Through Pattern’s more than 10 years working with brands, we’ve discovered proven strategies for succeeding on ecommerce marketplaces. For brands looking for what to focus on in for marketplace growth in 2023, it all comes down to leveraging the right resources and maximizing your performance within the ecommerce equation: traffic x conversion x price x availability = profitability.
Pattern knows that achieving optimized performance in all these areas is easier said than done. As a global ecommerce accelerator, we layer our best-in-class technology and expert teams on top of your existing efforts to amplify your success across marketplaces. Read our top 8 ways to influence your growth in 2023 below.
1. Employ a data-driven traffic strategy
Traffic is a key element of the ecommerce equation. In 2023, it’s estimated that 63% of consumers will start their product research on Amazon, and the number grows every year. 80% of all clicks on Amazon happen on the first page of search results. 60% of clicks go to the top 3 ranked products, and 35% go to the product that has earned the first spot in search results. As the traffic grows, it’s crucial for your product to be present and optimized so that you’re the one earning those slots and getting in front of consumers.
2. Capture more than just existing demand
Top brands are maximizing their growth in 2023 by generating their own demand. By increasing their customer base, they both capture existing interest and traffic and grow that traffic through user-generated content and advertising on platforms like TikTok, YouTube, Instagram, and more.
3. Create content that converts
Creating great content for your ecommerce platforms can seem daunting, but success really comes down to making sure your images, videos, titles, and descriptions are all three things: engaging, educating, and connecting.
As consumers become more and more flooded with content, they’re spending less time on page and need more high-impact information to make fast decisions. Make sure your branding is dialed in to immediately convey your identity, demonstrate your products’ value, and convert visitors into customers.
4. Ensure your content is scalable
Performing well on ecommerce marketplaces takes consolidated information that is easy to access and share from one source of truth. If you’re slowed down by inefficient asset storage and can’t find, share, and store your content, you’ll be disadvantaged among your competitors in 2023.
5. Use an omni-channel strategy to drive growth and consistency
Brand control fuels growth. If you’ve got a problem with unauthorized sellers, you’re on the Profitability Death Spiral, or your ecommerce presence is negatively affecting your brick-and-mortar sales, you won’t be able to stay consistent and grow on ecommerce marketplaces. The best-performing brands will be optimized across marketplaces and have their brand presence under control.
6. Level up your Inventory Management
Another key component of marketplace growth is inventory management. A dialed-in inventory health and management performance strategy leaves you well-positioned to drive ecommerce sales. Brands who are focused on being in stock, pooling inventory, and becoming data obsessed will be leading the pack in 2023.
7. Plan for Global Growth
Do you have a strategy for where your products are headed next? Global ecommerce isn’t for the faint of heart, but it’s also not an easy transition from domestic sales. Start thinking about how you’ll perform globally now so you can start lining up the right pieces to make it happen.
8. Understand Your True Marketplace Costs
There are many costs associated with selling on ecommerce marketplaces, some of which are hard to immediately recognize. If you’re selling on Amazon, for instance, your Amazon P&L includes an Amazon purchase discount, your net Net Pure Product Margin PPM (purchase discount plus accruals), and other variable, on platform costs.
Off Amazon, you’re looking at paying agency fees, paying for legal compliance services, operations costs, employee count, and data providers. As you think about the resources you need at your disposal to perform well and grow on ecommerce marketplaces, consider whether working with an ecommerce accelerator is right for you.
Accelerate Your Marketplace Growth in 2023 with Pattern
When brands partner with Pattern, we know how to help them achieve the success they’re looking for on ecommerce marketplaces. We’re obsessed with our partners’ success and use a data-driven approach to see exactly what’s working or not within your strategy. With our expert teams, experience, and technology, we can help you grow in 2023 and beyond.
Contact us here to get started.