One of the beautiful things about marketplaces – as opposed to physical stores – is that they are extremely dynamic, meaning that stock can flow and change more easily. These days, in light of the Coronavirus, that is a crucial feature which places e-commerce at the forefront of global sales.
In our previous blog post we discussed the opportunity to introduce new products and rapidly expand your inventory, in order to offer a wide range of items currently in high demand online, from toys and games to food items.
Rethinking the “how”
It is definitely a great idea to offer a new range of hot, in-demand products when jumpstarting your online marketplace during the current Coronavirus crisis. But why not take your new strategy a step further and rethink how your vendors are offering their products?
Keep in mind that online buyers are worried about shortages, rising prices and slow deliveries. By meeting their specific needs during this time of crisis, your vendors will acquire long-term customers and generate continuing loyalty.
- Expand your delivery services – Offer your vendors extra warehousing and storage space by partnering with local facilities in various vicinities. This will enable your vendors to provide deliveries in new areas for a relatively low cost. Hire more manpower to offer longer delivery hours and prompt service to your customers. Keep in mind that in some cases, online purchasers may be in urgent need of your products and they will really appreciate accelerated deliveries.
- Change product sizes – Make life easier for your customers by offering jumbo sizes of your products, from shampoo to cleaning materials. People are ordering in bulk for prolonged periods of time, so take this opportunity to provide special discounts on large purchases of popular, oversized items.
- All-in-one packages – Save your customer the headache of searching for in-demand items. Pre-prepare packages of popular goods. For example, you can put together a package that includes an assortment of safety products such as gloves, masks, sanitizers, etc. A second readymade package might offer non perishable food items such as canned goods, pasta and beverages. A third could include a variety of cleaning materials. Make special offers on one-plus-one packages to boost vendors’ sales.
Using online marketing intelligence to gauge shifting customer needs
If you wish to gain a significant edge for your online marketplace, you will need to keep your finger on the pulse and assess evolving customer needs during the coming months.
The Algopix ML-based platform provides in-depth marketplace intelligence. This means you can check product ranking and compare competitors’ pricing all over the world in real time. On this basis, finetune pricing and switch products to meet changing demand. Through the advanced system, you are able to achieve optimal product data enhancement and automatically draw accurate specifications for each item. Use the platform to rapidly upload new categories and product groupings to your online catalog.
The times, they are a’changin, and at a startling pace. Use smart technologies to make your marketplace a leader.
Want to learn more about how to keep your online marketplace dynamic during the Corona crisis? Click here.