Peeking into the past (around 15 to 20 years back), the traditional marketplaces (physical retail outlets) were always stormed with thousands of people. Regardless of the nature of the business or the market’s competition, various famous sports and clothing brands were struggling to get a place in the markets around the world.
An introduction to digital marketplaces: Learning useful techniques to generate more sales
A lot has changed in the past decade. From the digitalization of traditional marketplaces to the invention of online retail outlets, the concept of having a physical store has been minimized.
An introduction to digital marketplaces: Learning useful techniques to generate more sales
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Previously, the success of any brand was measured by the total number of spotting it (the brand) occupied throughout the world. Talking about the sport’s market leaders such as Nike, Adidas, or Puma or famous clothing brands such as Levis or next; it can be seen that the competition among these brands was mostly about the marketplace presence and availability i.e. to have the maximum number of outlets worldwide.
However, with the introduction of several social media platforms including the famous ones such as Facebook and Instagram; the concept of owning physical stores has reduced a lot. Moreover, the past couple of years of the pandemic have been quite harmful to the economic and retail world.
The novel coronavirus eliminated the remaining need for physical stores. Using these crucial times as an advantage, different social media platforms introduced online, i.e. digital marketplaces such as Facebook’s marketplace.
Acting similar to the conventional stores, these modern marketplaces have been quite popular among millions of users. You can always create an online eCommerce website for your business.
Moreover, starting an informational blog in addition to the eCommerce store can be helpful. There are websites such as https://quantum-ai.io/ that offer meaningful insights on various crypto topics.
The businesses that were hesitant to convert their traditional stores (even in the coronavirus period) are still suffering a lot. These changes have led many marketing strategists to rethink and reconsider their traditional marketing strategies.
Due to the above-mentioned reasons; a large number of consumers have shifted towards online retailing. Another reason for this shifting of consumers is lockdowns.
With the pandemic still intact (in some countries), government officials have implemented strict lockdowns. Plus, the risk of catching the virus is always there. Therefore, millions of consumers have switched their interests towards digital marketplaces.
All in all, these factors have caused the organizations to prepare new and adaptive market strategies for online consumers. This article further elaborates on some of the useful techniques that when applied properly can aid businesses in generating more sales and increasing the overall profits through changing and influencing customer purchasing habits. These meaningful techniques are:
Implementing the word of mouth techniques on the social media platform
The traditional word-of-mouth marketing technique is now widely called the peer influencing technique. Similar to WOM, this recommendation technique is quite popular among digital marketers. Mostly, the peer influencing technique works on the concept of brand retention and brand loyalty.
If you own an online outlet of an apparel brand; providing great value for money, timely delivery, money-back guarantee, and quality apparel can earn you brand loyalty. A person shopping from you can share your company’s profile among his group.
All in all, you will be the one to profit from this strategy. Leading to the increase in sales, this marketing strategy is usually conducted and applied to the existing consumers.
Offering good discounts in the shape of coupons or free delivery can help you in satisfying the existing consumers. Like the physical stores, you can also offer to buy one free (BOGOF) or different marketing strategies to the existing products.
And if you want to achieve success in less time, try to use the services of a celebrity influencer. Celebrity influencers have millions of users’ reach. If you offer these influencers some free samples and ask for a shout-out in their next Instagram story or post, you can attract millions of new customers.
Celebrities such as Roger Federer, Cristiano Ronaldo, and Tiger Woods are among the top celebrity influencers with billions of users’ reach (collectively).
As reported in numerous internet surveys, around 3.5 billion people around the world use social media. These unimaginable stats have altered the marketing landscape. Companies around the globe are investing billions of dollars to market their products and services on various social media platforms.
Moreover, it is reported that around 40% of teenagers purchase those products that popular celebrities endorse on social media platforms. Plus, it is also reported that around 70 percent of the consumers finalize their purchases due to social media referrals. These unbelievable stats caused a paradigm shift in the marketing world.
Using product reviews to your advantage
With more than 3.5 billion active social media users; digital platforms are full of endless potential consumers and opportunities for businesses. Using such a large community to its advantage, businesses around the world have shifted to digital marketplaces.
Moreover, on these marketplaces, the consumers are entitled to leave a product review as per their choice. If you are offering the best products and quality services, the consumers will leave a positive review. Using this feedback to your advantage and displaying it on your social media pages, you can attract new customers.
Therefore, if you are looking to excel in these competitive marketplaces, try to follow these 2 meaningful techniques.
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