Introduction
Are you on the hunt for ways to stand out as an online seller? Have you been on the lookout for a successful product selection strategy on Tokopedia, Shopee, or Lazada? If so, then this post is for you!
As experienced marketplace sellers know, finding a product to sell can be a daunting task. With so many options to choose from, it’s hard to know which product would be the perfect fit. Fortunately, you don’t have to go at it alone. Here, we’ll guide you through the process of choosing which products hold the most potential to sell on marketplace platforms.
To get started with your product selection strategy, take a look at market analytics reports that provide valuable insights into current sales numbers and the revenue potential of existing products. You can also use these same reports to gain an understanding of important dimensions and metrics like product descriptions and titles, image and video counts, engagement metrics such as reviews and ratings, page views, questions asked by customers – even wishlist additions! By becoming familiar with these details, you’ll be able to better understand what sets apart a successful selling item from one that won’t get much attention in the marketplace.
The key takeaway when it comes to selecting products for sale in online markets is to rely heavily on data-driven decisions. Use information from market analytics reports whenever possible – and don’t forget about customer reviews either! Listening to customer feedback will help ensure your success in choosing the right product that appeals to your target audience while also providing maximum returns on investment.
Choose the right marketplace and Category/Niche
For those looking to enter or expand in the e-commerce marketplaces, Sellmatica can assist in finding the products that best fit your goals. To start, consider what types of items you have the resources to source and manage, as well as what you know about your target market. Is the pricing competitive enough to draw buyers, yet still profitable? Are there any legal restrictions that might prevent you from selling certain items?
Sellmatica can assist in selecting an appropriate marketplace and determining which category will be most successful. Additionally, our detailed reports offer insight into product descriptions and titles, image and video counts, engagement metrics such as reviews and ratings, page views, questions asked, wishlist additions, and other dimensions and metrics. This data serves as a guide to inform which items are most likely to attract customers – and more importantly, return on investment for you.
As a seller, you have several options at your disposal. You can build your own e-commerce website, leverage social media platforms like TikTok and Instagram, or even set up a physical store. For our discussion, let’s focus on the exciting and practical avenue of creating your store on marketplaces.
First, leverage Sellmatica’s data to pinpoint the top-performing marketplace platforms in terms of sales. By channeling your efforts and resources into these platforms, you can unlock the maximum potential for sales. However, it’s crucial to diversify your strategy and avoid dependence on a single marketplace. Don’t hesitate to distribute your products across multiple platforms to explore new opportunities and maximize your success.
Second, Discover the most profitable and popular product categories among your customers on your chosen marketplaces. This valuable information will help you prioritize your product assortment and focus on high-demand categories. Be sure to check out our guide on how to start selecting the right category here.
Finally, once you’ve answered the questions and decided on marketplaces and categories, it’s time to start researching potential products.
Find the products with high potential for your niche
When deciding which products to sell, it’s always wise to go for items that are in high demand. We covered how to find the bestsellers in the article about using marketplace analytics to find the best selling products for your niche.
Keep in mind that identifying in-demand products in a niche is just the beginning. To capitalize on this demand, it’s crucial to determine how to make the most of it. To maximize your success, it’s crucial to go beyond simply finding top-selling items; you should also identify those with high potential. While there is overlap, it’s important to note that they are not synonymous. Certain best-selling products may be protected by brand ownership and legal restrictions, making it impossible to enter the market with identical offerings.
You ideally want to identify areas with high demand and potential. For example, if the demand is high but the supply is low, it presents an excellent opportunity to enter the market with minimal competition and avoid saturating it too quickly. That’s an ideal scenario! Additionally, it’s worth exploring and capitalizing on areas where competitors have high sales but a poor reputation. Furthermore, recognizing the opportunity in catering to specific product demands, such as color options, functional variations, diverse shapes, and sizes, can unlock exciting market potential. Let’s explore valuable metrics in our reports, specifically the Product Analysis, which can provide you with additional insights to consider.
Detailed information about products
To unlock valuable insights, analyze either your chosen products to sell or product categories similar to yours. Utilize the following product-related data for a practical approach to maximize your results:
- Title Keywords, Symbols in Description, and Description Keywords: How do keywords and symbols in product titles and descriptions affect search visibility and conversion rates? Do many of the listings have unclear descriptions or are they missing important keywords? If this is the case, you could potentially enter the market or boost sales with better-optimized listings. To improve search rankings and attract potential customers, consider improving your titles and descriptions with relevant keywords.
- Product and Variation Count: Analyze how the number of products and variations impacts sales performance. Determine whether having a larger inventory of products or a higher number of variations leads to improved sales, or if narrowing down products is more beneficial. Is it possible to increase the number of variations if you are selling the same or similar products?
- Images Count and Videos Present: To increase product engagement and sales, analyze the number of images and the presence of videos in your specific niche. Can you enhance the customer experience by providing comprehensive information through the use of images and videos in a way that surpasses your competitors? you may want to consider adding more images or videos to your listings to beat competitors.
