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increase-eol-sales-with-pim-infographic

Infographic: How to Increase End-of-Life Stock Sales

How can I increase End-of-Life stock sales?

Increasing End-of-Life stock sales at the end of every season is crucial in reducing the volume of excess inventory you hold. Ideally, you will have sold all your products at the full list price, however, this isn’t always the case. You may end up with excess stocks of SKUs that you need to sell so you can free up valuable warehouse space to make room for your lovely new products.

Choose the right avenues for your Clearance Sale of EOL products, and you’ll enjoy better profit margins. But, what are the avenues you can use, and how do you make sure you sell your End-of-Life stock at the optimal price?

A Clearance Sale enables you to clear excess stock levels that have reached the end of their shelf-life. Think Christmas decorations in December or BBQs as autumn approaches. EOL Clearance Sales often offer customers higher discounts for a reduced period of time. There’s a sense of urgency, and customers will be eager to get a good deal, so it’s a super-effective way of keeping your inventory levels to a minimum.

Now, how can you make sure you clear as much EOL stock at the best prices, all whilst protecting your brand image? You don’t want your products to be perceived as poor–quality because of associated low prices. So, it’s good practice to extend product reach across a variety of sales channels.

For instance, you could clear End-of-Life stock on social media, or on different marketplaces. That way, customers visiting your eCommerce site won’t see loads of discounted products which could result in them losing confidence in the quality of your goods.

When it comes to making sure you sell products at the optimal price, there are a variety of tools and technologies you can use – enter PIM!

increase-eol-sales-with-pim-infographic

What is PIM? 

PIM offers a centralized source of truth for all of your product data. It enables you to streamline the way you gather, store, manage, enrich, and distribute product information and digital assets in real-time. This enriched product data enables you to create online experiences that are perfect from start to finish.

PIM also has extensive capabilities outside of product data enrichment and managing your product’s lifecycles. For instance, it’s super easy to set up new channels so you can adopt a powerful omnichannel strategy. Powerful automation means you can massively reduce the time it takes to get your products to market. Moreover, there are tons of different integrations you can enjoy. Think connecting to AI tools to offer customers a hyper-personalized experience. To add to that, you can create unlimited API connections to a wide variety of different applications and platforms. This is where you can get really clever with your EOL sales….Let’s dive in!

Benefits of implementing PIM to sell EOL stock

Implementing an efficient PIM system to sell End of Life stock will streamline the entire process from start to finish. Through powerful data management, time-consuming and tiresome procedures are eradicated. As a result, you’ll have more time to focus on perfecting your EOL sale strategy to clear all excess stock.

Automations enable you to sit back and relax while price reductions are taken care of. How? Well, you can use lifecycle stages and workflows to determine what prices should be applied when your stock hits a certain level. This means you’re always going to be selling your EOL stock at the optimal price. To add to that, you can upload your promotional material and digital assets into your PIM well ahead of time. So, you’ll be ready to go with a few simple clicks, reducing time to market and optimizing selling days when it matters the most.

product-campaign-planning

A common route to take when trying to increase EOL sales is to list on multiple sales channels. With PIM, setting up new marketplaces is a breeze. Whether you’re selling through TikTok or Instagram, or uploading products to Amazon, PIM will publish your channel-specific data in real-time. This channel-specific data is crucial in ensuring you meet the different requirements of each of your sales channels. In turn, this will boost your product’s performance meaning they’ll be more likely to get found first.

Remember, choosing the correct marketplaces for your EOL stock is a crucial element of brand alignment. Consumer perception is heavily affected by the channels products are listed on, so be mindful of this when considering options.

Other considerations

Creating a separate online store:

With PIM, it’s easy to do this right down to the SKU level. Like with marketplaces, this can be a great way of protecting your brand image, as customers don’t instantly see massively reduced prices. Furthermore, customers have a central site where they can check out all of your best deals.

Adding to your “Sale” page:

You can boost conversion rates by up to 25% by having a dedicated “SALE” landing page on your eCommerce site, so it’s well worth considering! PIM makes the process of updating your sale page straightforward thanks to powerful automation. Determine rules for when certain products should be published on your sale page, then you can sit back and relax.

Product bundling:

You have the ability to create unlimited product relationships which you can then display as “kits & bundles”. You might offer 2 for the price of 3, with the cheapest being free. To add to that, you can add specific copy and imagery to display these kist and bundles to further tempt customers.

Maximizing margins:

This is always going to be front-of-mind for any eCommerce business. So, if a sale is going really well and you’re selling tons of SKUs, it’s important to be able to quickly list them back at full price. Again, this is super easy with PIM, as you can determine specific rules for when a products’ price should change depending on stock levels.

Round-up

If you’re looking to maximize the sales volume of End-of-Life stock, PIM is the obvious choice to boost your eCommerce revenues. Streamlining the data journey to various sales channels and generating tailored, audience-specific content that resonates with varying demographics. Above all, this will ensure the sale of clearance stock at the right time and at the right price. Not to mention, you also have an instantly available catalog of digital assets ready to make your products shine!

Download your very own infographic

increase-eol-sales-with-pim

Like what you see? Watch our super quick intro video to learn more!

 

 

how-to-build-the-ideal-ecommerce-tech-stack

How to Build the Ideal eCommerce Tech Stack 

When you’re looking to build your eCommerce tech stack, there are a ton of things you’ll need to consider. Your specific business requirements and objectives will ultimately determine which solutions you should go for. But, when you’ve got so many different options and functionalities, finding the right software solutions can be a challenge.

With the eCommerce industry set to grow by 50% by 2025, eCommerce sites are going to need to cater to larger volumes of traffic. Without the right systems in place, you risk falling behind the competition. Growth and scalability need to be front and center of your decision-making to guarantee the best possible customer experience. So, when looking at different eCommerce technologies, start by asking yourself the following:

  • Will this solution help me meet my objectives?
  • What resources will I need to get the most from these solutions?
  • Is it going to be scalable and future-proofed?

Keep reading to get the full lowdown on the key technologies you should consider when building your eCommerce technology stack, including:

how-to-build-the-ideal-ecommerce-tech-stack

What is an eCommerce tech stack?

