As the rising climate crisis creates more awareness, with changes undeniably visible in the biosphere, more consumers are considering sustainable alternatives by the day. Due to this, pre-owned furniture is gaining momentum with consumers as a more sustainable alternative.

Given the demand, the opportunity for Resale furniture marketplaces is ripe. Encashing in on this opportunity are marketplaces like Kaiyo. Interestingly, a figure of 5,424,019 has been highlighted on the Recommerce platform. This is the pounds of furniture the marketplace has kept out of landfills – indicating a rising consumer sentiment towards sustainable choices.

In this blog let’s read how you can start a furniture resale marketplace conveniently and affordably.

Business Sense in Starting an Online Furniture Resale Marketplace

Apart from eco-consciousness, multiple other factors are fueling the growth of the online furniture resale business. Let’s look at the benefits of a furniture resale marketplace for all platform participants.

Benefits for Customers:

1. Affordability: With furniture being a high investment, depreciating commodity, buying resale furniture is financially more viable.

2. Diverse Product Selection to Choose from: With multiple sellers, the chances of finding the more suited product are more.

3. User Reviews and Ratings: eCommerce platforms carry reviews and ratings of peers, helping consumers in their purchase decisions.

Benefits for Sellers:

1. Expanded Market Reach: A wide consumer audience.

2. Easier approach to add online sales: Brands considering online expansion of their operations, have an easier alternative with online marketplaces when compared to starting their own online stores.

3. Brand recognition: Online presence can fuel brand awareness for sellers, and give them exposure.

Benefits for Marketplace Operators

1. Asset light business: Marketplace owners don’t need to maintain inventory independently.

2. Increased User Engagement: Consumers can buy from multiple sellers.

3. Higher Revenue: More transaction volume means higher revenue from multiple channels.

4. Attracting D2C brands: D2C brands can give more value with fewer middlemen involved.

Start a Furniture Resale Marketplace

For starting an online furniture resale business, you will need to understand the industry, its growth drivers, challenges and possible solutions. You can consider adopting the following step-wise approach.

Choosing Operative Mechanisms of the Business

Before starting with building the marketplace, consider the popular ways in which the marketplace can be based. This will define the workflows, target audience, and the USP of the business.

Business Models

An online marketplace creates value by facilitating commerce between the sellers and the buyers on a broader level. However, this can be achieved in a number of ways depending on the market, products to be sold, sellers, and other factors. In the case of a furniture resale marketplace, the following operative business models are more popular.

1. B2B2C
The marketplace acts as an intermediary, digitizing the middlemen, and allowing third-party sellers to reach a customer base of the marketplace. The role of the marketplace operator is to provide the backend infrastructure and services such as shipping fulfillment, payment processing, and others. The sellers in such a setup can build their own brand.

In the furniture resale industry, a B2B2C business model will connect furniture resellers and D2C brands with the consumers on the platform.

2. P2P
A peer-to-peer marketplace like eBay simply connects peers to transact with each other. Buyers here can be sellers and vice versa.

3. Aggregator Marketplace
This business model combines the virtues of the B2B2C and the P2P business model. It connects sellers to the buyers, however, in this case, the marketplace business plays a more active role. The buyers here engage with the marketplace and not the sellers.

In some cases, like Kaiyo, the marketplace buys from the sellers and sells it to the buyers. This business model solves a key pain point in the resale industry. Sellers are typically people who simply want to get rid of their furniture and find an easy way to do it. Similarly, buyers get a reliable source, as the furniture has been verified by Kaiyo.

Revenue Models

A marketplace typically provides multiple revenue-generation opportunities. Let’s consider the following:

1. Commissions: Marketplace businesses can charge commissions on every sale on the platform.

2. Advertisements: Website real estate assets like banner images can be monetized to display sellers’ adverts in lieu of a fee.

3. Subscriptions: Additional subscription services like booking a high-demand product, buy-back schemes, and others can be offered to increase the revenue of the platform business.

Essential platform functionalities – Navigate industry challenges

Like any other industry, the furniture industry comes with its challenges. However, these challenges can be met by including the platform with the necessary functionalities.

CHALLENGE	SOLUTION
Shipping: Furniture shipping can be challenging. With greater weight and fragile components, the shipment has to be delivered with care.	Automate with third-party API: The shipping can be outsourced to specialist logistics providers. The whole process can be automated by integrating their API with the platform. The automation will further facilitate accurate product shipment, correct invoices, and others.
Careful purchase decisions: Resale furniture can be more affordable than new, still, it is not an impulse buying decision for most consumers, especially in Western households. So the decision process can be lengthy.	Detailed Product Descriptions: A rich-featured CMS within the platform will allow the addition of detailed product descriptions to assist the buyer to make the purchase decision. Inclusions like videos further can be helpful. Moreover, an engaging website UI further helps buyers to find what they are looking for and commit to the purchase.
No in-person feeling: Buyers can have additional queries regarding the style or feel of the product. Especially when it comes to the use of fabrics.	Reviews with Parameters: Along with detailed product descriptions, user reviews can be helpful for buyers to gain trust and help them to commit to the purchase. If parameters are added to the reviews, allowing the buyers to rate the product based on the most critical parameters of the product. For instance, the feel of the fabric – the buyers will get additional information to arrive at the decision faster.

Apart from these industry-specific pain points, other needs can be addressed by including the right set of features in the platform.

Create The eCommerce Platform

We discuss the process to build a furniture resale eCommerce platform below.

Market Research

The above-discussed variables give an insight into the preparation required in understanding the market dynamics. Moreover, these can vary with each market. So the success of your business depends on a thorough understanding of the market ― the existing competition, user needs, and other factors.

Moreover, if the business can solve user needs with the business, it stands a better chance of gaining user interest and eventually, a share in the market.

Build the Furniture Resale eCommerce Platform

There are two popular approaches available with you to build the eCommerce platform.

1. Custom made eCommerce platform: The marketplace platform will be built from scratch. This can be done either by hiring an in-house team or by outsourcing development to an eCommerce development company. Each aspect of the platform will be coded and further tested by the developers. This process can take time. Moreover, generally, companies will charge on an hourly basis, so this process can be resource-intensive as well.

2. Turnkey/Readymade solution: The alternative to the above-mentioned process is using a turnkey solution made for Furniture resale eCommerce marketplace.  

How to choose which process suits you better?

If your envisioned eCommerce platform needs specific functionalities on multiple levels that are different from popular eCommerce platforms like Kaiyo, it may be better to opt for the former method.

On the contrary, leading furniture marketplace turnkey solutions are built with essential eCommerce features for the domain. Further, any customization needed can be done on the solution.

It might be difficult to decide on your own. It is better to discuss your plan with a company that offers both development approaches and find out the approach that suits you the best.

How Can Team Yo!Kart Help

Yo!Kart is a leading eCommerce marketplace platform that has powered more than 5000+ global e-marketplaces. It is self-hosted and customizable, giving entrepreneurs complete freedom to launch a platform to suit their business goals.

Yo!Kart has been built from the ground up to offer dedicated features for all platform participants. Likewise, Yo!Kart has holistic underpinnings to build a furniture resale marketplace. Furthermore, any specific customizations, for instance, an auction module, can be customized by availing in-house customization services.

The post How to Start a Furniture Resale Marketplace appeared first on YoKart Blog.

One of the major drivers for growth in the middle east area especially around the Gulf Region would be high spending potential owing to high per capita income, rising internet penetration level, and growing tech-savvy youth population. Due to the presence of only a few players, this market has become an attractive target for investment for the eCommerce sector. Other reason why UAE is a profitable market is: 

• Market barrier easing
• Improved infrastructure
• Ease of obtaining a license
• Better warehousing facilities
• High investment potential 

Even during the pandemic, UAE eCommerce has been more successful than 30 other economies even after the challenges associated with the COVID-19.

According to a statement by Emirates, a venture for eCommerce delivery, the eCommerce platform saw a 20 % month-on-month jump in shipments delivered from march up till now. Wherein customers shop for a range of products including medicines, supplements, fashion, sporting goods, toys and games.

According to a survey conducted by thenational.ae, 68 % of respondents in the UAE have reduced shopping at physical stores since the coronavirus outbreak began and 49 percent are shopping online more.

Popular Brands Investing in UAE

Amazon acquired Dubai-based Souq.com in 2017, which had over 50 million customers and operations in all GCC states, positioning itself as a major eCommerce player in the region. With the Amazon Prime membership in place, the company is looking to attract more customers in the future. In addition, in late 2017, Amazon announced the launch of its AWS Data Center in Bahrain as part of its market expansion plan for the region.

