers. When potential buyers compare similar products, price often becomes the deciding factor.
Offering competitive pricing can enhance your product’s visibility within the marketplace. Many platforms prioritize listings based on pricing, among other factors. Products that are priced competitively are more likely to appear in search results and be featured in promotional sections, such as “Best Deals,” “Lowest Price” or “Top Picks.”
Tips:
• Monitor your competitors’ pricing strategies regularly. Identify their pricing patterns and understand their promotions and discounts. Use this information to position your products effectively. If your competitors are offering frequent discounts, consider how you can provide similar value without necessarily lowering your prices.
• Emphasize the additional value your product offers instead of simply undercutting competitors. Sometimes, the cheapest price isn’t always the best strategy. This could include superior quality, better customer service, longer warranties or bundled extras. Highlighting these benefits can justify a slightly higher price point.
• Create a sense of urgency by offering limited-time discounts or flash sales. This tactic can attract bargain hunters and encourage quick purchases. Make sure to promote these discounts effectively through email marketing, social media and within the marketplace.
• Use psychological pricing techniques such as setting prices just below a round number (e.g., $19.99 instead of $20.00). This small adjustment can make a significant difference in how customers perceive the price and can increase the likelihood of purchase.
• Offer product bundles at a discounted rate compared to purchasing each item individually. This not only provides value to the customer but also increases your average order value. Bundling can also help move slower-selling inventory by pairing it with more popular items.
A dynamic pricing strategy can also allow you to adjust your prices in real-time based on market demand, competitor pricing and other relevant factors. Tools and software are available that can automate this process, ensuring your prices remain competitive without constant manual updates.
4. Offer Different Shipping Methods
Customers love having options, especially when it comes to shipping. Some shoppers are willing to pay extra for expedited delivery, while others prefer more economical options. By providing a range of shipping choices, you cater to diverse customer needs and preferences, making your products more attractive.
Shipping promotions, like free shipping or discounted rates, also serve as a powerful online sales strategy. Offering free shipping on orders over a certain amount encourages customers to add more items to their cart, boosting your average order value. Meanwhile, limited-time shipping promotions can create urgency, prompting quicker purchasing decisions.
For Amazon sellers, for example, you can set cut-off times for orders to account for order processing time and manage customer expectations. You can also customize your shipping settings to offer various options, such as cut-standard and expedited shipping.
Tips:
• Promote free shipping options prominently on your product listings and through marketing campaigns. Customers are more likely to complete their purchase if they know they can avoid additional shipping costs.
• Offer international shipping to expand your reach. Even if your primary market is domestic, offering shipping to select international destinations can attract a new customer base. Use Amazon’s Global Selling program to simplify the process of selling and shipping products worldwide.
• Consider sustainable shipping options as consumers become more environmentally conscious. Highlighting carbon-neutral shipping or recyclable packaging can be a strong differentiator and attract customers who prioritize sustainability.
• Ensure your packaging is optimized. Properly sized packaging reduces shipping costs, minimizes the risk of damage during transit and helps couriers handle them. Consider using branded packaging to enhance the unboxing experience.
• Use Fulfillment by Amazon (FBA) to offer Prime shipping options to your customers. Products eligible for Prime shipping benefit from increased visibility and often higher sales, as many customers filter their searches to show only Prime-eligible items. FBA also handles storage, packaging and shipping, saving you time and resources.
If the online marketplace you’re on allows you to select a logistics partner, take time to look into the service providers to find the most reliable one.
5. Engage in Social Media Marketing
Social media platforms like Facebook, Instagram, TikTok and Pinterest offer unique opportunities for sellers to connect with potential customers and build a community around their brand. By sharing engaging content, you can showcase your products, tell your brand story and interact directly with your audience.
Social media marketing also provides a cost-effective way to reach a large audience. With targeted advertising options, you can ensure your posts and ads are seen by users who are most likely to be interested in your products.
Tips:
• Create shareable content that resonates with your audience and encourages them to share it with their networks. This could be anything from how-to videos, user-generated content, contests or behind-the-scenes looks at your business. Shareable content can significantly expand your reach without additional advertising spend.
• Engage with your followers by responding to comments, answering questions and acknowledging feedback. Social media is a two-way street, so don’t just post content. This interaction builds a sense of community and trust, making followers more likely to become customers.
• Use social media shopping features that allow users to purchase directly from your posts. Platforms like Instagram and Facebook allow you to set up these features to streamline the buying process and reduce customer friction.
Ultimately, social media is a powerful tool for driving traffic to your online marketplace listings. By including direct links to your products in your posts, stories and bio sections, you make it easy for followers to shop. Regularly updating your social media with new arrivals, promotions and customer reviews keeps your audience engaged and informed.