A technology stack is a mix of tools, apps, programming languages, and platforms used to develop a website or a mobile application. In the context of eCommerce, it’s all the systems that facilitate the effective marketing and sale of products online. It’s referred to as a stack as they are often layered, each performing different tasks at the different stages of the buyer journey. Here’s what that looks like:

eCommerce Tech Stack

Technology stacks are made up of the backend which is server-side, and the front-end which is the client-side. In terms of the front-end, most eCommerce businesses opt for a headless approach. This is when the front-end is disconnected from the back-end, meaning it can be updated without interfering with the back-end. As a result, you can make incremental changes and improvements to refine the customer experience to better influence your KPIs.

The two primary software development frameworks are LAMP (Linux, Apache Web Server, MySQL, and PHP) and MEAN (MongoDB, Express.js, AngularJS, and NodeJS). They’re both very different and which one you choose will depend on your business objectives and available resources.

For instance, LAMP is the most well-established open-source framework with a large community that offers support. You’ll need to ensure you have a strong team of developers with different skill-sets to deliver projects using LAMP. The downside is that it’s not very scalable, and it’s relatively low-performance which isn’t ideal for an eCommerce business.

On the other hand, MEAN is a more modern framework and all the tools use Javascript so you’re looking at full-stack web development. In addition, most LAMP developers will have knowledge of Javascript, so building a good team will be easy. MEAN is also much more suited to larger-scale projects, so it’s ideal if you want to build an eCommerce store designed for growth and scalability.

Choosing the right technology for eCommerce success

With growing demand and expectations from online shoppers, it’s imperative to ensure the solutions you go for enable you to deliver amazing levels of customer service. Tap into the many benefits of personalization or hyper-personalization with artificial intelligence (AI) tools. You can also think about augmented reality (AR) and virtual reality (VR) capabilities so customers can properly visualize your products. Not to mention everything else from marketing, communicating your sustainability credentials, inventory management, and tracking, to payment processing and post-purchase services.

hyper-personalization

Now, let’s take a look at some of the different technologies you can explore for your eComm tech stack. Once you’ve scoped out your costs, you’ll also need to balance speed with maintenance requirements and identify which labor-intensive tasks you want to automate. Below, we’ve set out nine of the key components of any eCommerce tech stack.

Product Lifecycle Management (PLM)

All in all, Product Lifecycle Management systems do what they say on the tin. They help you monitor products as they move through the product lifecycle, from ideation, right through to commercialization. In other words, they oversee manufacturing workflows and enable different departments involved in product creation to collaborate. Important to note that PLM software is only required by businesses involved in the manufacturing of products.

pim-vs-plm

Examples of Product Lifecycle Management (PLM) Technologies:

plm-ecommerce-technologies

Enterprise SaaS Product Information Management (PIM)

Product Information Management platforms enable you to gather, store, enrich, and distribute product data from one central hub. Create a single source of truth for all your product information, content, and digital assets required to effectively market and sell your products on and offline. PIM platforms automate up to 80% of manual tasks relating to product data management, which will massively boost productivity. Check out the diagram below to see the PIM set-up, and how it fits in with other tools and solutions:

what-is-an-ecommerce-tech-stack

In addition, working from a central hub enables different departments to collaborate with ease and efficiency so you can quickly get your products to market. Any good PIM solution will enable you to easily reach new sales channels and territories, which is a must in the ever-competitive eCommerce environment. Overall, you can totally streamline large aspects of product data management so you can focus on wider business objectives.

Some of the PIM platforms out there include: 

pim-ecomm-tech-stack

Digital Asset Management (DAM)

Like PIM platforms, Digital Asset Management (DAM) software enables you to store all your digital assets in a central location. Collect them from any number of internal or external data sources. You can then enrich and distribute them across all your sales channels with ease and speed, ensuring they’re all optimized for the different channels they’ll be published to.

what-is-dam

A good DAM system will give you the ability to store large volumes of different file formats. As we mentioned earlier, the use of AR and VR is on the rise. DAM software supports these file types, as well as PDF documents, audio files, images, videos, and much more. As such, you can create totally confident customers by serving them with high-quality assets that enable them to clearly visualize your products.

Here are some DAM solutions you can look at: 

dam-ecomm-tech-stack

Inventory and order management

Inventory and order management are two key aspects of making sure you deliver a seamless and satisfying online product experience. They keep track of and update all information relating to stock level, orders, and deliveries. Typically, this information would previously be stored in Excel Spreadsheets, which are hard to keep up-to-date and accurate.

Inventory and order management systems enable you to avoid overstocking and understocking of products. The right solutions will show you which products perform well at different times of the year, so you can maximize sales with data-driven insights. Furthermore, you need a solution that enables you to show real-time stock levels on your online store. The reason is twofold. Firstly, you won’t disappoint customers by offering a product that isn’t available. Secondly, you can create a sense of urgency by letting customers know when stock levels are low.

A selection of inventory and order management systems you could look at: 

inventory-order-management

Enterprise Resource Planning (ERP)

ERP solutions are designed to help organizations manage a range of business processes. In addition, it also provides the capabilities to gather, store, manage and analyze data from multiple different business activities. These include day-to-day tasks such as accounting, procurement, project management, risk and compliance, and supply chain operations.

While ERPs can also manage data relating to your products, like SKUs, weights, and dimensions, they’re not designed to manage other rich types of product content required to effectively market and sell products online. This is where your ERP will work wonderfully in tandem with your PIM. You can import the data from your ERP to your PIM. From there, you can then add your marketing copy, digital assets, and everything else you need to blow your customers away.

ERP technologies to consider: 

erp-ecomm-tech-stack

Analytics

Analytics tools are a vital component for any business, especially for an eCommerce business looking to improve the online experience. These tools help you collect, store, and analyze large amounts of data on your customers. For instance, this might include demographics, regions, as well as their wants and needs at specific periods of the year. Whereas others are more focused on Customer Experience (CX) and will help you identify lost baskets due to subtle technical glitches or slowdowns.

