How to Reduce Product Return Rates
Product returns have a huge impact on a retailers profit, with 30% of products bought online being returned. That’s a lot of money‚ and it also...
November 30, 2022
In today’s eCommerce landscape, it can be hard to decide what sales strategy works best. Do you want to drive traffic to your own website or choose platforms and marketplaces to showcase your products? How do you know which strategy will help consumers discover your brand? Here, we explain how you can boost product discoverability across social channels as the ultimate way to establish a brand presence.
Product discoverability is all about finding the best channels to help your target segments interact with your brand. Because most brands, including many niche brands, tend to appeal to more than one customer segment, the omnichannel strategy enables you to be everywhere your customers are. This sales approach uses cross-channel marketing, such as your own site, marketplaces like Amazon and Shopify, and social selling platforms. The trick is to ensure you only choose the channels that make sense for your ideal customers.
Expanding into new marketplaces has a far-reaching impact when building your customer base. It tends to be a better strategy than driving traffic to your brand’s site through advertising, as it opens more doors of opportunity. While no one is going to choose to shop on your brand’s site out of the blue, marketplaces and social commerce are sought by users who trust this mode of online shopping. Instead of investing money in marketing and SEO, which takes longer to establish trust, you can leverage existing customer visits on suitable selling channels.
You get closer to customers by becoming visible through a trusted eCommerce destination. These are the places your customers like to hang out, so it takes less effort on their part to discover your brand. People are seeking straightforward shopping experiences where it’s almost as if the products discover them. Product discoverability is frictionless, allowing customers to shop in one familiar place without time-consuming searches.
While discoverability is easier for customers it can present challenges for implementation. Each marketplace and social commerce channel has its own digital asset requirements. This becomes time-consuming as you must produce original content as you choose new channels. However, with consolidated product information, you can easily expand into new marketplaces where you don’t already have a presence.
A product management system or PIM enables you to create a single source of truth for your product content, so you don’t have to worry about meeting various requirements for new channels. You can have the product information you need in the proper format so you don’t avoid new channels where you have to revamp your product information. You also want to align with the new channel’s approach to selling.
For example, TikTok selling uses a “for you” approach that directs users to your site or marketplace pages, while Facebook selling provides a social commerce platform within their users’ feed. This provides two different types of opportunities. If you just want more sales, Facebook is the fastest route, while brand and trust building is better for TikTok because they send more traffic your way.
Want to learn more about increasing your presence?
Blog: What Are the Benefits of an Omnichannel Customer Experience?
The only way to understand what works best for you is to test different channels. Think of each marketplace as a body of water where you’ve cast a net. The ponds bringing in more revenue are the ones you want to focus your product discoverability. Since discoverability is all about building customers and sales, you only want to spend time and effort in the channels where you’re seeing the most success. The bottom line is that you won’t know where to set up shop until you test. It won’t work to test with a weak presence.
Instead, you can only successfully test with the requisite product information. Understanding what each marketplace or channel requires ensures you create a meaningful presence to avoid missed opportunities. An agile product information database to store your digital assets is crucial before you cast your net. A PIM is the best way to distribute your effort across the channels you test, providing:
Although product discoverability calls for a cross-channel strategy, it doesn’t mean you have to be present on all channels to succeed. Success lies in finding the right marketplaces and social channels through testing so you know exactly where you should focus your efforts.
Take a deeper dive
In your personalized session with our PIM experts, you’ll see how you could:
Book a Demo