e-commerce marketplace

E-commerce 2024

E-commerce 2024 – Vision for the Future

To expect the unexpected thoroughly shows the modern intellect”. These words of Oscar Wilde feel so apt for the post-pandemic world of e-commerce. The ecosystem picked up pace in most unexpected times and pushed the boundaries and expectations beyond what anyone could prepare for. But as the dust settled the brands and platforms are now in an intense race to go beyond just providing convenience and quality. It is about optimizing customer experience and taking efficiency to the next level. 23%–25% year on year growth is expected in India’s e-retail market. By 2028, it will reach over $160 billion USD. (Source: Bain & Co. Report) 2024 is going to be the year where brands and platforms need to efficiently predict what customers need and match the pace of evolving digital commerce ecosystem. E-Commerce vision for the future – Next level customer experience The AI/ML is changing the world as we know it with rapid pace. Brands need swift actions and platforms need wider expansions as customer behavior and needs for enriched experience are evolving. Even the world biggest e-commerce marketplace is pushing it to extend its reach with launch of new features that engage customers like recently launched AI-Generated Review Highlights. It’s a short paragraph featuring most frequently mentioned product feature across written review highlighted on product detail page. Such value to customer sentiments build trust among the new shoppers and leave positive impression. It helps shoppers purchase decision and confidently navigate. It also eases the review submission process and help combat fake reviews. In last decade, Digital native brands selling online-first make up two-thirds of sales among top 10 global e-retailers. (Source: Bain & Co. Report) In past years platforms introduced several innovations some of them specific to the Indian market. This includes features like voice search, product video, and shopping interface in regional language, which helped double the users and its usage year-on-year (YoY). To elevate the shopping experience more platforms are moving towards emerging tools such as augmented reality (AR) and AI-driven solutions in 2024 allowing customers to virtually place products in real-world settings. Pushing for initiatives such as integrated live streaming, live promotions, product highlighting, and utilizing chat features for ease in shopping and handling grievances is making the shopping experience more interactive and engaging. Influencers bring in new shoppers and new revenue streams. Live streams by influencers covering domains like fashion, lifestyle, tech, gaming, home decor, beauty, and sports are new ways to advertise products and platforms. Various marketplace and D2C brands running an Influencer Program to monetize their content and open new shopping avenues. Platforms like TikTok and Instagram are turning into new e-commerce shops bringing extensive reach to shopping platforms. Challenges for Brands and platforms in 2024 The major challenge for brands in 2024 is staying ahead of the competition and exploring new markets. The competition across e-commerce and quick commerce landscape has always been intense but now it’s fiercer than ever. Shoppers now look to explore more options and strive for products that suit their lifestyle choices. Brands that have a wide presence in the physical retail space now moving online for not just sales but visibility in the digital landscape. D2C brands which have their own set of niche audiences are now pushing for online marketplaces to expand to new shoppers. The number of SKUs that need to be monitored has risen as multiple competitors are present across categories, sub-categories, geographies, platforms, and product variants. Real-time monitoring and ecommerce competitive analysis lead to better decision-making and more decisive strategies that help, understand competition, market trends, and customer behavior. Brands monitoring their products on multiple e-commerce quick commerce and e-commerce platforms and adhering to the platform guidelines to optimize performance is key to having as successful 2024. 1 out 3 shoppers are now Gen Z and Tier 2+ cities are dominating the market with 7 out of 10 online shoppers (Source: Bain & Co. Report) For platforms, the major challenge is optimizing efficiencies and enriching the customer experience. With multiple shopping options available across geographies, it is important for platforms to provide a customer experience that makes shoppers prefer their platforms. Quick commerce platforms are not just challenging the e-commerce platforms but also making their own space among shoppers. Quick commerce platforms are got wider acceptance in 2023 and looking to expand more inventory as they move into 2024 with rising presence and demand in tier-2 cities. Swift delivery and an expanding range of product categories have made them the talk of the town for the last-minute needs be it a party, festive celebration, or daily needs. The Final Thought Adapt, learn and keep moving forward. The world of digital shopping is evolving, customer choices and preferences are evolving with individuals looking for products that suits their lifestyle needs. Brands need to keep up with the trends and stay in tune with market dynamics with competitive analytics that provide real-time data and actionable insights that can help shape brands marketing efforts and data-driven decision making. 2024 is going to be a year of evolution where data and tech will drive efficiencies and take customer experience to the next level. What brand need is a digital commerce intelligence companion in 2024 to lead their ways. Get in touch with our experts for deeper insights. Reach out to learn more!

