The thriving high-volume e-commerce sellers know the importance of diversification. That is why they make relevant efforts to diversify their business. Not only this, but they also ensure their longevity in the face of this much uncertainty. As they are quite familiar with eCommerce functional specification, they know that for survival, diversification is critical. The online industry is continuously changing.
Diversification – Your Ultimate Savior from a Possibly Terrifying Disaster!
New products and new competitors pop up regularly which can endanger the stability. The only way for keeping pace with these modifications is to stay adaptable yourself. Are you putting your every effort into a specific audience, sales channel, ad campaign, or audience? Well, then you are missing chances for growth in other places. Aiming at a single area puts plenty of pressure on that specific one. In case it was to suddenly fail to convert, then you should have proper knowledge about marketplace function. This way, you will stay out of trouble.
Check out how sellers on the major marketplaces are diversifying the e-commerce functions:
- Using data analytics for identifying the best options –
Are you planning to diversify the product offering? Well, then consider using data analytics for identifying the perfect opportunities. Top-notch e-sellers usually evaluate data for taking the guesswork out of the product diversification. Analyzing the data and business or product reviews can offer valuable insight into the market demands. Wondering how? Because customers point to the missing accessories and products which would refine their purchasing experience. When you use available marketing details, you can better define the target audience.
Assess shopper personas, spending habits, customer reviews & conduct online polls/surveys on social media. This is the most important step in diversifying the functions of the e-marketplace for a seller. Create the buyer persona for the core segments for getting a detailed behavioral and personal profile of the targeted audience. Make sure to pay close attention to the intent data which reveals your buyer’s journey & his/her shopping habits. This is the way to learn what they buy, and how they buy.
- Utilizing other online marketplaces –
It is relevant to diversify those places in which you sell the services and products. While you sell in a single place, you are hitting only 1 part of your prospective market. The web is a huge place & it is not a bad idea to extend & increase the audience. With some market research and searching, you can look for other spaces where the offerings might prosper. Built yourself on the other sales channel and started engaging in the functions of the marketplace? Try to spend sufficient time with each of them.
You might be making a bulk of cash with Amazon however, don’t focus on it solely. In case you take out some time for tending to other listings, you can expand their returns too. Make sure to differentiate the listings across the channels. Please note that every marketplace has a distinctive buying persona. Amazon buyers like to view low rates however, will pay more for hassle-free delivery. On the other hand, eBay buyers are looking for low rates too however, often search for the already known brands.
- Expanding into complementary or related products –
While planning to diversify your portfolio, look at related or complementary products that cater to your current customer’s needs. Say, in case you sell computers & associated accessories, it would be logical to diversify the offering. This can be done by including additional electronic gadgets, even from the other categories. Wondering how eCommerce marketplaces function for attracting customers? For instance, they will not only make you buy the shaving cream that you are looking for but will also introduce you to plenty of other men’s grooming accessories.
In case your expertise is home furniture, you can explore distinctive categories within this field that you don’t offer already. At the same time, you can make sure that there is a bit of connection to the latest offering. Through expanding into associated areas, you can produce opportunities for cross-promotion to current customers. Also, you can present bundle packages and add-on sales to prospective ones. Always remember that expanding will be inefficient in case you perform it without appropriate planning or haphazardly.
- Developing their store –
With your website, marketplace functionality will be more convenient for you. This is because then you have the capability of creating the experience you wish the user to have. You can provide discounts on how and when you would like. Besides, you don’t have to feel fear that somebody will come in & undercut the price or undermine the product. Your store permits you to better define your market and your brand. There are several online services and tools available to support you get the e-commerce store up & running.
Developing an online store is an impressive way of diversifying sales opportunities. While you list the product in the online marketplaces, you need to adhere to rules or face the result. The regulations exist for providing a level playing field. However, at times, they become tough to navigate as well as can feel counterproductive. That is why having your online store is the best way to diversify your eCommerce since you get complete control.
Needless to say, attaining success in the e-commerce marketplace is something worth the celebration. There is a lot of competition in these sectors & making yourself unique from others is not easy. However, being successful on only a single channel won’t generate a safe revenue stream for the business. For creating a more sustainable income, you have to reach a wider audience. Selling the product in as many places as you can is the best way for solidifying sales. Along with this, you can also enhance brand recognition and build yourself as a successful seller for the years to come. The Internet is a large place, so don’t shy away to spread yourself out a bit.