Noon.com was launched in October 2017 as a regional rival to Amazon. The US$1 billion eCommerce platform based out of Saudi Arabia was founded by Mohamed Alabbar, Chairman of Emaar. Similar to Amazon, a tech fund led by Mohamed Alabbar acquired UAE-based JadoPado.com in May 2017 prior to the launch of Noon.com.

Other notable eCommerce players include Namshi.com, eBay, Ali Express, Nahel.com, Ubuy.com, Aido.com, Awok.com, Mumzworld.com, and the number is only expected to grow. Moreover, traditional retail chains are on their way to transitioning to the eCommerce model to serve both online and traditional customers.

Why is Consumer’s Interest Shifting From Traditional to eCommerce?

In the current scenario, the shift is happening due to Coronavirus and the level of its contagiousness which is making the consumers not visit crowded places. But even before the pandemic hit the world, middle east consumers were widely popular as they have seen tremendous growth in internet connectivity in recent years. Let us understand the reasons why there is a huge potential in the eCommerce sector in UAE:

Growth of eCommerce in Middle-East

Though eCommerce was introduced in different phases according to the technological advancement in different countries. UAE has managed to position itself as one of the fastest adopters of eCommerce. One of the biggest reasons for the growth is internet usage and smartphone penetration. Here are some of the stats from Statista which will prove the exponential growth of eCommerce in the middle east.

• In UAE the revenue in the eCommerce sector is predicted to reach the US $5,746 million in 2020. 
• The annual growth rate of the revenue in the Middle East (CAGR 2020 -2024) is 16.3% thus resulting in a market volume of US $10,504 million by 2024. 
• The User penetration is expected to reach 68% by 2024 and the Average revenue per user is expected to be the US $856.79.

Source: Statista

Mobile Commerce Penetration

According to a research by visa, the mobile penetration in UAE is at its record high i.e. 210%. To provide an omnichannel experience to the customers, businesses have started launching their eCommerce business on mobile. There are a number of reasons why mobile commerce has been picking up trends in this country, some of which are secure payments, age of target audience, user experience, and increased security. 

Understanding the needs of the consumers and current scenarios, UAE Government is always on the forefront of initiatives that support startups and SMBs who are planning to launch eCommerce business.

• Dubai Economy Solution has launched a new eCommerce platform for small and medium business retailers to sell their products online during the pandemic. 
• UAE’s continuous and rapid expansion of startups has attracted global eCommerce giants as Venture capitalists and increased merger and acquisition activities. Recently Souq.com was also acquired by Amazon. 
• The Government also puts emphasis on a cashless economy and transparent transactions thus boosting the eCommerce in UAE. 

Trends Governing the eCommerce Sector 

Popular brands adopting Localization – Language and localization is a very important aspect when it comes to a brand setting up their online marketplace especially in the Middle East. The popular language used in this country is Arabic, businesses avoid translating the website due to the RTL writing system. Amazon recently launched its website in Arabic to capture the audience of the Middle East. Make sure that the ready-made solution that you choose is multi-lingual and supports RTL writing system. 

Social Media and Demographics of the Country – The population is highly influenced by Social Media trends and activities. Channels like Facebook, Twitter and Instagram have a strong role in the buying behaviour of the consumers. Ecommerce players should understand that the demographic of the Middle East is Young tech-savvy consumers and should leverage the social media accordingly.

Security and Transparency – UAE government and economic institutions have been pressing on this issue of security for online transactions to make eCommerce secure for end consumers. Banks and 3rd party payment gateways are together strategizing to make the payment secure by adding an additional layer of security before the transaction is processed. Even retailers are now partnering with 3rd party payment gateways to adapt the mandatory protocols. 

Logistics and product procurement – An advantage for entrepreneurs who are planning to launch multivendor eCommerce website in UAE, the logistics and storage cost in UAE is less whereas the infrastructure is of superior quality. Also, UAE is a major trans-shipment destination i.e the port of Jebel Ali and Dubai International Airport which is ranked as the 6th busiest cargo airport in the world thus making product procurement and import easy.

Technological Advancement – Just like the whole globe, UAE will also soon be adopting different types of technology to make the user experience seamless and provide automation in supply chain management. Technologies like Omnichannel retailing, Big data, Artificial Intelligence, Augmented reality, chatbots, same-day delivery, cashless transactions have all reached their nascent stage and will soon become prominent in every sector.

Conclusion

The eCommerce sector in UAE is in its primitive stage and has picked up pace due to the outbreak of coronavirus. Even after the pandemic is over, people will resort to eCommerce marketplace websites for their everyday needs. To launch a marketplace that is accepted widely by users in a specific region you have to choose the perfect marketplace solution. Yo!Kart is a marketplace platform that has multivendor eCommerce features to support the localization of the Middle East region. Some Features that make Yo!Kart a viable option for UAE clients is: multilingual functionality, RTL functionalities, multi-currency feature, elastic search, inventory management, etc. 

Our vast portfolio has a list of clients who have started their marketplace in UAE. Check their website here.

The post eCommerce Penetration During Covid-19 in UAE – Popular Brands & Shifting Consumers’ Interests appeared first on YoKart Blog.

COVID-19 pandemic has been a brutal year for so many businesses (large and small). No brand is unfazed or unaffected by the dire situation around the globe. Facing potential losses, several startups or top brands have laid off thousands of staff members, aptly highlighted in a chart by layoffs.fyi.

But, as lockdown restrictions ease and the world adapts to live with coronavirus, big brands return to normalcy. Let’s take a look at the top 10 marketplaces in different sectors and how they are resuming (or planning to resume) operations amid COVID19. Their strategies to deal with the pandemic may serve as a blueprint for small/medium-sized businesses to follow:

ASOS

Amid the pandemic, ASOS – the online fashion and cosmetics retail giant recorded a 25% drop in sales. It also confirmed nine warehouse workers to be infected with COVID-19. In a bid to survive this unprecedented crisis, the retailer has adopted the following changes:

1. ASOS paused all deliveries and incoming shipments from suppliers as well as third-party brands to make time for adjustments and manage stock. The retailer continues to serve its customer deliveries as usual offering an additional 10% discount through its mobile app to lure customers.
2. The retailer ended the agreement early with all employees on fixed-term contracts citing the coronavirus crisis.
3. ASOS tested the augmented reality (AR) technology via its See My Fit service at the start of this year to simulate real-life model photography. The tool allowed shoppers to check how their clothing selection will look on different body types. Scaling up the AR technology, ASOS is now offering a simulated view of up to 500 products every week on six real-life models ensuring that the product representation remains engaging and realistic.

Following a range of initiatives designed to scale operations, ASOS is returning to normalcy as lockdown restrictions ease. 

Drizzly

Considered as the Amazon for liquor, Drizzly is an alcohol eCommerce marketplace operating in over 100 markets across the US and Canada. Hit by the pandemic and lockdown restrictions, Drizzly has partnered with retailers to promote healthy delivery practices across its network. Here is how Drizzly is lending support and keeping the community safe while ensuring smooth operations:

1. For legal and safety reasons, deliveries must be made in-person to a corporate/residential address. Drizzly encourages both customers and the driver to designate a delivery spot outside the house/building.
2. While ID scanning is still mandatory before delivery, Drizzly is encouraging drivers for contactless scanning (i.e. a customer will simply hold the ID for a driver to scan).
3. Working with retail partners to forego the need to sign a driver’s device during delivery.

These are a few changes Drizzly is implementing to ensure safe and hassle-free alcohol deliveries amid the pandemic. While the delivery demand is accelerating with each day, Drizzly urges consumers to politely avoid direct hand contact with drivers and tip generously.

Nykaa

The vertical eCommerce marketplace Nykaa turned eight in May amid the pandemic. While the physical stores were shut, the retailer quickly converted its website to sell only essentials and in turn recorded a turnover of around 10-15% at the start. Its operational strategy during the pandemic includes:

1. Amid lockdown restrictions in March, Nykaa started taking pre-paid orders only for hand sanitizers, napkins, personal hygiene products, and other essentials albeit with longer delivery timelines.
2. Being an inventory-led retailer Nykaa had large amounts of inventory available in the physical stores shut amid the pandemic. These stores became mini-warehouses as Nykaa smartly began operating hyperlocal deliveries for essential products ( but only from the stores). It took orders by phone as well and helped bring down the supply chain cost to a great extent.
3. Considering the capacity constraints in the warehouse, Nykaa wasn’t accepting orders below ₹ 1500 (or $19.91). This pushed the average order value up by 30-40%. 

