The Coronavirus (COVID-19) has hit global economies like a tsunami, and the only thing that’s certain is that pretty much everything is uncertain. However, one point is undebatable – due to the physical lockdown in many countries, the majority of global customers are doing their purchasing online. This fact represents a huge opportunity for marketplaces to push their regular merchandise and expand their inventory to new, in-demand items.
A little background about marketplaces – services or goods?
Up until recently, there were those who argued that the future of online marketplaces lies in the sale of services and experiences rather than physical goods. Witness the overwhelming success of Airbnb, Uber and Doordash. That might have been true in pre-Corona times, but today online purchasers are far more interested in buying necessary goods rather than services.
What goods should you add to your marketplace?
Take a look at your marketplace’s offerings and at those of your competitors. Are you meeting the purchasing needs of your customers or should you be adding on new categories and goods at this time? What products can you offer during the current crisis that will give you an edge over your competitors? Here are several examples:
- Toys and games – Keeping the kids busy and happy is a top priority these days. If you don’t have a toys and games category, open one. If you already have one, add a larger variety of games for all ages, including computer games and digital entertainment.
- Vitamins and nutrients – Eating healthy and boosting your immune system are conceived as crucial to help prevent contagion. Consider opening a health store category, offering various supplements, minerals, vitamins and other products.
- Food products – Most people are ordering food online. While you may not be equipped to handle perishables, you can stock canned goods, pasta, cleaning materials, beverages and of course – toilet paper. By offering rapid delivery of these products, you’ll be meeting an urgent need for many customers.
Algopix helps to keep your marketplace apace
Due to the Corona-induced uncertainties and the difficulty to anticipate future demand, you must be ready to remove or add new categories to your marketplace rapidly. In order to capture some buyers from large marketplaces, you require a technological tool that will enable you to immediately adapt to changing demand.
The Algopix platform offers you the ability to achieve the optimal kind of online marketplace growth at precisely the right moment. Once you have discovered a need, the AI-based algorithm enables you to gauge competitors’ prices and upload new product catalogs automatically. The platform provides consistent and accurate product information in real-time, enabling you to keep offering the most popular products at optimal prices. Onboarding marketplace sellers is fast and easy, so you can expand your product range immediately.
Anticipating new spikes
Flexibility is the name of the game these days, and you must follow the market closely in order to anticipate changing needs and push the right products. The Corona epidemic will undoubtedly change the shopping habits of many customers and the shift to online is already expanding tremendously. Don’t miss out.
Want to learn how easy it is to expand your marketplace effectively? Click here.