Many businesses were forced to adapt to the growing impact of e-commerce since the Covid-19 pandemic. These days, digital solutions are not just ‘nice to have’ but a ‘must have’ for business continuity. Wholesalers can not only sell more online, but they can also sell smarter thanks to insights on customer behaviour and top sellers.
But while e-commerce continues to grow, the competition also increases as more businesses flock to the digital landscape. So how can you get ahead of your competitors?
The fastest and most cost-friendly way to kickstart your e-commerce journey is through online marketplaces. Signing up for an online marketplace gives you instant access to an existing large customer base and the tools to sell in bulk online.
Here’s how to maximise your wholesale marketplace performance and sell more.
Choosing the Right Wholesale Marketplace
An online wholesale marketplace allows businesses to leverage tried and tested technology while tapping into an existing pool of customers. If you are just starting to digitalise, the existing solutions on marketplaces can help you build an online presence quickly.
However, choosing the right marketplace can be tricky. There are plenty of options online but not every marketplace will be suitable for your business. Wholesalers also have unique needs that must be met to trade efficiently.
What you need to do before choosing a wholesale marketplace:
- Analyse online marketplaces’ customer demographics and core offerings to see if they match yours. If you are selling wholesale goods, a marketplace geared for B2B will have your target buyers.
- Look for features that can facilitate B2B sales. For wholesalers, this means customisable pricing and payment or shipping options for a seamless customer experience.
- Check if the marketplace is reliable. Is it known for prompt order deliveries? Does it offer enough support? Make sure that the platform can facilitate efficient processes for you and your customers.
- Are the fees and charges incurred within your budget? On Dropee Marketplace, sellers can enjoy just a 3% fee per order – 1% to Dropee as commission and another 2% for payment gateway fees.
How to Sell More on a Wholesale Marketplace
Once you’ve found the right marketplace for your business, it’s time to start selling! Uploading products on a marketplace is a simple process but you still have to make consistent sales, which is not so simple.
Here are the top tips for selling in a wholesale marketplace:
#1 Use Professional Product Photos
The first impression is everything when you’re competing with so many sellers online. And the first thing your customers will see is your product photos. Along with the product description, the product images are all the buyer has as a reference, so make sure it leaves an impact.
Using professional photography to capture your product images sets a high standard for your brand and helps promote unique selling points in your products. While it’s important for the photos to look good, they should also showcase the product’s function, value and quality.
#2 Provide Detailed & Persuasive Descriptions
A well-written product description will explain what the product is and why it’s worth buying. Use this opportunity to share the most important information with your customers, and highlight the key features and benefits, convincing users to place an order.
Always try to educate potential customers about the problems your products will solve, what value your business and products will provide and how you are better than your competitors.
Keep your digital catalogue updated. As you add and remove goods from your product line, your catalogue should be updated accordingly. Whether you use both print and digital catalogues or strictly online listings, information that customers see on a daily basis should be accurate.
#3 Run Promotions & Offer Bulk Discounts
Most marketplaces are vast, with hundreds of sellers in a fast-paced environment. The standardisation of marketplaces can also make it difficult for wholesalers to stand out to customers. This is why promotions and discounts are key in attracting customers and getting them to buy.
Some of the proven promotional tactics include flash sales, festive promotions and bulk discounts. Flash sales can encourage your customers to buy quicker as there is a time crunch. Meanwhile, festive promotions are a good opportunity to promote niche products that may not sell as well outside of the festive season. Bulk discounts are part and parcel of B2B, as most sales are done in bulk.
#4 Identify Best-Selling Products & Peak Seasons
After selling wholesale for a long time, you’ll come to realise that not all of your products perform well at the same time, or even at all. Most businesses will see small spikes in traffic or sales during particular times when demand for a certain product rises. Many wholesale marketplaces track your sales data that show these peak periods. Review your sales trends to identify when to launch promotions or increase stock intake that would be the most profitable.
Likewise, marketplaces also provide data on top-selling products. Analysing the products’ sales performance can help you learn how to create a better product that would sell better.
#5 Double Down on Marketing
To amplify marketplace performance, wholesalers often have to be more aggressive with marketing in order to drive sales.
One good thing about going digital is the data and customer footprint available at your fingertips. If you know who the buyers are that have shown interest in your products, you can qualify the leads and determine the right way to convince them to buy – such as through an exclusive promotion or by sending them more information.
Being consistent with obtaining leads through email marketing or other forms of outreach is also beneficial in spreading brand awareness and encouraging sales.
Start Selling on a Wholesale Marketplace Today
Online marketplaces are undeniably competitive. But it is a quick and easy way of building an online presence if you are just starting to digitalise. With these strategies, your can increase your chances of getting more sales consistently – and we can help you with that.
Click here to sign up as a seller on Dropee Marketplace and enjoy our new 3% commission rate!
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