According to the founder and CEO Falguni Nayar, being an omnichannel retailer helped Nykaa sail through the COVID-19 crisis.

UBER

From offering healthcare workers free rides and meals to making masks mandatory for riders & drivers, the ride-hailing marketplace giant is doing everything in its power to scale operations and survive the darkest hours. These are the key things Uber has implemented to commit to safety guidelines:

1. Uber now uses facial recognition tech to determine if drivers are wearing masks. So, before starting a ride, uber drivers must take a selfie and submit it within the app for verification. Even for riders, the use of face-scanning technology is being considered by Uber.
2. Drivers must verify they are sanitizing the vehicle every day and riders are prompted not to sit in the front seat of a vehicle.
3. Both drivers and riders must abide by the new COVID-19 safety guidelines i.e. regularly wash or sanitize hands and confirm they do not have COVID-19 or any related symptoms.

While people are still adapting to social distancing, in areas where new cases of coronavirus are declining more people are booking Uber to visit a friend’s house (for drinks) instead of a bar/pub on a Saturday night. 

Best Buy

Best Buy – the consumer electronics giant marketplace reopened its stores in May with in-store consultation for customers available by appointments at 200 locations. With its one-on-one service, the retail giant ensured only a limited number of customers could be inside the store at one time maintaining the social distancing measures norms. Best Buy’s reopening strategy includes:

1. A dedicated sales associate will greet customers at the door and items/surfaces will be cleaned during the sales process.
2. Staff must wear gloves/masks and sanitize the store area before and after every appointment. Also, an employee app is available for self health-checks daily.
3. Sneeze guards at checkout stations, credit card terminals wiped before/after every transaction, and many more changes to the day-to-day approach as Best Buy reopens its stores. 

Last month, Best Buy announced no appointments mandatory for customers in a bid to invite more shoppers to the store. Although, contactless curbside pickup and in-store consultation were still available for the consumers who prefer to shop that way. With new strategies in place, Best Buy stores can now have up to 25% of capacity with floor signage to ensure customers and employees maintain 6 feet distance at all times. Its focus on safety amid the pandemic is evident from the approach.

On the fourth of July weekend sale, the online marketplace giant offered 40% off on kitchen appliances plus a $200 gift card to customers. With such lucrative deals and safety norms (at retail stores) Best Buy is doing its best to attract more consumers and return to normalcy.

Airbnb

As lockdown restrictions start to ease, holiday lovers are looking to explore the countryside or small beach towns nearby. Airbnb – the vacation rental online marketplace is gearing up to resume operations and prepare for the future of travel with enhanced cleaning initiative. It has developed the new standardized protocol for cleaning and sanitization in the home-sharing industry under the guidance of Dr. Vivek Murthy (former US Surgeon) and other experts in hospitality and medical hygiene. 

Airbnb’s new cleaning guidelines state:

1. Learning and certification program to empower the host community. Also, specific information on COVID-19 prevention such as the use of personal protective equipment or disinfectants approved by regulatory authorities will be shared.
2. As hosts enroll for the program, guests can quickly identify and book accommodations accordingly.
3. As per the US Centers for Disease Control and Prevention (CDC) recommendation, a 24-hour waiting period is essential before entering the rental space.
4. Also, if hosts are unable to commit to the cleaning protocol, they can opt for a vacancy period called Booking Buffer. Here, reservations are blocked for a time frame (currently set at 72 hours).

Amid COVID-19 concerns, more people are drawn to activities that involve less crowd exposure, but more assurance of cleanliness. Airbnb with its new cleaning protocols and standardized guidelines is offering travelers more control over the surroundings and travel experience.

Netflix

With a record 16 million new paid subscribers, Netflix registered an unprecedented growth in the first quarter of 2020. Amid stay-at-home orders, binge-watching boosted Netflix profits by a significant margin. It generated a net income of around $709 million with a revenue of $5.88 billion up by nearly 28% from a year earlier.

Source: Statista

Moreover, while its 2020 slated series and films have primarily been shot and are currently in post-production, Netflix is pretty deep into 2021 slate shooting some projects in Iceland and South Korea, as reported by Los Angeles Times. The only visible impact of the pandemic as quoted by Netflix is “less cash spending this year as some content projects are pushed out.”

Netflix decided to cut its bit rate by 25%, streaming videos only in standard definition across Europe, as requested by the EU commissioner. This is the company’s statement:

As lockdown restrictions ease and home refinement end, Netflix is slowly ending this restriction on video quality. Although, a dominant player in streaming space, Netflix expects viewing and membership growth to decelerate in the days ahead. Still, it is one of the top contributors making home confinement a little more bearable.

Upwork

The top freelancing marketplace that unites talent from over 180 countries, Upwork registered nearly 50% increase in freelancer signups since the pandemic began. With a third of all Fortune 500 companies such as Microsoft using the platform, client spending has become stable on Upwork. 

To cope with the uncertainty surrounding pandemic, Upwork is offering a variety of resources to businesses and freelancers as listed below:

1. A $1 million grant program to support businesses working directly towards mitigating coronavirus impact on communities and economies.
2. Partnered with Veem – global payments platform to enable American clients and talents to apply for the SBA paycheck protection program.
3. With the announcement of faster payouts, Upwork has cut the payment wait time in half for top-rated freelancers and agencies.
4. Specific COVID-19 jobs feed connecting companies with key projects (including critical coronavirus initiatives) to skilled remote workers.

Upwork is helping millions of freelancers across the globe connect with top enterprises and earn steady income even during the pandemic. Their support is truly helpful.

Steam

A prominent online gaming marketplace, Steam enables users to join groups, chat in-games, and do more. Initially started as a digital content distribution channel by Valve, Steam soon grew to a leading platform for thousands of creators/publishers to sell games online and establish a direct relationship with the community. Steam currently has a library of nearly 30k games with exclusive deals and automatic game updates available for users.

In response to the COVID-19 pandemic, Valve (the company behind Steam) has initiated a few changes to Steam:

1. With Steam setting new records for concurrent players amid lockdowns, Valve confirms only games played within the last three days will be updated immediately.
2. To reduce bandwidth usage, Valve encourages gamers to uncheck automatic updates for games they have in the library but no longer play. Also, they can self-throttle their connection to steam and ease the load on the network.

Amid stay-at-home orders, Steam registered a new record of nearly 22 million players logging in to play on Monday afternoon. As the coronavirus threat looms larger it wouldn’t surprise us if people chose to stay at Steam for a bit longer even as lockdown restrictions ease.

Amazon

While growing at a steep rate Amazon hasn’t been immune to the COVID-19 crisis. Amazon CFO Brian Olsavsky stated that India’s lockdown restrictions due to coronavirus have been the biggest impact on its international business operations. 

The multi-vendor eCommerce platform incurred over $600 million COVID-19 related costs in the first quarter globally. This includes the procurement cost of personal protective equipment (PPE), enhanced cleaning facilities cost, and the drop in productivity due to social distancing measures implemented. Amazon expects this cost to cross $4 billion in the second quarter.

As lockdown restrictions ease and the Indian government allows non-essential items sale on eCommerce platforms, Amazon has announced several measures to empower small-medium businesses and sellers on the marketplace. It’s COVID-19 response is adequate as listed below:

1. Amazon has waived off nearly half of the “Selling on Amazon (SoA)” fees or referral fee till June 30. Also, the storage fee for all products at its fulfillment center was suspended till April 30.
2. From food/groceries to healthcare items, the retail giant prioritized delivering high-priority products and canceled orders containing lower priority items. Moreover, to reduce the impact of these cancellations on seller partners, Amazon is refunding all fulfillment and referral fees.

With an operating loss of $398 million in Quarter 1 as compared to $90 million last year, the pandemic has largely affected the eCommerce giant. But, Amazon with its wider policies is expected to grow and surpass this obstacle as the world eases lockdown restrictions. 

Conclusion

COVID-19 pandemic will push the global economy into the worst recession since world war II, according to a press release by The World Bank. As brands counter the global pandemic, necessary steps taken will help them survive the crisis and return to normalcy at the earliest

The post How Top eCommerce Marketplaces Resumed Operations Amid COVID-19? appeared first on YoKart Blog.

In 2018, nearly 33% of retailers in North America conducted business through social commerce up from a mere 17% in 2017, according to Statista. With the potential scale and business opportunities available on these marketplaces, year-on-year social commerce adoption is bound to improve even further.

