As the popularity of online shopping grew after the pandemic, more and more businesses and established brands with physical locations entered the market. However, the sector has been on a roll recently, with profits rising sharply year over year. Revenue of $6.3 trillion was predicted for this year, and it is not expected to rise to more than $7.9 trillion by 2025.
(Source: Statista)
Ensuring ecommerce growth of your company in a fast-paced, highly competitive market may not be a cinch, but it’s certainly doable. Your brand’s road to booming sales and success is paved with solid ecommerce strategies that WORK! That’s the point, after all. To learn about how to increase your brand’s sales and crush the competition, this post is where it’s at.
1. Marketplace Expansion
Entering new marketplaces is quite an exciting and lucrative opportunity for established brands looking for ecommerce growth opportunities. However, digging into new marketplaces can be a massive undertaking and will require fool-proof and unique ecommerce strategies because each channel has its compliance standards that each brand is expected to follow.
Once you’ve made it onto a channel, there are specific guidelines, certifications, and examinations to pass. This confirms your brand’s presence and future in that marketplace. Here are some options you can consider for the marketplace expansion of your business.
Due to the difficulties of implementing a multi-channel strategy, many firms opt to concentrate on the prospects of expanding within a single channel, such as Amazon, which alone contributes up to 37.8% in the US eCommerce market.
The reason why most brands would prefer expanding in a single channel than exploring multiple marketplaces is that they will need to catch up on potential new customers, exposure for their products, opportunities for exclusive channel promotions, etc.
(Source: Statista)
2. Brand Control
However, before going through with the marketplace expansion strategy, you must ensure you have complete command over your brand and its reputation. How the consumers perceive your brand makes up your brand’s image. Brand management is an uphill battle that each brand struggles with. After spending years (or even decades) cultivating a particular public image for your company, you do not want to lose all your hard work to someone else’s carelessness.
We can immediately narrow down the brand image to misrepresentation by third parties over whom you have no control in the vast online landscape. Brands often find themselves losing credibility and consumer loyalty as a consequence of having a soft third-party policy and no plan for price parodies, counterfeit prevention, and user experience standards.
3. Channel Advertising & Marketing
You need solid professionally developed ecommerce strategies to market your brand if you want to be heard in the crowded online retail space. A successful marketing campaign will increase brand recognition and consumer confidence. Increased sales, improved client loyalty, and quicker adaptation to market changes are the results.
If you’re still promoting your company using outdated advertising methods, this is your cue to focus on what matters most to your target audience so they can identify with your brand.
Imagine lost revenue, being left out of the buy box, a lower return on advertising investment, and a whole host of other negative results, all this is what a poor marketing approach can behold.
Due to rising expenses, increased competition, and altering consumer preferences, many businesses need help to design efficient advertising and marketing plans for both online and offline channels.
Fast & Affordable Shipping Logistics
Ecommerce fulfillment solutions can be found, but first, you need to know what qualifies an item as “large.” While rules vary in new marketplaces, one thing is constant: more oversized items have far greater fulfillment charges. The increased storage and transport expenses are ultimately passed on to the consumer. It eliminates any possibility of earning a Prime badge. It creates obstacles to fast shipping times.
Brands with products in the Large Standard, Large Oversized, or Special Oversized categories face a tough choice: put more emphasis on making a profit or put more emphasis on getting orders to customers as quickly as possible. These companies have few choices for meeting both objectives without making a tradeoff, however, unless they engage heavily in the development of comprehensive in-house shipping capabilities.
Walmart & FBA ecommerce fulfillment centers charges
(Source: Amazon)
5. Prime Eligibility
With its astounding user base of over 200 million Prime subscribers and availability in 22 countries, Amazon’s prized Prime Badge has become a significant milestone for brands selling on the giant eCommerce platform. Prime members spend an average of $1,400 annually on Amazon, primarily because of the many benefits of being a Prime member.
Prime offers several benefits for sales and the customer experience, but getting authorized takes time and effort. Since there are only two ways to join the Prime program (SFP or FBA), some products can’t join the program or pay high costs of shipping logistics due to rules and fees.
6. Finding the Right 1P/3P Relationship
There is a wide range of alternatives for ecommerce fulfillment partners to onboard for your unique business model. Each ecommerce fulfillment center offers its advantages and disadvantages, you must choose the one that aligns with your business factors, such as the target market, product category, brand size, and product listings.
When switching to a 1P model, some companies may feel uneasy handing up authority to Amazon in areas like inventory management, pricing, and customer interactions. Keeping Amazon on your side as an equal partner can be difficult, mainly when your business relies on their regular purchases of goods.
Brands in a one-sided or challenging 1P relationship need to know that there are other ways to handle storage and shipping logistics, qualify for Prime, serve consumers well, and take care of returns.
Professionally Manage Your Brand
If your brand is facing any one or more of the problems in the areas we mentioned in our article, it’s a clear sign for you to upgrade or completely transform your existing ecommerce strategies. To further ensure your brand stays on the right track, get professional help from a leading partner, Prime Retail Solution, with a well-seasoned team of eCommerce specialists.
At Prime Retail Solution, we focus on building a solid identity for your brand with ecommerce strategies that ensure your business’ sustainable growth. We procure, sell, fulfill orders, and ensure the most efficient ecommerce growth of your brand.
Procuring For Your eCommerce:
As a partner committed to your success, we believe in providing what is best for your business. We conduct a detailed analysis of past sales trends for marketplace expansion to key platforms like Amazon, and we acquire vital information to develop a persuasive proposal based on your future ecommerce growth.
Selling On eCommerce Marketplaces:
We develop effective ecommerce strategies to promote and sell your goods in multiple popular online stores via marketplace expansion. Our in-house expert content creators and editors work with you to refine product names, descriptions, and other materials for each distribution platform.
Quick & Safe Order Fulfilment:
Our seven strategically placed ecommerce fulfillment sites worldwide allow us to provide lightning-fast service, with regional delivery within two to three days and international delivery within ten to fifteen days. We’ll keep your products in stock at all times and have them shipped out quickly by using a network of distribution facilities and efficient shipping logistics after we’ve made a purchase.
Ensure Sustainable Ecommerce Growth:
By analyzing your company’s data and adjusting our eCommerce strategies accordingly, we can help your online store develop rapidly. Our team is always aware of the most recent product insights and prospects, thanks to the channels we constantly monitor. Our sales approach adjusts to new market conditions to guarantee your continued success.
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