When you take efforts to put your online business in the forefront, you should even make a continuous effort to keep fine-tuning your strategy for better results. However, this is will be possible only when you have the right knowledge to measure your online performance across all marketplaces. Here are four tips you should keep in mind.
Seller rating and reputation
About 87% of online customers are influenced by the retailer’s seller status. It is therefore essential to keep track of your overall sales, top-performing products, product listing status and late shipments, if any. Compiling daily reports of such data will help you understand your seller rating and reputation in order to take the correct measures that in turn, will help improve your sales on multiple marketplaces.
Know your best-selling products
It is important to keep track of your top-selling products. This can help you maintain and manage your inventory and relevant advertising across multiple marketplaces better in addition to helping your bottom-line sales. You can then direct your budget towards items that are known sellers. At the same time, prevent listing ‘unavailable’ products as these could result in negative feedback.
The Amazon Buy Box
Give a thought to how and why retailers win the Amazon Buy Box. It is actually very simple. These retailers are able to provide customers the best ‘overall buying experience’. They are able to offer competitive pricing, have good product availability, reasonable refund rates and a few A-Z guarantee claims, that result in high order volumes and in turn result in low negative feedback. Let us look at the essential factors that you need to balance in a little more detail.
What the Buy Box looks at:
o Price – The price of the product and the shipping charges
Low total price, including the product price and shipping cost
o Availability – How many products do you have in stock and the time taken to ship it? Quick and consistent fulfilment
o Volume – What is the sales volume of these products? Do you sell many of them? Consistency
o Refund – How often do you issue a refund due to merchant error? Low refund rate
o Customer Feedback – How do customers rate your service? Low, negative feedback rating less than 5%
o A-Z Guarantee claims – How often do you get returns on orders? Low number of A-to-Z Guarantee claims
Know every minute detail
To evenly divide your time and money across eBay, Amazon, Buy.com, your webstore, etc. will be unproductive and expensive. You should regularly evaluate your performance levels – across all marketplaces and down to every item. Timely review your data every day, week, month, quarter to compare and view the sales trends. This will help you make profitable business decisions and ensure that you are selling the right product in the right place.
Finally…
Putting these points into action can be made easier with SellerExpress’ Marketplace solutions. With SellerExpress, you can easily compile and view the necessary data that can help you be a better seller. The SellerExpress Cross-Channel Dashboard measures and compares your online operations across all channels. SellerExpress’ Amazon360 will compile all Amazon metrics like seller ratings, top selling products, product performance and Buy Box winner all in one location.
A deep insight into you marketplaces success will help you to continuously reinvent your selling experience, transferring you from an e-commerce beginner to an online retail master!
For any more advice on how to best allocate your e-commerce budget, you can contact any of RepricerExpress’ e-commerce experts at profit@repricerexpress.com.