From open communities (with transparent communication), social interaction tools (like chat, newsfeed, comments) to user-generated content (UGC), the social commerce marketplace introduces several benefits that drive users in large numbers. As both retailers and consumers prefer such an environment, investing in a social marketplace can be a great business idea with potential growth opportunities.

Prominent Types Of Social Commerce Marketplace

There are several unique social commerce marketplaces gaining traction globally. Let’s take a look at some of the most prominent types of social marketplaces here:

Influencer Marketing Platform

Connecting brands and agencies to content creators on YouTube and other new social media channels, influencer marketing platforms enable branded content to reach the targeted audience. Famebit (now renamed BrandConnect), for instance, is a popular example of such platforms that allow influencers to find paid sponsorships with ease. Other similar examples include Grapevine and Reelio. 
With the YouTube community ever-growing and new channels emerging rapidly, businesses are always on the lookout for popular creators to endorse their brand to reach an already engaged audience. In 2018, the global influencer marketing platform market was evaluated at nearly $137 million. And, with the current growth rate, the market is expected to surpass $370 million by 2027, according to Statista.

Strict lockdowns and quarantine orders amid the pandemic have resulted in a sharp increase in social media consumption globally. As users spend more time on social media channels, investing in an influencer marketing platform can be a great business idea with long-term benefits.

Marketplace For Used/Second-Hand Items

Online communities with human interaction fostering a personal connection are reshaping today’s retail landscape. With seamless, trusted transactions in a dynamic ecosystem, the social commerce marketplace is driving high engagement globally. From Vinted to Poshmark, there are several popular social commerce marketplaces to sell, buy, or swap used clothes and accessories with ease. 

Through resale and social shopping at scale, brands like Poshmark are creating a more sustainable future for retailers and consumers alike. According to Poshmark’s 2020 social commerce report, nearly 58% of consumers are more comfortable purchasing an item directly from a social media platform instead of the company’s website. Moreover, around 76% of all Poshmark users consider the resale value of an item before purchase, showcasing their love for resale. 

In a social commerce marketplace, anyone can be a retailer, influencer, or a brand. With secondhand items dominating the shopper’s closet (as shown below), the social commerce marketplace has become the go-to destination to sell/buy used clothes and accessories.

Fashion Marketplace

The social commerce marketplace for the online fashion industry is another prominent category with greater potential. While retail giants like Amazon have consistently struggled to crack the fashion industry, social media platforms like Facebook have flirted with a buy button with limited success. This is because they either added the element of social or element of commerce only as an afterthought. Personal connection and discovery – the two prominent aspects of fashion and lifestyle were missing altogether. 

Success in a social commerce marketplace requires new thinking and to become a top consideration in the online fashion and lifestyle industry, a powerful community-driven social commerce marketplace is essential. Amid COVID-19, as the use of digital platforms accelerate, it is believed that the opportunities thus created will persevere albeit companies are ready to embrace innovation.

With marketplaces like Poshmark connecting millions of people to sell/buy items or the introduction of Instagram Shops, the fashion marketplace is slowly but steadily changing for good. 

Going Dutch Marketplace

Going Dutch – a term that predominantly indicates an individual participating in a paid activity covers his/her own expenses. A common phrase used in Europe and other Western countries, Going dutch enables users to crowdfund experiences. It is an excellent marketplace idea rightly adopted by Let’s Dutch with “Share the fun, split the cost” tagline. 

The marketplace allows you to either host an experience or search/join an experience as a guest. Hosting an experience generally includes listing the event or service you are offering and the cost per person for the particular experience. For guests, they can search for the desired experiences, explore available spaces, and send a request for space. The host can either accept or decline requests as he/she fits best. It is truly transparent and enables the guest to view/communicate with the host as well as everyone attending before they book. Social marketplaces like these are springing into action connecting strangers together with affordable experiences for all.

Second-Opinion Marketplace

Ladies love a second-opinion on “how they look” or “if the dress is okay with the occasion” or “what should work best with the particular top.” Often they have plenty of choices but no one to ask for advice. With this idea in mind, a new social marketplace is born that allows users to share their picture (or series of pictures) and ask the trusted community a series of questions to get an insight. Such marketplaces establish transparent communication between users, brands and the community. 

Go Try It On, now defunct, followed a similar business model with its smartphone application. It allowed users to upload pictures of themselves in an outfit and get opinions of their friends, families or trusted community members in real-time. As marketplaces like these gain traction, it is the right time to invest.

Factors responsible for the steady growth of the social marketplace

Combining social media features to an eCommerce marketplace is a perfect recipe to drive users in large numbers. But there are several key factors that are crucial for steady marketplace growth. Let’s discuss a few here:

Community

Social commerce marketplaces usually have a large open community of regular buyers actively engaged on the platform with sellers and other buyers. As brands push for better engagement with consumers and stronger online presence, the social commerce marketplace is the perfect platform to grow. It enables businesses to truly engage, interact, and reply to the consumer queries building a stronger bond. 

Direct open communication with consumers is the biggest benefit a social commerce marketplace provides to an e-business.

Economical

Unlike traditional eCommerce, the social commerce marketplace enables users to buy, sell, or swap used clothes and accessories online. People can resell items from their closet (like on Poshmark) and buyers can get the desired items at a relatively less price. The economically feasible marketplace combined with an actively engaged community offers steady growth.

User-Generated Content

Nearly 90% of shoppers believe that UGC influences their buying decision, while around 63% of shoppers consider that UGC creates a more authentic shopping experience. Strengthening the social commerce marketplace, UGC is an effective tool to sell and resell items for users and brands alike. Shoppers today are more sophisticated and marketers need to offer more than just discounts or free shipping to attract customers. The social commerce marketplace with its diverse open community and UGC allows better promotion and opportunities for growth.

Social Experience

Social elements like private messaging, newsfeed section, chatting, comment, and more in a marketplace create an engaging network for users and brands. For instance, Poshmark with its real-time social shopping experience allows users to buy, sell, or swap used clothes at the comfort of their home. The social experience enables people to easily connect and shop from the closets of other fashion lovers. 

Specific Features & Functionality of a social commerce Marketplace

Seller-Friendly Solution

A reliable social marketplace offers a simplified seller registration process, large product inventory, personalized store domain, and the ability to manage banner image, product, and information displayed on the shop page. These seller-friendly solutions are ideal and necessary for a social commerce marketplace to become successful.

Banner Advertisements

Another substantial feature to promote and improve visibility for a seller. Banner advertisements empower sellers to market their products more effectively and increase sales in the marketplace. With homepage banners and additional spaces for the seller to run paid campaigns, banner advertisements prove to be an invaluable asset for steady marketplace growth.

Intuitive Product Pages

Complex functionality combined with weakly designed pages spells disaster for a social commerce marketplace. An engaging community-driven network does not need that. Here, the majority of sellers are not brands/agencies reselling items from their closet. They need an intuitive product page that is easy to understand and use. Vinted, for instance, is a prime example of social commerce marketplaces with intuitive product pages for sellers to list items and sell with ease.

Robust Search

The social commerce marketplace with robust search functionality enables buyers to find the desired items within milli-seconds. For instance, Elastic Search – a document-oriented database designed to store and retrieve structured/unstructured data fetches required search query within 10 ms. The social commerce marketplace pre-integrated with Elastic Search provides robust search functionality.

Multiple Payment Options

Another crucial feature for a social commerce marketplace to survive and thrive is the availability of multiple payment options like debit/credit cards, payment gateways, e-wallets, cash-on-delivery, and more. From Amazon to Poshmark, all successful marketplaces accept multiple payment methods to enable users to pay from their preferred mode of payment. 

Multi-Store Functionality

Unlike social media platforms, the primary objective of a social commerce marketplace is to sell products and generate more revenue. This is possible only with a multi-vendor or multi-store functionality. Social commerce marketplaces enable sellers or brands to manage their own individual shops while the admin can focus on marketplace growth. This is a key feature to run a successful marketplace.

Conclusion

Starting a social commerce marketplace like Poshmark or Vinted can be a bit challenging and overwhelming without an expert solution. Choose Yo!Kart – a robust multi-vendor eCommerce platform to start a social commerce marketplace without hassle. The platform is highly scalable, customizable, and empowered with all eCommerce features essential to start a niche-specific social commerce marketplace.

The post Social Commerce Marketplace – Types, Features, And Factors For Growth appeared first on YoKart Blog.