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Amazon Buy Box: 5 Ways to Win It

Buy Box is the fiercely contested prized possession of sellers in the eCommerce arena. The battle is for the shoppers’ attention as sellers’ success and growth on the eCommerce platform mostly depend on it. According to a research report, approximately 82% of all sales get converted due to the Buy Box. The fact clearly, reflects why every seller seeks Buy Box on the eCommerce platform. Amazon Buy Box is the most coveted need of every seller on Amazon, the world-leading e-commerce Marketplace. So, take a closer look and find out how to win an Amazon Buy Box. What is Amazon Buy Box? Simply put, it’s a CTA that takes a shopper directly to the purchase page and leads to a swift purchase. But not every seller has it. Let’s first understand why it’s so valuable and what makes sellers eligible for a chance to win the buy box. Amazon has mainly 5 types of sellers – Manufacturer & Direct-To-Consumer (DTC) Brands, which Produce and sell their products under their brand names, Private Label Brands, which Sell products manufactured by a third party under a different brand name, Factory Brands, sourced from often overseas factories and go direct to global consumers with more often at comparatively lower prices, Resellers, who buy products in bulk and often sell them at a higher price to make a profit and Aggregators, Companies that purchase multiple Amazon brands to consolidate and grow them. Broadly they can be put into two selling methods Amazon itself, 1st party sellers sell wholesale to Amazon and Amazon acts as the retailer selling to customers, and 3rd party sellers sell directly to customers via the Amazon Marketplace. Buy Box quickly takes shoppers directly to the purchase page, avoiding spending time considering whom they are buying from Amazon or 3rd third-party seller. Only businesses with excellent seller metrics can win an Amazon Buy Box. Not every seller is eligible to win a Buy Box. Why it is important? Nearly 80% of all Amazon’s sales come via the Buy Box. In 2021, $389 billion worth of sales among net revenue of over $469 billion came from Buy Box purchases. This clearly, reflects Amazon Buy Box Win boosts sales. Sellers must meet the following metrics* to win the Buy Box: ​Key Matrices Requirement Order Defect Rate (ODR) < 1 % Cancellation Rate (CR) < 2.5 % Late Dispatch Rate (LDR) < 4 % Valid Tracking Rate (VTR) > 95 % On-Time Delivery Rate (OTDR) > 97 % Invoice Defect Rate (IDR) < 5 % *Subject to changes as Amazon keeps raising the bar on eligibility to win Buy Box. 5 Ways to Win Amazon Buy Box Sellers having significant order volume and quality products can strive for Buy Box. Here the quality of products is measured via Seller Controllable Return Rate (returned or refunded due to product-related issues) and Customer feedback & ratings. Amazon keeps on raising the bar, The digital e-commerce Seller needs to ace the performance matrices to boost their chances of achieving more Amazon Buy Box wins. Here are a few ways sellers can boost Amazon Buy Box win percentage. High-quality products: A genuine and high-quality product can delight the shoppers reduce return requests, curb defects and enhance customer ratings which lead to higher chances of Buy Box wins. Optimize Products Listings: Product listings are like the physical storefront, where shoppers get attracted by the looks, title, and description. Create product pages accurately with high-performing keywords, bullets in descriptions with product features, and high-quality product images. Cataloging and categorizing products are also crucial to avoid customer confusion. Offer competitive pricing: According to Amazon, you can automatically increase your chances of winning the Buy Box by listing your product within 5% of the current Buy Box price. Optimize Delivery Turn Around Time: Amazon customers expect to receive their orders by the estimated delivery dates and delivery leads to a higher win box %. Respond to negative feedback: High rating & review leads to a higher boy box win percentage. Amazon always strives for a high customer satisfaction level. 92% of customers say they will buy again from a brand if the returns process is easy. That’s exactly what you need to focus on by offering hassle-free returns and exchanges, leading to a positive return experience. Final Thoughts – Keep Your Eye on The Digital Commerce Landscape The bottom line is performance optimization is key to upswing Buy Box win percentage. The massive product range and variants on Amazon means cut-throat competition. A pinch of slip-up by brands and sellers can lead to a loss of sales and customer drop-off. To prevent such fallacies and boost chances to Buy Box wins brands and sellers must plug in e-commerce analysis. Keep an eye on multiple product performance matrices like product share of Shelf, visibility share, the content of product page, product stock availability, pricing, delivery turn-around-time, etc. The actionable insights and dynamic dashboard of mScanIt, an e-commerce competitive analysis can help brands optimize their customer journey on multiple touchpoints. It keeps track of sellers’ performance and Buy Box wins across geographies and digital commerce platforms. The Buy Now button on the product page is the ladder that takes your product to the top amidst the vipers of competition waiting for you to slip up. eCom is not a game of snakes & ladders it is a place where data-driven decisions thrive and earn multi-fold sales with Buy Box wins. Get in Touch for more information about Amazon buy box.