Understanding how your customers behave will form the backbone of your eCommerce strategy. Once you have an understanding of their behavior, tendencies, and preferences, you can use this data to attract more customers. Most analytics tools will also provide you with easy-to-interpret dashboards so you can action changes to maximize your performance.

Some of the top analytics tools you can use: 

analytics-ecommerce-technologies

eCommerce platforms

No eCommerce business would be complete without a sturdy eCommerce platform to support its growth ambitions. eCommerce platforms facilitate the sale of products online between merchants and customers. They have functionalities that range from web hosting, marketing, inventory management, payment processing, and order fulfillment.

In other words, your eCommerce platform brings your products to life and enables you to list online so customers can find them. Your eCommerce platform could take the form of an online marketplace, or it could be your own eCommerce website. Remember, the type of eCommerce platform you select will depend on your business objectives, as well as the solutions you already have in place. This is because some platforms may offer similar functionalities as other tools you already have.

A range of some of the leading eCommerce platforms: 

_ecommerce-platforms

Multichannel listing tools

In the current eCommerce climate, making sure your products get found wherever customers are looking is one of the best ways of maintaining a competitive edge. Multichannel listing tools enable you to take advantage of the growing number of sales channels. Each sales channel essentially has its own search engine. Just like Google, there’ll be certain requirements you need to meet to ensure your products get surfaced in customer searches.

marketplaces

Multichannel listing tools automate the process of gathering all the variations of your product data for multiple channels. Overall, this means it’s super easy to ensure you meet all the specific requirements of the different sales channels you’re listing on. So, whether you’re listing on Esty, TikTok, or Amazon, you can serve customers totally accurate and consistent product data.

Here’s a range of multichannel listing tools

multichannel-listing-ecomm-tech-stack

Payment processing

To guarantee the best online experience, you need to ensure the entire process is totally seamless from start to finish. This includes the payment process, which is why it’s vital to have robust payment processing systems in place. Around 50% of people will abandon a purchase if they can’t access their preferred payment method, so having a variety of options will likely contribute to lower cart abandon rates.

payment-methods

Some eCommerce platforms offer payment processing services, so depending on how your eCommerce tech stack is set up, you might not need to look at other options. However, if this isn’t the case, you need a means of accepting online payments from your customers. Payment processing platforms enable you to accept payments in different currencies and from multiple sources. This will include credit/debit cards, digital wallets, PayPal, and sometimes even cryptocurrencies. There will also be systems in place that will protect your customers’ payment data.

Check out some of these payment processing platforms

payment-processing-ecomm-tech-stack

Next steps

Yes, there’s a lot to digest. And yes – subscription fees can soon build up. Like we said, your business and visions are unique, so it’s likely your eCommerce tech stack will be too. To add to that, it can be a case of trial and error. Before committing to certain solutions, it’s always good to see if you can test them out with a free trial.

Most importantly, you need to clearly define your objectives, where you want to go, and how long you want it to take. When choosing a platform, you can also consider reaching out to peers in your industry. This will give you an idea of the tools that are most suited to your industry. You can also check out reviews from dedicated software sites like G2 and Captera.

All in all, there are always going to be tools that have similar functionalities to the other ones you’re looking at. So, it’s well worth doing the research as it can end up saving you a pretty penny! Building your eCommerce tech stack is the first step in enabling your business to thrive and achieve eCommerce excellence. Pretty exciting, right?

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Pimberly Partners with Umbraco

We’re pleased to announce our new partnership with Umbraco, a dynamic CMS platform that enables businesses to create the ultimate digital experience. This partnership provides some exceptional capabilities for Umbraco users to harness the power of Pimberly’s PIM and DAM features. Furthermore, it connects our customer network to another top player in the digital landscape.

Driving the ultimate digital customer experience

Umbraco delivers totally flexible and customizable offerings for each of its 750,000+ users. Its dedicated partner system drives success thanks to the established ecosystem of experts that take the solution forward. As such, the platform delivers everything it needs and more to a wide range of customers across many sectors.

Umbraco is a large player in the composable commerce space. It believes achieving top digital experiences requires a suite of independent tools that can scale and connect. So, with its Digital Experience Platform (DXP), customers have full control over their eCommerce tech stack. In addition, customers can easily connect and scale with different integrations to fit their specific business needs.

Overall, Pimberly’s highly flexible integration capabilities make us a great addition to Umbraco’s partner ecosystem. Our partnership offers Umbraco users a best-of-breed PIM/DAM solution that supports the ultimate customer experience with powerful product data.

Better together

At Pimberly, we get excited about partnerships that really make sense. And it quickly became clear that the benefits of our partnership were aligned and also enhanced by our joint offering.

Pimberly’s powerful automation enables customers to accelerate their time to market, with accurate, enriched, and optimized product descriptions and imagery. As a result, combining this with Umbraco’s simple and intuitive editing experience, you can slash time to market two-fold.

Furthermore, effective SEO and multilingual capabilities are two other areas that both Pimberly and Umbraco prioritize. Both systems’ functionality enables customers to personalize and optimize products and extend their reach across multiple channels and geographies to drive eCommerce success.

Browse the full range of benefits for Pimberly and Umbraco to delve a little deeper into the value of our joint offering.

Looking ahead

As Pimberly gears up its US expansion with our new office in NYC, we’re expanding our partnership channels and forging connections with best-of-breed companies in the eCommerce space. Umbraco is a fantastic addition that will provide Pimberly customers with like-minded solutions to drive growth across the UK, the Nordics, and the US.

Are you a forward-thinking tech business working in the eCommerce landscape? If so, we’d love to tell you more about our partnership program!

eCommerce-conversion-rate-optimization (1)

Guide to eCommerce Conversion Rate Optimization

eCommerce conversion rates are one of the critical metrics most businesses selling online will be keeping a close eye on. The objective of conversion rate optimization is to get as much value as possible from the web traffic you generate. In other words, it’s not necessarily about increasing the amount of traffic you have but driving more value from the potential customers visiting your eCommerce site.