The numbers are increasing rapidly, and so are the rules for people gathering in public places. Businesses like restaurants, bars, shopping malls are on the verge of shutting down as people maintain social distance. 

To say that we are living in unprecedented times feels like an understatement.

One very particular trend that marketers have seen in recent times is how isolation and uncertainty have had a significant impact on the shopping behaviour of people around the globe. Some terms that we have heard so much recently is bulk shopping, panic shopping, and all this is sourcing from online shopping. People are changing what they are buying, how they are buying, and what they are buying during the COVID-19.

As cities are being more stringent in avoiding crowding in public places, they are imposing lockdowns. Lockdown is thus ruining the business of non-essential commodities, thus leading them to close down. Buying essential items through the online medium has become the new normal. Offline businesses have to adapt to this change and become flexible in putting their efforts. Even after the pandemic is over, people will become habitual of this lifestyle; they will not prefer to go out unnecessarily. Essential commodities or commodities they widely purchase will be purchased online only. Shopping online will become the new normal even after the pandemic is over.

Impact On Global Online Retail Bifurcation

In these modern times, retailers and brands are facing daunting short term challenges. These challenges revolve around health, safety, supply chain, labour force, cash flow, consumer demands, and marketing. Successfully navigating through these challenges will not ensure a profitable future for the business, because when we emerge from this pandemic, which we will for sure, we will appear in a completely different world as compared to before lockdown.

To make your business survive but be profitable post-pandemic, it is essential to understand the trends and base your decision on them.

“Retail platforms have undergone a six percent global traffic increase between January and March 2020. Overall, retail websites generated 14.34 billion visits in March 2020, up from 12.81 billion global visits in January 2020.”

Source: Semrush (Statista 2020)

Consumer Behaviour Has Changed Permanently

The need is to understand that consumer behavior throughout the globe might change permanently. Even before the pandemic hit the world, people’s shopping behavior was shifting to digital. Many product categories are disrupted by digital-like books and entertainment, whereas some products like apparel and consumer electronics are moving towards digital since the pandemic. The most notable transformation is of the grocery industry, before the pandemic in the nascent stage, people worldwide have widely ordered their groceries from eCommerce websites. Understand the impact of COVID on the change in consumer behaviour through this Image.

Source: Stackline (Statista 2020)

Increased Terror Of Germs And Proximity

If you think that the COVID-19 effect will end once the vaccine is made, then you are wrong. First, COVID-19 could re-emerge after some time, and now we are more vulnerable to any such virus. High time that entrepreneurs and consumers accept the new reality. People are going to be more cautious about germs and prefer contact-less delivery for a long time. Buffets, trying clothes, and wherever more people are present will completely be avoided. Retailers have to strategize now on no-touch experience and emphasis heavily on hygiene. Germophobia will be a more heard term in future which will impact the eCommerce industry. Check the statistical representation to understand the impact.

Source: Internet Retailing; RetailX (Statista 2020)

Continuity

Consumers who have bought gym equipment will not prefer to go to the gym, and Consumers who have purchased a streaming media subscription will continue paying it. People who started enjoying home-cooked meals or started cooking new delicacies at home prefer to do so even after the lockdown is over. A considerable amount of the workforce will shift from working in an office to working at home. Businesses have to understand the impacts and create a need for their business right now to become profitable even after the pandemic. Check how consumers in Italy are widely ordering products online.

Source: GDO News (Statista 2020)

New Economic Reality

The United States and many other countries may recover from the pandemic to face the worst recession. Japan has fallen into recession due to COVID-19. A Morgan Stanley report also projects American gross domestic product to land at an annual rate of 30.1% in April-June, and that unemployment could average 12.8% over the period. Goldman Sachs is projecting a 24% annualized drop in output in the next quarter.

Consumer spending is dramatically curtailed during the pandemic. People have become financially more conservative. Thus leading to consumer’s credits less available, and a large cohort may go into default by their debt. Graphically check how the coronavirus will impact your business.

Source: Bevh (Statista 2020)

Competitive Landscape

The Economic impact of this pandemic will not impact every retailer and brand alike. The brands that enter the lockdown with a weak-balance sheet are loaded with debts or may have risen from their current balance. The economy is so uncertain for businesses that many are retracting their earnings governance and are unable to provide the investors estimate for the performance this year. 

The emergence of high retail bifurcation will impact which businesses are profitable. The brands selling high demand Pandemic necessity on Amazon and other eCommerce websites will not be affected by the pandemic. Learn how eCommerce activities have developed in France.

Source: Content Square (Statista 2020)

These Products Are Seeing The Most Sales Growth During The Pandemic

•  Grocery and food – People are understanding that going out to grocery stores to buy package goods can also be a worry as maintaining social distance can be difficult. So people are resorting to websites to purchase these goods. People also prefer packaged goods as they feel they are safer and less contacted by humans as compared to vegetables and fruits.
•  Wine and Alcoholic Beverages – While many cities are still facing the lockdown, the local bars and alcohol shops are not opening. Many people feel the Wine and Alcohol marketplace as an essential commodity that has become a boon for marketplace owners. Wine and Alcoholic marketplace are delivering wine and alcohol at least to the local cities where delivery is not prohibited.
• Health and Household – The Health, medical, and household industry have seen a considerable demand, specifically during the pandemic. In this sector itself, people are doing panic shopping and preferring to buy items in bulk. We all know about toilet paper incidents that happened all across the globe. Most offline businesses were not able to handle the crowd, especially when the supply was on the lower side. Online eCommerce businesses dealing in health and household items are seeing huge traffic.
• Lawn and Garden Accessories and Tools – As people are spending more and more time in the household unaware of spending most of their time. People have taken up more and more to their hobbies, which they could not pay attention to during a busy time. Gardening being another such hobby, people need the equipment and tools to work around in the garden. Marketplaces that provide lawn and garden accessories are also seeing a lot of traffic, and the conversion rate is too high.
• Personal Care – There rate at which people purchase personal care items were already on a high. Now since the lockdown, the only thing that changes is that people now prefer to buy personal care items online. Especially when the country starts reopening the economy, the personal care items will be sold in huge numbers.
• Entertainment, Recreational Toys, and Games – Since people are in lockdown and do not have any other way to entertain themselves. They are ordering Toys, Games, and other entertainment items online. Going out to buy these unessential items are strictly prohibited in some cities. Delivery is still open as businesses are resorting to contactless delivery options.
• Gym and Weight Training & Fitness Equipments – Gymaholics are still not able to go to the gym or even a park to walk or jog. Some people are using this time to come back to shape and need the equipment and tools to do so. Launching a Gym and weight training & fitness equipment marketplace can be profitable during and after the pandemic. 
• Digital Products (ebooks/photograph/etc.) – for a long time now, people will avoid receiving physical products, or necessary products they will use but with proper care and sanitization. For the products that can be converted to digital products, people I’ll prefer to buy digital products online.

Top Declining Product Categories

For now, People have become accustomed to the word ‘essential.’ During the pandemic COVID- 19, customers are buying essential products, stepping out of your house for vital work only, necessary travel. Also, Governments of different countries have imposed essential gatherings with a minimum number of people, and many more such rules. 

• Luggage and Travel Gear – For a long time, people will not be able to think about leisure travel. Traveling only to reach their hometown or no traveling at all will be the new trend for a few months, if not years. 
• Jewelry – Though many will argue, jewelry is not an essential product. The sales of jewelry and accessories have declined ever since the pandemic has hit countries in the worst way. People will not go to physical stores to buy jewelry for months to come, but people will still prefer to order jewelry via online websites.
• Costumes – Though during the holiday season, the costume industry boomed. But this year is all about staying indoor and staying safe. Dresses and other clothes that people rent out will not be used even after the pandemic is over for a long time due to sanitation issues.
• Gifts – Though we all like to receive gifts since we are confined to our own homes, we will not be able to buy or give gifts. This industry may not be finished due to COVID-19 but can revive once this lockdown period is over. People will not be visiting crowded places to buy gifts, so launching a gift marketplace can be a fruitful idea for aspiring entrepreneurs.
• Party Decoration and supplies – Since gathering will not be more than a limited number of people. Parties and gatherings will be a thing of the past. So party decorations and supplies will also not be bought and sold in large numbers. There will be customers who want to buy these things online, but offline stores will not see the same number of customers as they did earlier.

Source: Top & Flop 50 Products On Amazon Amid Coronavirus Pandemic

Conclusion

For entrepreneurs who were planning to launch their online business, now is the right time. They also need to understand carefully regarding the industry or the product niche they want to start their business. In-depth market research of the current scenario, checking the google trends, and other tools to find out what people are looking for right now will help launch a profitable business.

