Do you know the fact that 89% of the consumers believe that the marketplace comes with convenience?
The popularity of the marketplaces is going at a faster rate day by day. And more than half of the global sale directly comes from the top 100 online marketplaces. These top 100 online marketplaces account for $1.8 trillion worldwide.
The analysis says that in the US alone, 64% of the consumers prefer online shopping from the marketplace for more than one time.
Hence, it shows the importance of fitting your business strategy in the marketplaces. And the key advantage here is selling on the marketplace will fast track your business and let you reach the millions of new customers globally.
The main reason why consumers are behind the marketplace is it enhances their shopping experience.
So, in this article, I’ll let you know tips that can help your business strategy to get into the marketplace.
But, there will be one more question running in your mind that why businesses are behind marketplace opportunities? Let me give you a brief on this.
Marketplace Creates a Resistant Relationship with Consumer
As the heading suggests, you can have a trustworthy relationship with your consumer. And the only reason behind it is consumers are more satisfied with their purchase on an online marketplace.
The below-given data analysis makes it clear why consumers prefer marketplaces to shop. And why you should integrate your brand with the marketplace.
The trend is changing and more and more consumers are moving towards the marketplace. I can say that it is a win-win situation for both consumers as well as businesses.
Overall, you can have a large customer base with the marketplace.
How to identify the potential market?
These days potential markets are a key element for future business growth. So how you can identify your potential market?
There are mainly three forms in which you can identify your potential market.
- Market our current products to the new customers
- Market your new products to new customers
- Market your new products to current customers
Take note of every target demographic you plan to make sales. Consider your new as well as current customers when launching a new product. To get a clear vision of your marketplace, ask few questions to yourself like.
- Who can use the products you are selling?
- How many buyers are there for your product?
- What other products do customers prefer with your current products?
- What products do you need to sell in the future?
- What are the common things between the present and new customers?
- What is a competitive advantage you have over your competitors?
The above questions can give all the answers you are seeking. Once you target the right potential marketplace for your business, you will discover the most profitable directions for the growth of your business.
Reaching the Potential Market
So, as you have decided on your targeted market, now its time to communicate with them. And to communicate you require the new marketing strategies.
Henceforth, you can create various profiles of your consumers to target your market. For instance, you can do something like given below.
- Various social media platforms to reach your consumers
- The different ways your consumers shop and make payment
- Things that matter to your consumers while shopping
- Even the language they are comfortable with
- The problem they face in regular shopping and how you can improve it
- What products often brought by your consumers
All the above-mentioned points can help you quickly reaching your potential market. Consumers are the best way to reach your market effectively.
This information can essentially help you build your marketing strategy to reach the potential market. You can get a perfect track to follow when chasing your potential market.
One more thing that can let you get through the potential market is knowing the intensity of the competition.
Building Trust is a Key Factor
Yes, it is right! The reviews and ratings on your products hold importance. As its a consumer-generated content and is crucial for your site.
Any new consumer will first go through the reviews and ratings while surfing a product. And as per reports, 89% of the consumer will trust you based on the rating of your site. By providing a valuable service you can build a trust factor with your customers. You must deliver a high-quality service to avoid damaged products or long delivery time thing.
Here, live chat can help you most to win the trust of your consumers. Above all, you can have a good hold in the marketplace.
Your consumers are directly proportional to make your business brand in the marketplace. As a result, you need to build a trust factor with your audience.
Enhance Technology For Your Marketplace
As we know that online marketplace business rolls around the orders, deliveries, services, support, and consumers. You can engage the third party tools to your strategies and deliver a more satisfying experience to your users. You can include various additional levels to your services like product management, content manages, innovative tools, live chat and much more.
With technology, you can boost your consumer’s satisfaction. With that, you can increase your customer base.
Let us take an example of concierge service, this is a new business model came to the market. But concierge service is yet lacking behind in the technology. Hence, many startups took advantage of it by integrating technology. Thus, concierge service is now hailing the marketplace with its services.
Similarly, with the help of technology, you can enhance your business and cherish it in the marketplace. Everything today relies on technology, hence your brand to need it.
The thing I want to conclude is by digging deeper into the market analysis, it will be easier for you to seize the marketplace opportunity. It will enable you to see a clear path for your growing business.
With technologies making their way in your life, it is important to make your business a brand in the marketplace.
So, as you know what and how to look for your marketplace, don’t wait to go and get your marketing strategy ready to grasp the marketplace.
Ciara is the Writer and Journalist. She loves to deep dive into the ins and outs of the technologies. Her aim is to share the knowledge by writing on the technicals about Business, eCommerce, Startup, Enterprise IoT, AR, VR, and other Smart Technologies. To describe her in one word, She is a writer focused on Tomorrow’s World.