There are a bunch of benefits you can gain from implementing a winning eCommerce conversion rate optimization strategy. Firstly, you can drive more Return on Investment (ROI) from your marketing spend. Secondly, you can also drastically reduce the Cost Per Acquisition (CPA), amongst other things such as increased online revenues.

The way you have to look at it is – if a customer lands on your product page, they’re likely a high-intent visitor. So, you need to make sure you have everything working in your favor to make sure you convert them from browser to buyer. Now, before we dive in, let’s take a look at what CRO is, and how to calculate your conversion rate.

What is the eCommerce conversion rate?

The eCommerce conversion rate is calculated by dividing the number of conversions (transactions) by the number of website visitors. You then multiply by 100 to get the conversion rate percentage.

So, if you had 1,500 visitors per month, and converted 50 of those visits, your conversion rate would be 3.3%.

[50/1,500] x 100 = 3.3%

eCommerce-conversion-rate-optimization

A higher conversion rate means more site visitors are being persuaded to buy something, which is the whole point of CRO.

The typical eCommerce conversion rate is notoriously low. As of April 2022, it was 1.72% across all industries, and it will vary from industry to industry. As it’s so low, it’s no surprise a lot of focus goes into optimizing every aspect of an online store to generate product experiences that lead to more sales.

The key factors of eCommerce conversion rate optimization

Conversion rate optimization involves ongoing effort and incremental changes to improve the customer experience. There are also certain tools and techniques you can use to improve eCommerce conversion rates. Essentially, it’s all about determining what a high-performing web experience looks like.

Conversion research – This is where you can use analytics tools to see how potential customers are behaving on your eCommerce website. Google Analytics, HotJar for heat maps, and visitor recordings will help you pinpoint the areas for improvement.

Personalization – The future of eCommerce is largely based on personalizing the online experience you deliver. Typically, personalized experiences can improve online conversion rates by 8%, so it’s definitely worthwhile.

Good user experience (UX) – Consumer expectations are continually on the rise, and you need to make sure you’re meeting and exceeding those expectations to stay ahead of the game. Make it super quick and easy for customers to find all the information they need to make informed buying decisions.

Website persuasion – Ensure you’re using copywriting best practices and provide detailed and engaging product descriptions to boost customer confidence. High-quality and varied digital assets will also help customers engage with your brand and your products.

How to increase eCommerce conversion rates

Right, time for us to dive into how you can go about increasing your conversion rates. Sit back and get ready to learn everything you need to know about getting the most from your web traffic.

SEO

Creating a strong Search Engine Optimization (SEO) strategy is the first step you can take to boost your conversion rates. You can’t convert web visitors if you aren’t generating web traffic! You want your product listings to display as high as possible in SERPs. To make sure that’s the case, you need to make sure you’re using the right keywords to ensure your products get in front of the right people at the right time.

Meta descriptions are a key SEO component, and they’re also key in improving conversion rates. It’s the first bit of text a customer sees in their search results, so it’s going to determine whether or not they click through to your site. Ensure your meta descriptions clearly set out what the customer can expect to see once they’re on your product detail page.

Digital assets enable customers to visualize your products, so they clearly play an important role in the buying decision. From an SEO perspective, you need to ensure they’re optimized with keywords featuring in the ALT tags. This will guarantee them a spot in image search results and will drive more potential customers to your site. It’s also important to re-size them whilst retaining their quality so your site speed isn’t affected. Video is definitely something you need to include on your product page as it encourages customers to spend longer on your site (an important ranking factor) and it helps customers see your product in action.

SEO-for-ecommerce

Site structure

A site that’s easy to navigate will provide a much better customer experience. In eCommerce, consumers expect to find what they’re looking for quickly. It should take a web visitor no more than three clicks to land on the product they’re looking for. The average consumer has an attention span of about four seconds, so it’s imperative to quickly capture their attention and pique their interest.

Having clearly defined product categories will help you structure your site in a way that’s logical for the customer. In addition, search engines love structured sites, so you can improve the customer experience whilst boosting your SEO ranking. Overall, the simpler and more straightforward the online experience is, the more likely a browser will convert to a buyer.

Hyper-personalization

Personalized shopping experiences generate higher revenues, but you can take it a step further and offer a hyper-personalized experience. Whether you sell B2B, B2C, or D2C, your messaging needs to resonate with your audience. By leveraging technologies such as Artificial Intelligence (AI), you can gather tons of data that helps you tailor the experience to your customers’ specific needs and interests.

For instance, you can look at previous browser or purchase history to understand what their interests are. Using this, you can then serve potential customers with intelligent product recommendations you know they’ll love. Alternatively, you may want to provide different product descriptions and digital assets depending on demographics. This may be based on age, gender, ethnicity, or different use cases.

hyper-personalization

Product page design

Your product page is the eCommerce equivalent of your shop window, and it’s a key page as it leads to a transaction. It’s where the magic happens, so make sure you’re giving potential customers all the information they need to make fully informed buying decisions. It’s about instilling your customers with confidence. Be sure to include social proof to reinforce this, such as user-generated content or product reviews from previous customers.

Provide information around deliveries and returns on your product page so they’re not taken aback at checkout. Moreover, it’ll massively reduce cart abandons as well as increasing your conversion rates. Another great way of persuading a customer to buy is to create a sense of urgency or scarcity. Show stock levels and clearly highlight if they’re low. You can also use countdown banners to show when a promotion is ending, or when next day delivery will be available until.

Write targeted and detailed product descriptions and offer the choice to see a shorter or longer product description. Where applicable, you should also include trust symbols like certifications, Trustpilot ratings, and payment card logos. We also spoke about the importance of having quality digital assets to move customers through the buyer journey. Video will be especially important as it enables the customer to visualize the product and see it in action.

Lastly, make sure you have clear CTAs to guide the customer from one stage to the next. Try using contrasting colors to make them stand out because, after all, you want them to hit add to cart and buy now!

product-page-whitepaper

The checkout page and process

You’ve done all the hard work to get your customer to the checkout point, so the last thing you want to do is lose them at the last hurdle! It needs to be as simple as possible, and you need to ensure you’re providing a good range of payment methods. Around 50% of consumers will abandon a purchase if their preferred payment method isn’t available, so cover all ground.