The post Top Selling eCommerce Products: Shifting Consumer Behaviour And Changing Product Demand Amid COVID-19 appeared first on YoKart Blog.

In a world, where experience determines the extent of customer satisfaction, omnichannel is a much-needed factor that influences the experience. Providing the perfect omnichannel experience depends on multiple factors. Before designing an omnichannel strategy, business owners should ask the following questions:

• How to gain analytical information on omnichannel and forecast trends?
• How to ensure customers receive the same message through each channel?
• How to ensure a smooth transition from online to offline?
• Which omnichannel policies to formulate for customer-friendly experience?

To educate business owners and help them devise the perfect omnichannel strategy, we have tried to answer the above questions in this blog post. Without further ado, continue reading to know more about designing an omnichannel strategy.

How to gain analytical information on omnichannel and forecast trends?

For more return on investment (ROI), one is required to measure and make changes in the omnichannel strategy. To enable a business owner to do so, analytics applications such as Pointillist and SAS provide meaningful information on relevant key performance indicators (KPIs). Such applications can help a business owner keep a close eye on omnichannel analytics be it offline or online interaction with a potential customer.

SAS Analytics

How to ensure customers receive the same message through each channel?

Offline and online channels represent different marketing avenues. It can be a banner advertisement in a brick and more store, storefront, Twitter banner or post, Facebook banner or post, etc., no matter which platform it is, the core messaging goal should be consistent.

Using the same brand imagery across different channels is highly recommended. A more recent innovation in the internet of things (IoT) has enabled brands to introduce personalization in the offline world using beacons. The core messaging should be the same and by introducing personalization in an ecommerce website for better conversion.

How to ensure a smooth transition from online to offline and vice-versa?

After a meticulous analysis of the use case, one needs to find important touchpoints and ensure that the flow is directed towards user experience and conversion. To elaborate this further, we would like to mention two examples – Walgreens and Amazon.

Walgreens – The second largest pharmacy store chain in the United States, Walgreens has introduced an MD Live app through which a user can pay to have a live chat with a physician. And if necessary, the physician can also directly write a prescription. The prescribed drugs can be purchased at one of the store locations.

Amazon – Amazon launched the cashier-free chain of grocery stores known as Amazon Go, which gives the best experience with the amalgamation of online and offline commerce. A person can walk into the Amazon Go store and buy anything he/she wants. Once a product is picked, the billing is done automatically.

As in the above two examples, mobile is the epicenter for real-time interaction. Amplifying the customer behavior, the culture of immediacy is driving mobile first interactions. Customers expect businesses to participate in the culture of immediacy through mobile services. Mobile has provided customers with unprecedented access to information, simplified the way customers can evaluate and buy products.

Although customers still value the human connection and want technology to enhance the connection and not replace sales and service representatives.

Which omnichannel policies to formulate for customer-friendly experience?

The transition from offline to online can reduce sales in the long run, if omnichannel-friendly policies are not formulated. In our research, we came across several brands that are working towards improving their omnichannel experience but lack policies to impart a superior omnichannel experience. Be it any policy such as privacy, return, refund, reward points, etc., relevant changes are to be made that blur the distance between offline and online.

Elaborating some strategies for a successful omnichannel transformation:

Outline a strategy and design principle

In order to deliver an excellent customer experience, businesses should scheme the customer service journeys by striking an optimal balance of speed, transparency, and interaction with each channel or the multiple touchpoints. Every point of the customer journey needs to be optimized rather than focussing on individual touchpoints. The success of the omnichannel strategy entirely depends upon rightly understanding the customer based on their digital behaviors and then offering the right channels. Acc. to research by Mckinsey, digital customers can be identified onto four different personas:

• Those consumers who are digital by lifestyle ie. those consumers who have their life integrated into digital completely and don’t easily perceive the difference between a traditional channel and digital. 
• Those consumers who keenly enjoy the advantages of digital. These consumers are free willing to choose digital channels. These consumers are highest in numbers.
• Then there are those consumers who only engage with digitals channels, only when it is necessary.

The least percentage of consumers who prefer to live in the non-digital world shop in brick and mortar stores.

Devising customer journey services primarily for each segment and persona profile helps to differentiate the engagement strategies and the necessary investment for each channel.

Test, Fail, Adopt Methodology

To successfully accomplish the omnichannel strategy, the business should resolve these areas first:

• Which is the most important customer journey in terms of the cost to the business?
• Determine the complexities involved in enhancing the customer journey 
• Importance of the specific journey to the customer

Companies should apply test, fail, adapt the methodology to design the customer journey. The methodology involves tactics like design thinking, live testing of prototypes, ideation with customers to jointly build customer journeys.

Administer Economic Realities

Besides defining the customer journeys and segregating the role of each channel, it is very important to have a strong hold on the economic implications. The economic implications could include cross channel assortments, pricing decisions, customer relationship management and finally handling the delivery scenarios.

Crafting a balance between these factors and optimizing them to achieve a winning strategy becomes complex. Follow the guidelines to ensure it:

• Businesses need sophisticated models that cater to all relevant factors like price, shipping costs, end of season discounts, etc.
• Set clear directions for dynamic pricing based on what competitors are doing and the amount of inventory left in the stock.
• Modifications to the supply change like automated picking technologies at distribution centers, more friendly and sturdy packaging, variations in the click and collect formats, etc.

In all, the most essential key requisites for a successful omnichannel experience:

• Brick complementary to click 
• Enhance mobile purchasing experience 
• Exploit the return channel as a sales opportunity 
• Put user’s and their needs at the center of the business.

The post Designing an Omni Channel Strategy? Consider this First appeared first on YoKart Blog.

Here are detailed answers for questions that  e-commerce marketers will have before they start shooting a product video. It’s very important to have a clear understanding of these things so that you step in the right direction for your video marketing.

How a product video can help in marketing and brand awareness?

First of all, you need to be sure about where the video has to be uploaded. Define the target before creating the video. There could be various platforms on your mind but you have to choose the most appropriate. For example,

Businesses usually have multiple email nurture streams, so you should form different groups for them.

A product video for a new registration and the one for an abandoned cart must have different messages. In a welcome email, you need to introduce your brand through the video. You must hit the psychological trigger of the customers while sending an abandoned cart email.

Understand which type of video works best for your brand- when and where. Below are the few focus areas where a video can, and should be used.

• Product page
• Welcome series email
• Paid advertisements
• Facebook
• Instagram

Purpose of product video on e-commerce websites

Now marketers would be wondering, what are the benefits of these videos for our e-commerce website? What’s the efficacy of a product video for their business? The sole purpose of a video depends on where and what video content is uploaded.

Here are the different purposes of product video on an e-commerce website.

• Increase Conversion
• Increased AOV
• Attract new customers

Deploy Product Videos on Different Platforms for Distinct Goals

Now comes the most debated question, will video content be able to generate ROI? Video shoots can take up a lot of resources, most important ones being time and money. Moreover, creating video content is a tedious task too. All this can be easy with a well-planned research before creating the video.

You need to determine where the video will be used and also understand the purpose of each video. Then, you need to gather viable resources if you are making the video on your own, or give it to an agency to save yourself from the trouble.

On Product Page

Purpose: Helps in increasing AOV/Conversion

Mandatory Requirements:

1. Shots of products being displayed
2. 360-degree view of the product
3. Benefits of the product
4. Features of the product

Tips:

1. The Video needs to have a clean, plain background with no extra stuff. Mostly, product videos have a black or white background. It’s important because a clean video builds trust among the customers.
2. Make sure the product page video is simple. It should be easy to understand and does not need to be elaborate. The time limit of the video should not exceed 1 minute.
3. Try to include shots of its usage with commonly paired product as this will help in increasing the AOV of the business.
4. Use YouTube’s annotation feature to add a product link to the video for better conversion.
5. If you haven’t yet launched your ecommerce website, then launch it with a platform which offers you option to upload your video on the product page. There are many platforms on which you can upload a video but make sure that this platform is SEO optimized for global reach. Like on Yo!Kart you can upload your product video directly on the page so that you can engage your customer effectively.

