How eCommerce Marketers Can Drive More Revenue on Marketplaces
More than 60% of your consumers will start their product search in an online marketplace this year. Whether you’re already on marketplaces or still needing to launch, now is not the time to let bottlenecks get in the way of potentially explosive business growth on the channel.
In 2020, Rise’s average eCommerce marketplace client saw a 77% increase in revenue. These statistics aren’t exclusive to Amazon; Walmart, Target, Kroger, and Home Depot have all emerged as major players in the space worthy of brands’ consideration.
What goes into this revenue increase? At Rise, we believe in a team + technology approach with data guiding every decision. Read on for our playbook to growing your business through marketplaces.
Did you know Rise was one of the first three agencies to pilot an Agency Partnership Program on Amazon? This partnership grants Rise exclusive access to tools for exceeding client goals, such as:
Sales Enablement & Thought Leadership
Training & Certification to Empower Amazon Power Users
Data & Insights → Influence & Inclusion
Ensure your content is optimized for each marketplace’s taxonomy and user experience.
Search Queries & Taxonomy: What are your customers most frequent searches? Are your product pages optimized according to each algorithm’s taxonomy?
Ratings & Reviews Analysis: What do your customers love about your products? What do they wish was better? Are you intelligently using brand voice content to message this feedback above the fold on product pages?
Category Rank Analysis: What are your top product categories? Are there opportunities to re-allocate your efforts and budget to generate incremental sales and revenue?
Scaling on Multiple Marketplaces
There is no one-size-fits-all approach to designing a marketplace program. Rise firmly believes in creating digital marketing strategies that contribute to overall business goals, not just marketing KPIs. For that reason, we recommend choosing marketplaces where profitability and market share show the most potential. This will include an analysis of each marketplace’s fees, overlap with your target audience, performance on organic search pages, and more.
In short, it’s complicated. Let us help.