Keep form fill details to a minimum and make sure data auto-completes for any returning visitors. You should also offer guest checkout options so customers don’t have to spend tons of time filling in their details. Remember, the whole point is that the experience should be quick and convenient!

To further reassure customers who are just about to convert, you can add reassurance copy to the CTA. this might include confirmation of delivery timeframes, money-back guarantees, or your privacy policy to let customers know how you’ll use their personal details. These factors will all help nudge your customers towards a conversion.

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Other considerations

As well as optimizing your product detail pages, you should also consider optimizing other key pages on your eCommerce website. Think of your homepage and any blog posts too. These are all pages your customers will interact with, and it helps them form a bond with your brand and products.

Last year, over 50% of eCommerce transactions took place on mobile. Make sure your customers have consistent experiences regardless of the device they’re using. Your product page view and digital assets should all be optimized for mobile to guarantee higher conversion rates.

How PIM helps with conversion rate optimization

A central repository

Product data comes from many sources: ERP systems, spreadsheets, suppliers, etc. Storing and managing everything in one central hub means you have quick access to the data you want to optimize.

Optimizing products is much easier when you’re working from a central location. With PIM, you can give relevant team members access to the data they need so they can focus on their respective areas of expertise. In turn, you can ensure customers are provided with totally accurate and high-quality product data. This will build their confidence and arm them with all the information they need to make informed buying decisions.

The Pimberly PIM has visual dashboards that enable you to quickly identify any gaps in product data. When this is the case, an automatic notification will be sent to the relevant team member

Give your product data superpowers: Automation!

Dealing with large volumes of product data is time-consuming. Automation is crucial for helping businesses scale this process. This is achievable through the creation of workflows.

pimberly-workflows

Workflows within Pimberly enable you to concentrate on creating product campaigns that generate more sales. In other words, you can be more productive instead of constantly checking for gaps in data.

You can also use workflows to control different stages of the product enrichment journey. If a fashion company wanted to optimize a shirt for search engines, they could create an approval rule. Before the shirt could go live, a relevant team member would need to check to make sure the right keywords had been featured in the product description. As a result, consumers would be able to find the shirt easily during an online search.

Analyzing customer behavior

The flexibility of a PIM system enables you to integrate with other systems and analyze customer behavior. For instance, you can take stock data from an ERP to determine what products consumers are buying most. Then, you prioritize the enrichment of your best-selling products with PIM.

Moreover, you can utilize PIM to create offers for high-selling items. This could involve setting up cross-sell or upsell opportunities. It could involve updating product categories and improving the structure of an online store.

As new technologies arrive and customer expectations change, you can look toward creating smarter conversion optimization techniques. Product information is an essential part of that process.

From creating better product pages to developing personalized shopping experiences, the conversion opportunities with product data are practically limitless.

CTA-1-min-pimberly-intro

*We always want to make sure we deliver the highest quality content, which is why we updated this blog in May 2022. This blog was originally published in December 2019. 

ecommerce-marketplaces

How to Create a Winning eCommerce Marketplace Strategy

Creating a winning eCommerce marketplace strategy will bring you plenty of benefits – if you get it right. eCommerce marketplaces have exploded in recent times and they accounted for 67% of global online sales in 2021. Some of the largest marketplaces in the world generate billions of customer visits each month. So, before we outline how you can reap the multiple benefits of marketplaces, let’s take a look at what we’ll be covering, as well as defining what an eCommerce marketplace is, and how it differs from eCommerce!

In this guide, we’ll be covering the following:

  1. Why you should consider selling on marketplaces
  2. Choosing the right eCommerce marketplace
  3. The top eCommerce marketplaces
  4. How to prepare your products to sell on marketplaces
  5. Other considerations
  6. Key takeaways

Are you in Fashion & Apparel or Homewares?

Check out these handy resources on the best marketplaces for your specific sector:

 link-to-online-fashion-marketplaces

 link-to-homewares-marketplaces

 

Marketplace vs eCommerce

Think of an eCommerce marketplace as the online equivalent of a department store. Customers can go there, compare different products from different brands, and buy everything they need in one place. If we do the same for eCommerce, you’d compare it to a customer going to a specific shop for certain items.

In other words, the difference between eCommerce and marketplaces is that a marketplace is a website where multiple vendors sell multiple different products. On the other hand, an eCommerce website is where a single vendor sells online to multiple customers. The beauty of having both an eCommerce site as well as a presence on eCommerce marketplaces is being able to massively extend the reach of your products. Not only are you reaching more potential buyers, you can also enter new territories with speed and ease.

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Why you should consider selling on marketplaces

eCommerce marketplaces are growing in popularity as they offer potential customers a quick and convenient online shopping experience. Furthermore, there’s plenty of variety, which is exactly what customers are looking for. Customers benefit from effective site searches right through to easy delivery and returns. So, there’s no wonder online marketplaces are fast becoming the preferred online shopping option.

With this rising popularity, it’s barely a surprise that nearly 40% of all product searches took place on Amazon in 2021. Online marketplaces represent a massive opportunity for any business looking to take its eCommerce strategy to the next level. As well as having access to a fast-growing audience, there are plenty of other benefits of creating a successful eCommerce marketplace strategy. Here’s a quick outline:

Business benefits

Increased revenues

When you list products on multiple sales channels, you can drive significant revenues. Research from Shopify states that eCommerce businesses that sell on marketplaces, and social who optimize for mobile can generate revenues 190% higher than businesses that don’t. So, it’s a no-brainer if you’re looking to ramp up your online sales strategy.

International expansion

Online marketplaces provide networks and systems for global eCommerce. Everything from translated websites, good search authority, fulfillment, and shipping are often handled by the marketplace. If you’re looking to test out a new market, online marketplaces are a great option without committing to a whole international operation.

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Existing marketing model

You can benefit from a large customer base and robust marketing programs with online marketplaces. Access quality data about your customers to offer a much more effective and personalized experience. You can also drive higher conversions with abandoned cart email reminders and promote relevant product categories.