Also Read: Conversion Rate Optimization for Ecommerce Websites

In Welcome email

Purpose: Increase Conversion and Average order value

Mandatory requirements:

1. Give an intro to new customers about your brand.
2. Show off your brand’s best-selling product. Showcase it in numerical form.
3. Video must have all the categories of products you sell and USP of your business

Tips:

1. Use your welcome video email to build a sense of trust among the newly registered members of the website. Include content that engages your clients and builds trust.
2. Provide a quick and crisp intro to your brand. This can be easily created using a voice over or an introductory slide depending on the type of video you are creating.
3. Once this video is created, you can use it as the main video for your YouTube Channel. This should be the first video that people should see on your YouTube brand.
4. You can either send this video to your newly registered customers or you can add the YouTube link to your subscription page where people can see it before they register on the website.

For Paid Advertisement on Facebook & Instagram

Purpose: Increase conversion, increase AOV, and attract more customers.

Mandatory Requirements:

• Check the time frame of the video which can be accepted by the platform and then create the video.
• Encourage conversion by giveaway or discounts.
• Showcase best-selling product(s) or new product release(s).

Facebook Advertisement

Tips:

• If you plan to add text content at the beginning of the video, keep it up to 90 characters.
• The aspect ratio as preferred by Facebook is 16:9 or 9:16. Create the video in this aspect ratio to avoid any blurry output.
• Video: H.264 video compression, high profile preferred, square pixels, fixed frame rate, progressive scan.
• The format should be MP4.
• Audio: Stereo AAC audio compression, 128kbps + preferred.
• Include links to your video. When you include the link, Facebook gives you the option to choose among several CTA button.

Also Read: Promoting Your Content On The Right Social Media Platform

Instagram Advertisement

Tips:

• The Aspect ratio must by 1:1 for best user experience
• Video: H.264 video compression, high profile preferred, square pixels, fixed frame rate, progressive scan
• Recommended Caption must be around 125 characters as it engages the clients better.
• The Format of the video must be the Mp4.
• Audio: Stereo AAC audio compression, 128kbps + preferred

 

3 rugs posted tonight! Find them under HOME > VINTAGE RUGS spearmintLOVE.com

A post shared by spearmintbaby (@spearmintbaby) on Sep 2, 2016 at 8:12pm PDT

Conclusion

Looking at the latest trends, video marketing is taking the world by a storm. Most marketers understand the importance of video marketing but have few basic questions in mind. The above article covers how product videos can be beneficial for e-commerce business, their purpose, tips for creating a different type of product video, etc. Go ahead explore the video marketing world and see how things pan out for your business.

The post Tips and Tactics to Develop a Marketing Strategy for Using Product Videos appeared first on YoKart Blog.

Although dropshipping does provide for a hassle-free way of conducting business, there are several things one must consider before planning on starting a dropshipping business. Choosing the right product is all you need to be a part of this business model, but it is easier said than done.

If you are an e-commerce veteran or an amateur entrepreneur/startup planning to start your own dropshipping business, we bring you the art of finding the right products to dropship.

Let’s get started…

Research Right

A dropshipping business definitely offers freedom but only if you understand well in advance how to source your products. A good market research goes a long way in helping you select suitable products to offer to your customers.

But where to start from?

Well, trust your gut and start brainstorming for ideas. Look around and ask people around you to contribute as well. Another great technique that almost always works is to browse other stores and compare their best-selling lists, promoted products and other offerings. Keep an eye out on Amazon Best Sellers, eBay Deals, Google Trends, Kickstarter and look for trending products in the market.

Read More: How To Choose A Perfect Domain Name?

Know Your Criteria

Dropshipping can be a tough cookie to crack if you don’t know what you’re doing. Your product journey may last a thousand miles in the future, so it is significant to choose a product that is feasible to sell. The first question you need to ask yourself when looking for a product should be,

“Will it sell?”

To answer this, make use of the market research you are conducting and find popular products. No two businesses choose the same method for dropshipping but there are several parameters that can help you find your way.

• Keep in mind the size, distinction, risk and scarcity of the product you want to sell.
• Record data that is relevant like the name of the item, lowest & highest listed price, sales volume and other general observations.
• Use recorded lists to determine the profit margin that you can make on every sale. By buying products at wholesale rates you can sometimes find products with a markup of 1000% even.
• Reflect on your products by asking yourself questions like:

‘How is my product different from my competitors?’

‘Are my products popular?’

‘Are they available at big brick-and-mortar retailers?’

‘Will I sell on my own e-commerce website or via a marketplace like Amazon or eBay?’

These questions can help you be critical about product choices that you have made and see if there are still any roadblocks left down the road.

Understanding The Market Demand

Back in the day, market research was a tedious process done via phone interviews, focus group discussions and questionnaires. But now, thanks to the vast/colossal horizons of the internet, most of the information is at our fingertips with just a few clicks.

Keyword research tools are a very good way to find out what is in demand. Some great tools you can use are Google Keyword Planner, SEO Book, Ubersuggest, WordPot and Wordtracker. And how does this help you?

For example, if you search for laptop bags, it may suggest ‘Wildcraft Laptop Bags’ or ‘Samsonite Laptop Bags’, which can make you analyze the specific brands that are in demand and help decide what specific product to sell accordingly.

Check the performance of your chosen product in real time by monitoring how they are doing on various online marketplaces. This gives you an idea of the profit potential of your product.

Read More: How To Customize E-Commerce Website Images & Improve Sales?

Ensure A Steady Supply

The process of choosing a product to dropship doesn’t end with researching the market and demand trends. Because every dropshipper has the flexibility to choose what they want to sell, remember that at the same time you can also be at the mercy of your supplier.

It is very important that your wholesaler ships products in a timely manner to your customers in order for your business to grow and maintain its credibility. Finding a supplier who stocks your product thus is not sufficient. You need to make sure that they are reliable and professional as well. Make sure you check all the things in the list below before you finalize on a supplier.

• Make sure your supplier has an inventory monitoring system so you can track your sales.
• See if the supplier is easy to get in touch with. When operating a dropshipping business, regular communication can help you overcome language and distance barriers with ease.
• A bogus dealer can manage the delivery process poorly and this directly affects your business. It’s okay to work with a supplier who is reliable even if you end up with a smaller profit margin.
• Lastly, make sure you get the best deal out there. Most wholesalers offer deals and discounts on bulk orders, so agree on a price that suits you and your dealer.

Conclusion

Dropshipping products can be a tricky business because it isn’t just about choosing the right product only. As the demand and supply go hand in hand out here, finding a good wholesale company is also of prime importance. You must also be aware that as your supplier will directly ship to the customer, thus it can be nearly impossible for you to keep a check on the shipping and product quality.

Now that you know how to go about finding the right product and dealer when considering to dropship, make sure you undergo a thorough vetting process when establishing your supply chain. Make use of research for making sound decisions and remember sometimes an initially high upfront investment cost may save you a ton of money in the future.

The post How To Choose The Most Profitable Dropshipping Products To Sell Online appeared first on YoKart Blog.

Emails are a very effective and successful marketing tactic and are a part & parcel of every marketing campaign. It is 61% more effective than other platforms like social media, paid search, display ads etc. With that said, this is something that most marketers already know about.

So where is the problem?

Remember, an email can only be successful if it contains the right message. Repetitive and bad emails can annoy your readers and prove to be disastrous for your e-commerce business. If your emails are not getting appropriate response then definitely you are not going somewhere.

Let’s explore where most businesses go wrong when it comes to sending emails. After looking into these details, we will help you with tips that can help you counteract this problem. Get out of those endless recurring passive-aggressive messages, chain emails and read along to see how to write emails that don’t annoy your customers anymore.

Also Read: E-commerce Conversion Rate Benchmarks: Where does your online marketplace stand?

How Can Your Readers Get Annoyed?

There are many ecommerce email examples out there that have irritated and confused the readers. Lengthy and wordy email content tops the list, followed by emails urging customers to buy a product that they have already purchased. People also often complain about false information given out on promotional emails. The graphic below shows some of the most common reasons that will make readers want to go away from your email offer.

How to Begin Responding?

You can only start sending emails to your customers if you know the objective behind the same. Make sure you figure this out ahead of time so that your message is eventually conveyed via your email. There are many occasions that may call for a short email and a good thing out here would be to decide in advance and approach your goals accordingly.

There are numerous instances when one can plan to send out mails like when launching a new product, sale or event promotion, newsletters, cross-selling on previous purchases, shopping card abandonment issues etc.

Once you know what your email is for, try to focus on sending the message directly. Skip all the unnecessary information that may overwhelm or confuse your visitors. Suppose you want your customers to purchase from an ongoing sale. What sense would it make to write an email informing them about the latest blog post that you published? Let’s take another example to illustrate this point.