- Listing Age: Investigate how product listings in the niche perform over time. Analyze whether there are a lot of older cards that might be improved. To stay visible and competitive in various markets, it’s often necessary to optimize or update product listings. You have a chance to enhance your listings by using customer insights or feedback from other sources and outrank outdated, unoptimized listings from your competitors.
Engagement metrics
Examine the metrics associated with buyer engagement to uncover any bottlenecks or inefficiencies. Let’s identify areas for improvement and optimize our processes for better results with:
- Reviews Count and Rating: Monitor the number of reviews and overall rating for each marketplace listing. Rate your ability to surpass competitors in terms of reviews and ratings for specific products. This can help you identify the right product to sell. Encourage satisfied customers to leave positive reviews and ratings, as this can enhance trust and credibility with potential buyers, ultimately driving more sales. Study existing listings on marketplaces to learn how others are successfully generating reviews and ratings.
- Page Views, Questions, Wishlist Adds: Analyze engagement metrics such as page views, customer questions, and wishlist adds to gauge customer interest and demand for products. These metrics provide insights into the level of product interest and potential areas for improvement. Use the data from these metrics to understand customer behaviour and preferences. Identify ways to optimize your listings and improve product descriptions, images, or other elements to generate more page views, address customer questions effectively, and encourage customers to add products to their wishlists.
- Sales to Review, % and Views to Sales, %: Evaluate the conversion rates from views to sales and the relationship between sales and reviews. Assess opportunities to enhance conversion rates and encourage customers to leave reviews, as positive reviews often lead to increased sales. Identify the factors that may be impacting conversion rates and customer reviews. Optimize your listing’s visibility, pricing, and customer experience to improve conversion rates. Implement strategies to encourage customers to provide feedback and leave reviews, such as offering incentives or creating a seamless review process. Utilize insights gained from analyzing the relationships between sales and reviews to make informed decisions for product promotion and customer engagement.
Seller and other factors
To your marketplace selling strategy and make smarter decisions, take a closer look at these key metrics related to sellers:
- Seller, Seller Rating, Seller’s Listings Count, and Seller’s Age: Evaluate competitor performance at a high level by monitoring their seller rating, the number of listings they have, and their account age. A higher seller rating, larger listings count, and established account age can enhance credibility and attract more customers. Aim to build a strong seller reputation by providing excellent customer service, prompt shipping, and accurate product descriptions. Avoid niches with strong sellers. Increase your listings count strategically to offer a wider product range and cater to diverse customer preferences. Maintain a long-term presence in the marketplace to establish trust and loyalty among customers.
- Store Location: Assess the impact of store location on sales. Understand if your location affects customer preferences or if targeting specific geographical regions can improve your sales potential. Analyze customer demographics and preferences based on geographical regions. If your store location aligns with customer preferences, leverage it to your advantage. Alternatively, consider targeting specific regions by adjusting your marketing efforts, product assortment, or shipping options to cater to the preferences and needs of customers in those areas.
- Delivery Dates, Cash on Delivery, and Stock: Assess the impact of delivery options and stock availability on sales. Offering flexible delivery dates, cash-on-delivery options, and maintaining sufficient stock levels can help increase customer satisfaction and conversions. Optimize your delivery processes by providing accurate delivery dates, offering flexible options like cash on delivery if feasible, and ensuring sufficient stock availability. Improve transparency and communication with customers regarding delivery timelines and options. This will enhance customer satisfaction, increase trust, and improve conversion rates. Regularly monitor and manage your stock levels to avoid stockouts and ensure smooth order fulfillment.
Conclusion
In conclusion, leveraging marketplace analytics reports, such as those provided by Sellmatica, is crucial for marketplace sellers looking to find products with high potential. By analyzing various metrics and dimensions, sellers can gain valuable insights that inform their decision-making process and increase their chances of success.
Product Analysis report offers a wealth of information, allowing sellers to understand market dynamics, identify customer preferences, and evaluate competitors’ performance. Through the analysis of metrics and dimensions like title keywords, product and variation count, images count, listing age, reviews count, and seller-related factors, sellers can uncover valuable insights and take appropriate action steps.
Equipped with the data, sellers can make informed decisions regarding product selection, optimization, and targeting. They can identify product options that are in high demand, optimize their listings for improved visibility and conversion rates, and adapt their strategies to stand out from the competition.
On the other hand, failing to utilize marketplace analytics reports poses a risk of wasting resources and money on the wrong products. Without the insights gained from these reports, sellers might invest in products with limited potential, struggle to differentiate themselves from competitors and miss out on key opportunities to optimize their listings and enhance customer engagement.
In today’s competitive marketplace landscape, staying ahead requires a data-driven approach. Marketplace analytics reports provide sellers with a competitive edge, enabling them to uncover hidden opportunities, make informed decisions, and navigate the market with confidence. By leveraging the power of analytics, sellers can maximize their chances of success and build a thriving marketplace business.
Start exploring all the insights available through marketplace analytics today! With access to this data at your fingertips, you can confidently choose the best products to sell on marketplaces and get one step closer to mastering the art of selling online.