6. Partner With Influencers
Influencers, with their established credibility and dedicated following, can bridge the gap between your products and potential customers. When an influencer endorses your product, it comes with a level of trust and authenticity that traditional ads often lack. With influencer endorsement, you can significantly boost brand awareness, drive traffic to your marketplace listings and, ultimately, increase sales.
Collaborating with influencers also means access to high-quality content you can repurpose across your marketing channels. Whether it’s a product review, unboxing video or styled photo, influencer-generated content can enhance your brand’s social media presence.
Tips:
• Choose the right influencers whose values and audience align with your brand. Their content style and follower demographics should resonate with your target market. These influencers can best speak to the benefits of your products.
• Establish what you aim to achieve with your influencer partnerships — whether it’s brand awareness, driving traffic or increasing sales. Set clear key performance indicators (KPIs) such as engagement rates, website clicks or conversion rates to measure success.
• Provide influencers with exclusive discount codes or special promotions for their followers. This not only incentivizes purchases but also allows you to track the direct impact of each influencer’s campaign.
• Consider building long-term relationships with influencers instead of one-off collaborations. Consistent partnerships can reinforce your brand message and build stronger connections with your audience over time.
• Engage with the influencer’s content once they share it. You can respond to comments, share their posts and thank them for their partnership. This way, you boost engagement and show appreciation for the influencer’s work.
While partnering with big-name influencers can be an effective eCommerce marketplace strategy, micro-influencers (those with smaller but highly engaged followings) can offer exceptional value. Micro-influencers’ more intimate connection with their audience leads to higher engagement rates.
Plus, micro-influencers are typically more affordable and can be more accessible for smaller brands.
7. Run Paid Ad Campaigns
Paid ads are a direct eCommerce marketplace strategy to increase your product’s visibility. Unlike organic methods, which can take time to build momentum, paid ads provide immediate exposure. When done right, they can place your products in front of potential buyers already searching for similar items. This not only drives traffic to your listings but also helps in converting visitors into customers at a higher rate.
Moreover, ads allow for precise targeting. You can tailor your campaigns to specific demographics, interests and behaviors, ensuring that your ads are seen by the people most likely to be interested in your products. Using smart targeting in your paid marketplace strategies maximizes the efficiency of your ad spend, giving you a better return on investment.
Tips:
• Leverage retargeting, which involves showing ads to users who have previously visited your marketplace listings but didn’t make a purchase. These users are already familiar with your brand and products, making them more likely to convert on subsequent visits. Use dynamic ads showcasing their viewed products, providing a personalized shopping experience.
• Run A/B tests to compare different versions of your ads. Don’t just set up one ad campaign and hope for the best. This can include variations in ad copy, images and targeting criteria. By analyzing which version performs better, you can continuously optimize your campaigns for better results.
• Incorporate high-quality visuals, as ads with visually appealing images or videos tend to perform better. Ensure your visuals are high-quality and highlight the key features of your products. Consider using lifestyle images showing your product in use, which can help potential buyers visualize how they might use it themselves.
• Focus on strong call-to-action (CTA). A compelling CTA is crucial for converting ad views into clicks and purchases. Use action-oriented language that encourages immediate action, like “Shop Now,” “Get Yours Today” or “Limited Time Offer.” Make sure your CTA stands out and is easy to find.
You also want to ensure your ads and landing pages are optimized for mobile users. Then, continuously track the performance of your ad campaigns using analytics tools. Take a closer look at key metrics such as click-through rates (CTR), cost per acquisition (CPA) and conversion rates
Recap: eCommerce Marketplace Strategies
Here’s a quick recap of the online marketplace growth strategies we tackled above:
• Provide comprehensive product listing information
• Enhance visibility through search engine optimization
• Implement competitive pricing strategies
• Provide multiple shipping options
• Utilize social media for marketing
• Collaborate with influencers
• Conduct targeted paid advertising campaigns
Develop a Better Online Sales Strategy
If your sales are plateauing or, worse, plummeting, you may need a new eCommerce marketplace strategy. Thrive can help you turn things around by offering expert guidance on optimizing product listings, implementing effective marketing tactics and leveraging data analytics to boost your sales.
Our tailored solutions are designed to help your online marketplace business grow and dominate.
Thrive’s marketplace marketing services include:
• eCommerce optimization
• eCommerce SEO
• eCommerce PPC
• Walmart marketplace marketing
• Target Plus marketplace marketing
• Amazon SEO
• Amazon PPC
• Amazon storefront branding
We also offer Shopify SEO and Shopify web design and development.
Talk to our marketplace marketing team, and let’s help you increase online sales.