This newsletter has a clear and concise objective. It is not trying to either sell or promote any product. FATbit wants their readers to simply read the latest posts and this newsletter precisely does the same. A clear CTA will take you to the post in a single click and a few suggested reads are listed in case they interest the users. Finally, a CTA beneath defines the service FATbit provides, rather than the entire post trying to tell customers the same.

Capturing Leads the Right Way

Now that we have established that emails need to be specific and customer centric, the next question is:

What is the right way to go about targeting your potential customers via email?

If you want your emails to reach clients, well first you need to start by understanding how mailing lists work. It is important to segment those with parameters suitable to your business model. For example, you can send early bird offers to customers who are loyal and are waiting for products to come online on your store. There are many ways to make visitors subscribe to your channel and these can help you define different email lists for different events.

Whichever method you choose to adopt will significantly affect user experience, so make sure you decide something that is simple, easy and happens in just a few clicks.

Here are a few tips to help you increase a subscription base and only require minor design and web development changes on your website:

• Present a pop-up at the end of the page or as the user shows exit intent. This serves as a call to action by giving them a direction on where to go next.
• Slide in a subscription request at different page scroll percentages as these are gentle yet eye-catching to your website audience.
• Sticky bars on top of the navigation bars are quite noticeable and are a high conversion spot for your subscription form. Make the most out of it.
• Add a newsletter opt-in form in the sidebar of your blog . To make it prominent and noticeable, have an attractive design.
• Offer content upgrades in the form of free PDFs and readables to your customers when they subscribe. Rewards are a good way to attract more subscribers.
• Make use of a home featured box on the homepage and leverage it to get more subscribers. The homepage attracts the most traffic and this way you can make sure your traffic can start subscribing.
• Provide additional navigation to the subscription page with the help of sidebars. They are informative, appealing and can be one of the best converting positions on a webpage.
• Making a separate optimized landing page and use it to your advantage by integrating an attractive design, images, insights and reviews to help gain user trust.

Also Read: How to capture market you could not in 2017?

Offer Something Valuable to Your Reader

Why do we need to send emails to our customers?

To answer this, we don’t really want to send our users emails because everyone in the e-commerce sector does these days. Right?

It is imperative to understand that value is something every online customer will look (directly or indirectly) for when they see your email in their inbox. It has to be worth their time and effort; only then the money part may come later in the picture. If your users feel canned because you are being desperate by sending the wrong emails at the wrong intervals, expect them to unsubscribe considering it spam mail.

Your customers, in such a situation, are also not entirely at fault as they get nothing out of the entire experience. Offer value to subscription holders with every email that you send them. Give them information that is useful, discounts, best price match, daily deals, contest invitations, free shipping, free returns and anything under the sun that makes them excited.

Craft emails in a way that they focus on delivering value and promote your product or service along with it discreetly.

Tips to Create Emails that Hit the Jackpot

Apart from focusing on the value that you are offering your customers, there are many considerations to look out for when creating email workflows. Thanks to advanced data analysis and machine learning, we now have the stats to understand user behavior better and proceed accordingly. Use these tricks and create emails that your customers can never say no to:

• Create appropriate subject lines. They should be short, catchy, clear and actionable. They should stimulate curiosity and make the email feel personalized. Remember, the email subject line will be the first thing that a reader will notice so make sure its compelling enough to make them want to open your email.
• Make use of drip campaigns or lifecycle emails to provide your customers with appropriate information at all times. For example, they should receive an email once they place an order, followed by one when the item ships and another when the customer finally receives the package. Once this is done, you can send a fourth mail in some time asking a reader to fill in an easy feedback form. Automating such email campaigns can help send informative content and make life easier for you.
• Pay attention to cart abandonment emails and remind your readers that they still need to check out. Add value for your reader by giving away a promotional discount just so that they can complete their purchase.
• Embed more audio visual media in your message. If you are promoting a product, put in a video telling the same. Show off your products and services with some great images and videos. Blocks of content are dull and boring and people look forward to something more interactive. Create collages and informative video messages for your readers to get more conversions.
• Create CTAs that mirror the objective of your email campaign. Make sure they are not lengthy and misleading. Try to address the topic and add value to the CTA.
• Remember, your readers do not need to hear from you three times a day. It is very easy to frustrate them with the same and this usually leads to unsubscription. Time your emails in a way that you give customers a gentle nudge every now and then to keep them informed about what’s happening at your end.

Wrapping up, you should now be able to identify where you are going wrong. Email marketing, if used smartly can help you convert more leads into paying customers with just a few emails. You should choose one of the best SMTP Service Providers to ensure the success of your email marketing campaign. Follow the trail and figure out what you can do to keep customers on the lookout for your next email.

Use these tips and tricks to engage your audience instead of frustrating them. Turn your readers into viewers and eventually buyers with the right email.

The post How To Write E-commerce Emails That Convert – Ideas & Examples appeared first on YoKart Blog.

They must have formed a plan to market their product to a larger audience and to tap into the untapped market. Also, they must have researched trends and recent innovations to use during the coming year. Some of them did, some didn’t.

One question would often pop up in the head of the entrepreneur while deciding the marketing for the coming year: How to capture the market which our business could not in 2017?

Below are the 5 R’s that most marketers should have used in their marketing plan last year. If they haven’t, they should inculcate them this year.

Retargeting

Most of you would be wondering how retargeting helps capture the market and increase sales. However, retargeting has been a proven way to attract repeat visitors, an audience category that is more likely to convert than first time visitors.

According to a study by CMO, almost all online shoppers who visit a website for the first time leave without buying a product. Numerically, only 2% shoppers will actually buy something the first time they come to your website.

So, 2018 is the time to capture those visitors who visited your website but left for some or the other reason. One of the top reasons why visitors do not convert is because of the checkout page.

Retarget your marketing strategies for those customers who are already aware of your brand but did not convert due to some reason. Remind these customers about yourself. Relevance of retargeting is high because there higher chances of conversion compared to other ways that target online browsers.

Also read: Essentials of Content Marketing for E-commerce Marketplace

Repurposing

Repurposing content is an excellent way to use the existing resources to create something unique.

According to a study by Curata, only 29 percent of leading marketers make repurposing a systematic part of their content marketing strategy.

If you are one of the 71% of marketers, then 2018 is the time to repurpose your content to make maximum use of your resources by spreading the content to maximum channels.

Create a methodical approach to repurpose your content; start by accumulating enough content to reuse. Identify your top performing content, update it as per current requirements, adjust its length, and streamline it with your future campaigns.

Repurposing is a smart way to reach new and existing audiences, create a brand name, and increase conversion without draining the resources.

Report and Analysis

If you are an ecommerce marketplace owner and are not using a reporting and analytical tool yet, you are missing out on really important things. These tools are helpful in to tracking your traffic and conversions.

An ecommerce website that does not strategize its marketing on the basis of the reports and analysis lacks a direction. As a result, marketing campaign won’t be leading anywhere.

An extensive reporting tool on your ecommerce marketplace will help you improve the efficiency of your operations.

These tools are helpful in understanding the success rate of a marketing campaign and the overall ecommerce website.

Also Read: Why Analytics Is Important for an Ecommerce Business

Reviews and Testimonials

Not many marketers understand the importance of reviews and testimonials on their online business website.

One way to convince new visitors about the quality and service of your website is by praising yourself on your own website. The other way (proven to be better) is your clientele praising your services.

People would rather prefer reading past customers’ reviews than self-praise. So the authenticity, quality and service depend on the review and testimonials of previous customers.

In 2018, make sure that you are also listed on other review websites. One of the top places visitors check is Google reviews. But depending on your niche they may also check other review websites like Yelp, Glassdoor, etc.

Reward and Recognition

Every marketer is well aware of the fact that it is better to retain older clients rather than acquire new ones.

Every ecommerce business longs for loyal customers who keep doing business with the website on regular basis. To attract these customers and make them loyal to your brand, make sure you give them some kind of incentive.

Ecommerce website can and must have a reward and loyalty program where customers earn some points or special discounts on certain purchases. This provides them with the best shopping experience, thus making them loyal to your website.

This is a must have for all ecommerce website as this gives the customers a reason to stay loyal to one brand for a long period of time.

Conclusion

All the points mentioned above in the post are a must have for any ecommerce business. For those of you who did not inculcate these marketing tips in their plan: now is the right time to do it.

These 5R’s will not just help in increasing the conversion rate but also in retaining customers for a longer time.

The post How to Capture the Market You Could Not in 2017 appeared first on YoKart Blog.