How to Thrive in the eCommerce Marketplace in 2021

eCommerce Marketplace

It’s no secret that eCommerce, already a fast-growing sector of the retail market, has exploded in the era of Covid. As the reliance on brick and mortar locations reduces, it becomes increasingly important for businesses to maximize their profits by increasing and optimizing their online profiles and streamlining their warehousing and logistics operations.

Practical Partnerships

There is no question that Amazon and eBay are the biggest entities in eCommerce. The best way to establish your products online is to work with them. But making the most of those relationships means more than simply posting your products on their marketplaces.

Presentation Matters

It is not enough to offer your products on a large eCommerce platform. Tailoring the presentation of your products to maximize views and engagement is key. Look at top-selling products and how they are presented. How much information is given in the product description? How technical is that information?

Be prepared to present your products differently, from one platform to the next. While there is overlap between the largest markets in online retail, there can be different priorities from one platform to the next. Understanding these differences in online geography can increase your market share with multiple demographics.

Understanding the Algorithms

eCommerce functions via an algorithm. The companies that understand this see far more benefits from online sales than those that don’t. There are a few specific algorithmic functions you need to be aware of.

The first algorithms you need to optimize get eyes on your products. Five-star ratings and written reviews boost the profiles of individual products in search algorithms. Taking advantage of on-site advertising on sites like Amazon also boosts your profile by putting your products in view of potential customers that have searched for similar products or for items that are often purchased along with your products.

The lesser-known algorithmic functions that are important to keep in mind adjust pricing. Implementing rules-based algorithms can not only adjust your prices based on demand (increasing when demand is high and decreasing when demand needs to be encouraged) but can ensure your prices stay competitive on every platform you utilize — even when those prices are different from one platform to the next.

Overhead, Storage, and Logistics

Aside from the steps that must be taken to make the most of online retail platforms, a focus on eCommerce also requires adjustments to operations in the real world. Getting your products into brick and mortar stores is no longer the end goal that it may once have been. That change in philosophy demands a change in approach.

Faster contract management will also be a necessity and a very effective way to speed up the process. Instead going back and forth and thinking about compliance and content renewals, it is time to automate this process. M files for example can help your contract management be more transparent while mitigating the risks.

Packaging

One of the purposes of packaging is to catch the customer’s eye. That can often mean designing packaging to appear larger with a bolder visual profile to stand out on a crowded shelf. With a pivot to eCommerce, the customer’s eye is instead drawn by advertising and strong reviews and ratings bumping a product’s presence in search algorithms.

For this reason, packaging for eCommerce should focus on sturdy materials for shipping and a more streamlined profile. Sturdy materials protect your product during direct shipping to the customer. A streamlined profile means less material is used, reducing packaging costs and shipping weight.

Storage and Shipping

Since you will be selling your products via multiple platforms, you will need to diversify your warehouse and logistics strategies. That can mean ensuring your product is stocked in private distribution centers like those run by Amazon or establishing relationships with third-party storage and third party logistics companies in canada or most likely a combination of both.

The most important factor you should look into when establishing partnerships with distributors is automation. Automated warehouses and shipping centers allow customers to more easily track their orders through QR codes and other innovations.

Additionally, intelligent sorting and picking systems combine AI and machine-learning enhanced conveyor systems with drones and automated guided vehicles. These systems allow for faster processing of incoming and outgoing freight as well as more accurate inventory tracking. All of this allows you to get your products out to your customers sooner, whether you use private shipping companies or rely solely on USPS.

A World of Exciting Possibilities

Even after the global pandemic has receded into the pages of history books, the convenience and ease of eCommerce will not leave the hearts and minds of your customers. Though adjustments must be made to make the most out of this brave new retail world, the potential profits are undeniable. With the right presentation and partnerships, your business can ride the eCommerce revolution to unprecedented growth.

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