7 Proven Ways to Boost Sales on an Online Marketplace

The main aim of numerous businesses, big and small, is to boost online sales. If you run a mom-and-pop small store or work for a big e-commerce company like Amazon, it’s a little like bowling a strike to boost revenue across online channels-it seems a lot simpler than it really is.

An online marketplace requires traffic and that can happen only when you have great marketing strategies. You can use social media platforms, write blog posts, offer deals, run a sale, or create urgency by giving compelling reasons to increase visitors to your marketplace.

Although the ways you may try to increase your marketplace sales are as different as the items you may shop online, some methods can be more successful than others. I am going to tell you some of the best ways which can help you boost your marketplace sales.

1. Increase brand awareness

For your business to prosper, having a good, trustworthy brand is the key. How would you really improve your consumer base and revenue if your target demographic does not know or trust your brand? Increase brand awareness by taking the advantage of social media influencers and their followers’ base, allow products with good packaging, do SEO research, set up your social media pages to promote your marketplace.

2. Leverage marketplace products and sellers with Social Proofs

Social proofs build trust and loyalty. Seven out of 10 customers check ratings and reviews before buying a product from an online store. You can allow your customers to drop a product rating and seller review after their purchase. Send an email to your customers for taking their feedback.

Magento 2 Multi-Vendor Marketplace can help you with this. It allows customers to share their feedback and it has several email templates for various events. Also, the reviews can be approved by the admin before publishing them on the product page.

3. Create FOMO

FOMO stands for fear of missing out. If you make them believe that the product you are selling on your marketplace is something they must have then you are doing it right. A customer does not like it when they feel that they are missing out on something very good. This strategy works well with everyone be it a kid, a teenager, or an adult.

No matter what you are selling, create FOMO!

4. Offer Easy Returns

Why is anybody going to buy your products if they are not sure about the return policies? What if the product you have sold on the marketplace is not working or the customer doesn’t like them? Particularly minor transactions can bear the possibility of “buyer’s remorse,” but this objection can be resolved by providing a bulletproof money-back guarantee from the beginning.

Offering easy returns can solve the issue and increase transparency. The returns are difficult to manage but with a full-fledged marketplace module, this can be done effortlessly. This is one of the advanced features of the Magento 2 Marketplace extension.

5. Add Several Shipping Choices

Since the customers have varying needs, it is needful to offer several shipping choices on a marketplace. Allow sellers to add shipping choices according to the requirements and customer demands. It is always better to think about solutions from a customer point of view. Multi-Vendor Marketplace extension has this functionality and admin can provide this freedom to the sellers.

After all, the whole point of selling on a marketplace is to grab more potential customers and giving them a personalized experience that can be achieved only when you put your foot in their shoes.

6. Reduce Checkout Process friction

If you analyze the reasons for bounce rate and cart abandonment then you will find out that the checkout page is a game-changer. A smooth, frictionless checkout process improves the customer journey. You can integrate single page checkout in your marketplace and see the difference. It is fast loading, allows guest checkout, social login and you can add several shipping and payment choices with security badges.

The super checkout Magento 2 module is compatible with the Multivendor Marketplace extension. Give your customers a super smooth and quick checkout experience to reduce the bounce rate and boost conversions.

7. Run Discounts and Promotions

Anyone gets attracted to a marketplace or an eCommerce website when a sale or a discount is being offered. If you want to increase sales on the marketplace then this can be of great advantage. Some of the products have more profit margins which give you the space to run a discount.

You can run exciting deals on combo purchase, flat discount, or free shipping on a fixed amount to grab customer attention. This is a proven way to drive customer traffic and many potential buyers will come again to your marketplace if served well.

Final word:

These 7 tactics are perfect ways to raise the visibility of your brand and help your business succeed. What do you think is going to be more beneficial for you and your brand? When you begin to target your promotional activities on your proven clients, you will be able to significantly boost your marketplace sales. And these secure ways of improving revenue would also help create consumer satisfaction. To increase your sales, try any or all of these suggestions.

You can visit Knowband store and run the module for free to understand the functionalities of Magento 2 Multi-Vendor Marketplace Extension.

Multivendor Market place Extension is also available for OpenCart, Magento and PrestaShop platforms.

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