3 important reasons to expand the business on the marketplace and the strategies to be successful in any online marketplace

Top 3 reasons to expand your business to new online marketplaces

The obvious reason to expand your business on the marketplace is increasing sales and growing your customer base, but there are other reasons as well.

·         Increase sales

One of the most important benefits of expanding to online marketplaces in Nigeria is the potential to make more sales and increase your profit. Every marketplace has its own audience which is huge so you can expect to reach more potential customers.

·         Grow your brand

You’d be surprised to see the number of people who find a product they like on multi-million dollar marketplaces and then buy from it directly on the particular company’s website. It happens usually all the time. In addition to this, the more those customers see a certain brand, it becomes more familiar to them and they are more likely to buy or recommend those products to their friends. Brand growth isn’t at all quantifiable in the reality but smart marketers can measure it by gathering the data like overall site traffic and branded searches. So, it is quite evident that if you want to sell electronics item in Nigeria, online marketplaces are the best bet for you.

·         Strategic partnerships

There are hundreds of opportunities to combine Nigeria online marketplace with affiliate marketing. Some affiliates have a policy to only work with you if your products are on one or the other marketplace. BY listing your products to these marketplaces, you can surely build more professional relationships which can ultimately lead to significant growth in your business.

Some general marketing strategies for online marketplaces

·         Excellent customer service

This sounds like a cakewalk but when you start selling on an online marketplace you must ensure that you are ready to go above and beyond on your customer service. Every online marketplace creates and encourages unique customer expectations on the shipping and customer service and you have to match those to be successful in the particular marketplace with the particular customers of the platform. Also do not rush into things. Give yourself proper time and research to adjust to the expectations of customers and increase your reviews, that’s the key to settle yourself as a top seller on the platform.

·         Automate your pricing

You should adjust the pricing of your products for every single online marketplace. The price should differ on the basis of the channel since the fee structures are different and since mostly the audiences are different. The best way you can keep a track of all the pricing on different marketplaces is by using a pricing automation tool.

·         Advertising and promotions

There is a famous saying that, one who is not advertising and thinks they are saving money is like those who remove the watch and believe that they have stopped time. A lot of marketplaces offer one or the other sort of advertising solutions to their sellers. Different channels are slowly developing their own ad platforms. Promotions and advertisements on these ad platforms are also quite powerful. One of the best promotion strategies can be to post free ads in Nigeria on different marketplaces.