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2 years ago

Seven Ways to Take Your Marketplace Sales to the Next Level

Seven Ways to Take Your Marketplace Sales to the Next Level

Three keys for achieving

Three keys for achieving the best listingThe best listings have three commonalities:♦♦Competitive price – Most likely, this is the lowest price including deliveryparticularly for new items.♦♦Positive feedback rating – The sellers with the highest ratings typically win overlower rated sellers.♦♦Best condition for the price – It’s important to describe condition of the item andbe honest. Some buyers are willing to buy items in worse condition if they arepriced accordingly.5. Win the Amazon Buy BoxAmazon is the world’s largest online retailer, with 85 million monthly visitors in the US 3 along, and180 million active global customers 4 . The coveted Amazon “Buy Box” is the most prominent andconvenient purchase option for customers. Securing the Buy Box drives exponential sales. The BuyBox is typically occupied by a few select sellers, rotated throughout the day.While there are many components that go into winning the Buy Box, it may be easier than you think.There are two main components to it:♦♦Achieve Featured Merchant status♦♦Earn high Buy Box ScoreFeatured Merchant StatusThere are a variety of requirements for achieving your Featured Merchant status:♦♦Must have status as a Pro Merchant♦♦Minimal negative metrics including:♦♦Low Order Defect Rate (less than 1% of orders have negative feedback,an A-to-Z guarantee claim, or a service chargeback)♦♦Low Cancellation Rate (less than 2.5% of orders cancelled by seller priorto shipment)♦♦Low Late Shipment Rate (less than 4% of orders with shipment confirmationoverdue by 3 or more days)Note – Each of the above rates are determined using the # of defective,cancelled or late orders divided by the # of total orders during the giventime period.♦♦Positive customer shopping experience offered on an item, such as speed ofdelivery, shipping options, price, and 24x7 customer service (including throughthe seller’s participation in Fulfillment by Amazon)3 Source: ComScore, June 20124 Source: Amazon Investor Relations6monsooncommerce.com

Even after you obtain Featured Merchant Status, your status will be reviewed regularly to ensure thatyou are maintaining the appropriate standards. If you lose Featured Merchant Status, you can regainit by working to surpass the metrics again.6. Expand to international marketsMore and more merchants are reaching new audiences by selling globally. Amazon can help youreach tens of millions of potential new customers across Europe by selling in their markets. Sellingon international marketplaces, particularly Amazon has gotten much easier over the last 1-2 years,causing more new entrants. The introduction of the Amazon Europe Marketplaces Account andFulfillment by Amazon’s European Fulfillment Network has reduced the barriers to entry for theseEuropean markets.Here are some considerations before you start selling internationally:♦♦Prioritize geographies – Pick an initial geography to start with and then expandonce you’ve worked out the kinks. When prioritizing, be sure to take into accountthe products that you sell and the languages you can speak.♦♦Products to sell – After picking the geographical market(s) to sell in, you mustdetermine what products to see to the prospective buyers in those markets. It’simportant to remember that the products that sell well in the US won’t necessarilysell well in foreign markets.♦♦Impacts to daily operations – Create a plan to appropriately staff your operationsto handle increased order volume that may come as a result of the new markets.Determine whether you need to adjust any of your processes to accommodate thenew markets.♦♦Options for order fulfillment – Consider outsourced fulfillment to help scale yourbusiness. Amazon offers their Fulfillment by Amazon service supported by theirEuropean Fulfillment Network (EFN). Merchants simply ship their products to anAmazon fulfillment center in their home marketplace and Amazon takes care of thefulfillment as well as customer service and returns handling.♦♦International regulations – It’s critical to research any regulations of the country inwhich you plan to sell. There are likely differences with regard to customs, taxation,intellectual property rights, export controls, product labeling, and product safety forspecific product categories. Be sure to thoroughly investigate taxation regulations asmerchants are responsible for any tax due on sales.♦♦Supporting customers – Customer satisfaction and timely delivery are critical tosuccessful selling on marketplaces, both domestic and international. If you think youcan’t consistently deliver items to customers in a timely fashion, you should consideroutsourcing fulfillment to a local vendor or leveraging FBA.7monsooncommerce.com

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