Improved product visibility

Online marketplaces have their own internal search engines to help users easily find what they’re looking for. Large and established marketplaces, such as Amazon and Zalando, are highly authoritative sites with lots of traffic. Consequently, they often rank much higher in organic product searches than smaller eCommerce sites, so it’s a quick win for organic customer acquisition.

Create customer trust

The growing popularity of online marketplaces has led to consumers becoming more familiar with them. As a result, customers build trust with the marketplace which is then transferred to your brand and products. If we take Amazon as an example, 89% of customers said they’d be more comfortable using Amazon over other eCommerce sites.

Choosing the right eCommerce marketplace

Depending on your business model, you’ll need to ensure you choose the marketplace that’s right for you and the objectives you want to achieve. For instance, you may want to A/B test the success of a new product. Alternatively, you may have EOL stock you want to clear quickly. Or, you may just want to add new online revenue streams by reaching more customers and entering new markets.

When deciding on the online marketplaces you want to sell on, here are some of the things you’ll need to consider:

  • What are the key customer personas you want to target and where will you reach them? For instance, B2B buyers won’t necessarily shop on the same channels as B2C or D2C consumers
  • The type of products you want to sell on marketplaces. Again, there are sector-specific marketplaces that simply won’t be compatible with your product range
  • Where are your competitors are selling? Chances are, if they’re present on a marketplace, you should be too. On the other hand, if they’re not on a marketplace you’re considering, this could give you the opportunity to “own” the space. A good place to start would be to search by product category to identify your gaps.

All of these factors should form the backbone of your decision-making when it comes to choosing an eCommerce marketplace. So, to give you an idea of the different options out there, we’ve compiled a list of some of the top marketplaces. This is broken down by marketplace type, region, and industry.

The top eCommerce marketplaces

There are hundreds of established online marketplaces. Whatever you’re selling, or whoever you’re selling to, there‘s sure to be a perfect marketplace for your business. Consider the audience and locations that you’re trying to reach, and research what marketplaces operate in those areas.

Quick Tip: You’ll often find relevant marketplace listings in the search engine results for your own products. If you’re after those search impressions, the marketplaces will be too! To summarize, you need to get searching for your best keywords in the areas you want to grow.

Global

Global

Amazon – Needs no introduction: the world’s largest online consumer marketplace, with an unparalleled global distribution network and over 5200M monthly visits. 

eBay – what started as the world’s first online auction site is now a marketplace that generated $21.3 billion in revenue in Q1 of 2020. It generates 1700M monthly visits and has 174M, active global shoppers.

AliExpress – Owned by the Alibaba Group, AliExpress serves 230 different countries and regions. In January 2021, this cross-border eCommerce platform generated 528M monthly visits. 

USA

USA

Walmart.com – This household name in the US had global net sales of $555BN in 2021 and generates 410.3M monthly visits. 

Target.com – Similar to Walmart, Target is a household name in the US and has made huge leaps in the world of digital commerce. 182.2M customers visit Target.com every month.  

Poshmark – This online marketplace is dedicated to fashion and has over 75 million product listings. Every month, Poshmark attracts 46.9 customer visits. 

Asia

Asia

Rakuten – This multi-national eCommerce company based in Japan had almost 120 member ID’s in Q4 of 2020. It has 575.8M monthly visits and generated revenues of $13,682M in 2020. 

Shopee – Headquartered in Singapore and founded in 2015, Shopee is considered the leading eCommerce platform in Southeast Asia and Taiwan. The monthly visits amount to an impressive 457.9M. 

Taobao – This is one of the go-to online shopping destinations for Chinese consumers. In FY 2021, it generated $853TR and receives 329.4M monthly visits.

Europe

Europe

Trendyol – This is the largest eCommerce platform in Turkey and sells over 70 million products every year. This top online marketplace in Europe sees over 206M monthly visits. 

Allegro – Based in Poland, Allegro is one of the most popular eCommerce platforms in Europe. Marketplace sellers on this platform can benefit from exposure to 190.2 monthly customer visits. 

Zalando – In 2019, over 145M orders were placed on Zalando. As a key player in the world of fashion eCommerce sales, it’s unsurprising this platform has nearly 135M monthly visits.

B2B

Like B2C buyers, B2B customers are increasingly looking for convenience and functionality in their shopping experiences. Another thing to note is that they often have extra requirements around payment and purchase approval processes. Marketplaces focusing on this type of buyer cater specifically to these requirements and it’s a rapidly growing sector.

Alibaba.com – the original B2B marketplace offering from Alibaba Group, the world’s largest online retail entity. Although based in China, Alibaba is a truly global marketplace, offering product categories from health & beauty to industrial parts & tools to business buyers.

TradeWheel – US-based TradeWheel sells chemical, energy, and machine products and has 1.7 million sellers worldwide. It connects brands with suppliers in over 240 countries.

Amazon Business – already having access to a huge consumer market, Amazon has also tapped into the business purchasing power of its users, with corporate-focused features.

B2C

Nowadays, consumers are looking for speed and convenience when it comes to the online shopping experience. Some of the most popular B2C marketplaces include:

Wish – Wish is a leading mobile-based marketplace that has 300M shoppers worldwide, with mostly low-value fashion & home goods.

CDiscount – a French discount marketplace with over 1M daily visitors

Bol.com – One of the Netherlands’ largest online stores, selling a broad range of home goods from school supplies, to electronics and car accessories.

Product-Specific

Unlike the so-called ‘mega marketplaces’, trying to do everything for everyone, more niche marketplaces are starting to appear. they focus on the specific customer experience needs of a particular industry or product category:

Wayfair – A global marketplace selling furniture and homewares at all price points. Wayfair offers highly specialized internal search/filtering/navigation that gives an excellent user experience.

Not On The High Street & Etsy – UK marketplaces that focus on bespoke/handmade and gift items, that are, you guessed it, hard to find in conventional high street stores.

We’ve only touched the surface here. Webretailer has created our favorite resource about all the different marketplaces out there, so check that out for a much more detailed list!

