As an ECommerce Brand it is important for you to be aware of the different aspects of the Ecommerce Consultancy provide Market Strategies that will help your brand and business grow exponentially and help you target the right audience and expand them.
If you are not aware where you stand in the market and who your audiences and competitors are, you will end up losing a lot of capital and market share. This is why we bring to you the different strategies that will not only grow your product sales, but also help you increase your brand presence and market share. Here are these strategies:
- Marketplace Growth Strategy: Every brand desires to grow their brand name and product sales over various platforms as it leads to eventual growth of the brand itself. Online marketplace has many players like Amazon, Flipkart, JioMart, Myntra, Nykaa & many more where they provide tools for brands to utilise and grow their brand image and product sales on their portals. We recommend that you strive towards achieving growth of your brand/product through organic tools like, SEO Management, Inventory Management & following the Platform’s Guidelines. Organic growth of the brand leads to higher numbers of sales and recurring customers which is a more profitable and permanent solution as compared to advertising and marketing.
- Brand Image: It is important to decide what type of image you are trying to create for your brand and how you want your audience to perceive your brand. These depend on the pricing of the brand and content strategy of the products. If you want to be a premium brand your product has to be priced accordingly and the customer must feel the premiumness in the packaging of the product. Also the product itself must be made from high quality materials. Similarly, if you want to make a mass market product with high sales volume it is important that your product has value price, i.e., the price of the product is either on-par or lower than the competition.
- Content Management: All customers interact with a brand’s content of or about the product that helps them make the decision of buying. On an Ecommerce website it is important for you to create content that is engaging and informative at the same time. You must make sure that you strategize your content in a style that is easy for the reader to see and remember the positive attributes of the product. People see images with much more attention and if you design your images in a more captivating and attention grabbing style your audiences will be able to learn more about your brand/product. You must ensure that these images have concise and to-the-point written information only or else their attention will shift immediately.
- Ads Strategy: At all times it is important for all brands to keep running advertisements for their products regardless of the number of these ads. Advertisements help market your brand to your audiences whether they are new to your brand or old customers. It will create an awareness of your brand & product and also help you create trust in your brand by your old customers. Ecommerce ads are essential in the growth and initial sales boost of a product. Even though we do not heavily rely and promote advertising very much ourselves it is still a very important part of a brand’s image and product’s sales.
- Pricing Strategy: Your product must be strategically priced according to your target audience and their expectations from the market as the pricing of a product is an essential part of the buying decision of the customer. You can either price your product high and enter the premium category of your particular market but you must also make sure that your product gives a premium experience to the buyer. You can also price on par with the existing competition and make sure that your product has better and more captivating content than the competition to attract the customers. You may price lower than the competition, but you must ensure that you are still profitable to keep running this strategy. Your product pricing will set the standard for your product and brand image.
- Offers & Discounts: Providing sale offers & discounts works as a big motivator for many buyers as they feel that they are buying a product at a very low price in comparison to the regular product price. Many customers will deliberately wait for a sale like end-of-season sale or an occasional sale like Diwali sale. Such sales help you sell more products to your buyers and if priced strategically you can earn great profits from these sales as well.
- Inventory Management: You must ensure that you and your team are planning your product inventories before the sales of the product begins in order to manage and deliver the products to the customers without any issues. The biggest issue with inventory management in Stockouts & Overstocking. Either of the two will result in losses and demand forecasting and planning your inventories with delivery management will reduce such losses and help make the customer experience better. Ecommerce platforms do not promote brands that stock out quickly and at the same time they will promote brands that provide a good delivery service to their customers. You can also evaluate the benefits of the different strategies that you may have applied throughout your planning.
- Warehouse Auditing: One must ensure that their products’ warehouse is being managed well and being kept hygienic to keep the products secure and product movement efficient. A hired personnel or team must irregularly but frequently keep check of such warehouses to make sure that the process is running smoothly and products are not experiencing any damage. Efficient warehousing has multiple benefits for a brand and can help you increase your profits exponentially by making the process faster, removing any excess energy using machines or devices, keeping active check on product movement and managing labour efficiently and eliminating any bad influence as well.
- Delivery Management: In compliance with inventory management and warehousing, delivery management is a part of these procedures yet very important in itself. You must make sure that the delivery boy is a well-behaved, skilled rider and can be trusted with the contents of the package. A trusted delivery agent with good manners will directly benefit the brand’s image as it will make the customer’s experience better. The customer can behave in any way possible but the delivery agent must be taught how to manage and de-escalate the situation to reach a healthy and beneficial conclusion. A quick delivery service will elevate the customer experience and the Ecommerce platform will also increase your exposure to its customers.
- After Sales Services: There are times when the customer is unable to follow the given instruction while other times they might feel satisfied with the product. In such cases, you must have a grievances hotline number and trained professionals that will assist them through such situations and provide a helpful conclusion to the customer that will make their after-sales services experience great. A brand’s after-sales services have a major impact on the brand’s image and a good service will make your new customer into a recurring customer.