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Price Not Visible on Keyword Search Results: How it Happens and What Can You Do About It?

Have you ever come across products without price tags on e-commerce platforms? Well, it happens a lot and causes a lot of distress. Price tags on online shopping stores hold the capacity to captivate the attention of millions of potential buyers and increase online sales/revenue. When the price of a product is not shown, the consumer might choose other options or platforms, as the buying intention remains consistent. Moreover, listings without prices may diminish the search rank on the keyword search results of an e-commerce platform. Most online shopping stores offer products in stock, with prices and titles to entice buyers. The collaborative effort of the brand and the e-commerce marketplace enables higher revenue for both. The price of a product is not shown if some other seller has won the buy box, the product is out-of-stock, or the seller is facing disputes in the e-commerce marketplace. It could also happen due to a technical issue or enlisting a wrong option/variant of a product listing. Neither of these scenarios is good for a brand. What’s more? Products without price tags that rank high on keyword search results are wasting your marketing efforts, as they are stealing the position of your product variants that have price tags. Sure, they are generating brand awareness but they are diminishing the impact of potential revenue or sales from an e-commerce platform. Moreover, products without price tags on keyword searches of an online shopping store give an edge to your competition, as they have price tags and become more enticing for a consumer before making a final buying decision. So, what can you do about it? 3 Ways to Avoid Invisibility of Price Tags on E-Commerce Platforms The global e-commerce retail sales figure is bound to reach $7.4 trillion by 2025. Imagine the loss your business can face by not paying attention to products without price tags on e-commerce platforms. How to resolve this problem? Here are three ways: – Manage Stock Availability Did you know that 39% of U.S. retailers are very concerned about stockouts during the holiday season? The impact of out-of-stock is directly linked to global supply chain disruptions. In the past few years, our clients have discovered that stockouts also happen during the rest of the year. One of our FMCG customers was facing 65% unavailability of products until it started reviewing and analyzing availability at pin code, SKU, platform, category, and other levels. Post-analysis, the brand took measures to resolve the problem by informing the respective Key Account Managers and Category Managers of their e-commerce marketplaces. Their actions resulted in the higher engagement of product listings with the target audience and conversions/revenue. The stock unavailability diminished to less than 30% in nearly three months after taking action. However, the availability of products also resulted in the visibility of the price tags. So, whenever consumers look for specific items under multiple categories or sub-categories of the e-commerce marketplace, they can compare the brand product price to the competitors before making a final purchasing decision. – Optimize the Product Pages Most people will ignore products without price tags on keyword search results. Therefore, you should also ensure that search results of the digital shelf always have variants. How can you manage this? Is it impossible? Well, No! You could probably check the keywords working for your product listings and rank new product variants at the top of the digital shelf results by using them. However, it will take time to rank and will depend on the product page optimization results too. Use the top-performing keywords in the product listings currently in stock across multiple geo-locations. Our solution, e-commerce analytics tool, mScanIt, monitors the Share-of-Shelf of your brand vis-a-vis the competition. You can check the average page position of your listings using a keyword sub-type under the SOS dashboard. By doing so, you can achieve your goal of boosting the digital shelf rank of your e-commerce product listings on brand, competition, and generic keyword search results. The solution also defines your product page scores. So, you can easily monitor the score of the competitors and check the product page content working for them. Doing so would help to build strategies to optimize the product pages further. – Win the Buy Box – Strategically The buy box is the column that consists of the add-to-cart and buy-action buttons. It has become popular among the e-commerce marketplace sellers, as they are assigned based on the marketplace algorithms. However, winning the buy box is also dependent on stock availability. We believe that brands that have associations with the best marketplace sellers have a higher tendency to win the buy box. Simultaneously, keeping the brand reputation intact through seller-wise analysis and reporting unauthorized third-party sellers can become a stepping stone. Moreover, brands can divert the buyer’s attention to their authorized sellers and increase their market share. Isn’t this mind-boggling? Well, it isn’t. There is a whole market of counterfeit sellers on e-commerce platforms. According to a report, 74.8% of people around the globe became victims of online shopping scams through e-commerce marketplaces. Brands lost revenue, but their biggest concern is damage to brand reputation. So, stopping unauthorized 3P sellers can help avoid such repercussions and increase the chance of winning the buy box. Bottom Line Products without price tags on e-commerce search results can damage brands in multiple ways. On the other hand, ensuring price tag visibility can increase visibility, brand awareness, product discoverability, and conversions/sales. The best method for ensuring this is by avoiding stockouts, diminishing counterfeit seller activities on online shopping platforms, optimizing the product pages, and strategically winning the buy box. Connect with us to learn how monitoring products through mScanIt can help to achieve these goals. Get in touch to learn more about keyword search results.

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