How to prepare your products to sell on marketplaces

The more sales channels you have, the more product data you’ll be dealing with. This is because it’s essential that you tailor product information and digital assets to meet the specific requirements of certain channels. For instance, selling on Facebook Marketplace will be totally different from selling on a B2B eCommerce marketplace.

Each marketplace essentially has its own search engine which will be reliant on product listings meeting certain requirements. If your product listing doesn’t tick all the boxes, your competitors’ products will appear above yours, which is no good. This is why ensuring all your products and digital assets are optimized is key.

Winning with SEO

There are tons of features that give you the power to optimize everything from one central hub. Think keywords, and metadata, right through to the Alt. Text on your digital assets. Because you’re working from one central hub, your SEO team can quickly and easily access everything they need. Moreover, you can connect your PIM with all your SEO tools such as SEMrush or Ahref. As a result, your keywords will always be up-to-date and you can even check the readability of your product descriptions.

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Accuracy and consistency

Lifecycle stages also enable you to determine criteria that your product data must meet before it’s published. You can also use workflows to notify relevant team members when there’s missing information or if action is needed. This means you’ll never publish a product with missing or incorrect information – it’ll always be totally accurate and fully optimized. This massively increases your chances of gaining a wider audience and overall better results.

As the old saying goes, consistency is key. Customers expect to have a seamless brand experience regardless of the channel they’re shopping on. PIM gives you full control and visibility over your product data with visual dashboards, so creating consistency across all sales channels is super straightforward. This is where your lifecycle stages and workflows will play a vital role. They will enable you to determine which data is pushed out to your various sales channels. Moreover, you can create automated notifications if/when any updates need to be made before your product goes live.

Catering to different audiences

If you’re selling items on a marketplace that operates across different geographies, you need to give customers the option to shop in their native language. All aspects of your product data need to be translated, from currencies to sizing, and of course your product descriptions. With Pimberly, you can even scope different product attributes depending on the country you’re selling to.

Scoping capabilities are also particularly useful if you’re looking at moving between B2B, B2C, and D2C. The messaging for each of these audiences is massively different. Personalize what they see with the power of PIM and online marketplace success will soon follow.

Marketing and promotions

In terms of digital marketing opportunities, you can access some really great features, especially with some of the larger marketplaces such as Amazon, eBay, and Google. Once approved as a third-party seller, you’ll have access to tons of tools that will enable you to get your products in front of the right people at the right time.

Selling on eCommerce marketplaces gives you access to a vast array of marketing and promotional opportunities. Firstly, if you’re looking to clear large volumes of EOL stock, marketplaces offer a great opportunity to do this. You can apply lower prices to sell larger volumes, without causing damage to your brand reputation on your eCommerce site. To add to that, you can get all your promotional product data ready well ahead of time, and ensure everything is locked and loaded, ready to launch at a moment’s notice within your PIM.

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Other considerations

There’s a lot to consider when embarking on or enhancing your eCommerce marketplace strategy. Firstly, there’ll be associated costs with getting set up on eCommerce marketplaces that you need to work into your budget, So, make sure you’ll be generating enough Return on Investment (ROI) to justify listing products on the marketplaces you’re considering.

Fulfillment is another key consideration when selling on marketplaces. The marketplace will often take care of all aspects of fulfillment on your behalf. This ranges from storage to delivery, right through to dealing with product returns. For any eCommerce business, this is certainly very appealing, but it will require stringent stock management from an internal perspective.

Key takeaways

Do your research – Find the right marketplace/s for the customers you want to reach. It’s also important to ensure its features align with your business objectives.

Put your best foot forward – Follow best practices for your chosen marketplaces, and test what works best if possible. Marketplace users can behave differently than on single-vendor sites, and marketplace SEO is a growing topic of discussion.

The world is your oyster – What other features of the marketplace can you take advantage of to grow your business? Most larger marketplaces offer online shop-fronts, run internal ad networks, as well as their own marketing programs.

Product Information Management (PIM) solutions are designed to enrich product data for multiple sales channels & marketplaces. You can set up new sales channels in a matter of minutes and it’s a total breeze, which means you can aim for complete eCommerce success!

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*We always want to make sure we deliver the highest quality content, which is why we updated this blog in May 2022. This blog was originally published in September 2020. 

online-fashion-marketplaces

Top 10 Online Fashion Marketplaces

Online fashion marketplaces are a great way of boosting online revenues, increasing brand exposure, and clearing inventory. To help you grow your online operations, we’ve compiled a list of the top ten eCommerce marketplaces for fashion and apparel brands. Firstly, let’s have a look at the increasing popularity of online marketplaces:

  • Two-thirds of online shoppers prefer to shop with brands that have a presence on marketplaces
  • In 2021, 67% of global online retail sales took place on marketplaces
  • 70% of global consumers say marketplaces are the most convenient way to shop online
  • The top online marketplaces accounted for 90% of all global marketplace sales

So, marketplaces clearly offer a massive opportunity for online fashion and apparel retailers. Marketplaces are giving brands more control over the front-end presentation, so you can create truly amazing product experiences. As such, you can take advantage of the same elevated merchandising opportunities that are on par with, or superior to, your own eCommerce site. These quality marketplace storefronts enable you to create a new home for brand discovery, interaction, and storytelling.

Read on to find out more about the top fashion marketplaces, or skip ahead with the list below:

  1. ASOS
  2. Amazon
  3. Debenhams
  4. Depop
  5. FarFetch
  6. Lyst
  7. Next
  8. Yoox Net-A-Porter
  9. Zalando
  10. ZALORAonline-fashion-marketplaces

The top 10 online fashion marketplaces to sell on

Now, let’s get to the good part and dive into the online fashion marketplaces you can sell on and reap the benefits it brings.

1. ASOS

Since its inception in the early noughties, ASOS has been on the discovery path of fashion and apparel marketplace excellence. With over 850 third-party brands, ASOS delivers an extensive choice of product categories to online shoppers.

  • 23 million active customers worldwide, 7.1 million in the UK
  • 85,000 unique products
  • Shop the look, review, and recommended product features

asos

2. Amazon

Although not an exclusive Fashion & Apparel marketplace, selling on Amazon remains an increasingly attractive space for these brands. Its overshadowing presence amongst marketplaces makes it one of the most visited websites in the world. In fact, a quarter of all UK shopping in 20/21 happened on Amazon, and globally the business generated over $469 billion in 2021.

  • 300 million + active users
  • 10th most visited website in the world
  • Increasing flexibility in terms of brand image control through ‘Brand Experience Hubs’

amazon

3. Debenhams

A household name for decades, the high street retail giant ceased physical operations in 2021 and closed all physical stores. However, its online operations were acquired by online-only exclusive eTailer, The Boohoo Group. The Debenhams.com website generates over 300 million visitors annually. The integration of brands into the new structure is easy thanks to a Mirakl marketplace build.

  • Longstanding, and loyal customer base which are familiar with the Debenhams experience
  • £400 million in online sales generated in the last year
  • An increasing number of existing and new brands

debenhams

4. Depop

Depop hails itself as ‘the fashion marketplace app where the next generation comes to discover unique items.’ Its global community ‘buys, sells and connects to make fashion more inclusive, diverse and less wasteful.’ Originally a buy-and-sell platform, Depop has significantly evolved into a platform that has become much more meaningful, with an increasing volume of brands selling exclusive collections through the platform.

  • 30 million registered users in over 150 countries
  • 32 million items available for sale on Depop
  • 90% of users are under 26 and are drawn to diverse product assortment, sustainability, and social aspects

depop

5. FarFetch

The leading global fashion marketplace FarFetch delivers high-end fashions from across the globe. FarFetch connects customers in 190 geographies to items in over 50 countries housing nearly 1,400 of the world’s best brands, boutiques, and department stores.

  • A truly unique shopping experience and access to the most extensive selection of luxury on a single platform
  • FarFetch Platform Solutions offers brands and retailers a comprehensive set of tools that maximize potential in new markets, including demand generation, e-concessions, stock optimization, and creative options
  • Revenues of $1.7 billion last year, up 64% YOY

farfetch

6. Lyst

A fashion technology company and premium shopping app for brands and stores. Lyst’s goal is to power success online by driving meaningful direct sales within a highly trusted brand environment.

  • Recent modifications to the Lyst app contributed to a 1,100% growth in new users and last quarter, the Lyst app was the most downloaded premium fashion iOS app globally
  • 160 million users

lyst

7. Next

Next Marketplace, formerly known as Next Label, was established in 2006 as a solution to selling third-party sportswear online. However, this segment of the business has been growing exponentially in recent years. In three years, Next doubled the number of third-party brands on its site from 500 to 1,000. Forming partnerships with brands such as Reiss and GAP has enabled the marketplace to develop further relationships with UK shoppers.

    • 28.8 million visits per month
    • $464 million revenue in the year to January 2021 through Next Label
    • Next’s entire online segment contributed to 55% of its $2.2 billion in sales, up from 42% in 2017
    • Extensive logistic and eCommerce infrastructure gives retailers options when it comes to more than just posting products on the marketplace for sales

next

8. Yoox Net-A-Porter

Relaunched as a marketplace in early 2022, the Yoox Marketplace reflects the business’s broader transition to a hybrid operating model. It’s been designed to enhance the customer experience, expanding its brands and product offering. With current operations in 30 countries across Europe, the fashion and apparel marketplace has plans for expansion across the U.S., MENA & Japan.

  • 150,000 new items from 700+ brands
  • Sustainability focus through the ‘Good on You’ brand rating system that informs customers of the product’s credentials
  • 8 million mobile orders in 2020/2021

yoox

9. Zalando

Zalando originally started out as a local marketplace in Germany. It then quickly became the figurehead for fashion and apparel marketplaces in Europe. Zalando operates a highly sophisticated international operation that reaches 23 European markets. Moreover, it boasts 49 million active customers.

  • 5,800 brands and retailers currently operating on Zalando
  • Full control over assortment, price, and brand representation
  • 185 million orders were processed in the year 2020/2021
  • 100 days return policy for customers

zalando

10. ZALORA

ZALORA is one of Asia’s go-to destinations for the latest trends. Established in 2012, it is now considered Asia’s leading online fashion retailer. ZALORA is part of the Global Fashion Group and has been experiencing rapid growth since its inception ten years ago.

  • 20% growth of active customers as of Q2 in 2021
  • New brands joining ZALORA increased by 19% in 2021
  • Lists over 200,00 fashion, apparel, lifestyle, and beauty products

ZALORA

How PIM will help when using marketplaces to sell online

Now we’ve looked at some of the top players in online fashion marketplaces, let’s look at some top tips on how to sell more on marketplaces so you can take your eCommerce operations to the next level. We’re also going to outline the role Product Information Management (PIM) systems play, and how they can help you form a winning online marketplace strategy.

How to sell items on marketplaces with success

Whether you’re selling on a B2B marketplace, Facebook Marketplace, or on Amazon and eBay, you’ll need to ensure your product data hits all the specific requirements of each channel. If you don’t, your listings risk being overtaken by your competitors. Remember, convenience is one of the main drivers for consumers purchasing from marketplaces, so you need to make sure they can quickly and easily find your products.

This is where it’s super handy to have powerful scoping capabilities at your fingertips. For instance, you may need to store several variations of the same product description to ensure you meet the necessary word count. The same applies to your digital assets. For example, you need a minimum of one product image on Amazon. However, to get the best possible results, they recommend you provide six images and one video.

A PIM system totally streamlines this process, as it enables you to store any number of variations against a single product record. You can then specify which set of data should be published to your different channels. Streamlining this process will be especially important for fashion and apparel brands dealing with massive volumes of mega-complex product data. Overall, this will mean you’re product data is fully optimized for each marketplace’s search engine. In turn, this will mean you’ll be getting your products in front of the right people at the right time.

Pimberly streamlines many aspects of product data management. Moreover, you can maximize the potential of every product listed on your marketplace with powerful scoping and localization tools. From high-quality images to uber-rich product descriptions, Pimberly ensures all items look their best before they’re published to customers. So, you can be sure every online shopping experience isn’t missing a thing!

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