Selling online requires a lot of dedication. Research must be completed before beginning selling to make sure that you have the right product for the right demographic at the right time. The combination of these three things has to happen in order for your online store to be successful. There are some statistics that every online seller should be researching when getting ready to bring their product to the market.
How Many Sellers Are There?
There are multiple platforms that a seller can use. Amazon may be the biggest, but there are other platforms such as Walmart and BestBuy. In 2021 Amazon, had 1.5 million sellers and Walmart had 150,000 (BestBuy uses approved vetted sellers only). This also means that there may be a different number of buyers on each platform. You need to see which platform has the best ratio for your product. When looking at the number of sellers, also research how many new sellers are being added. New sellers are new competition.
When are the Best Sales?
Knowing when to begin your selling campaign is crucial. There are some things to consider. The first is knowing your product and when it will sell the most. You will need to begin the campaign before this. For example, if you are selling t-shirts that are geared for hockey season, selling them from March to June would be the least profitable. You would need to start marketing them in August. Other times that are the best to sell are Amazon Prime Days and Cyber Monday. If you are able to sell your product on these dates, it can lead to more profit. On Prime Day the sales surpassed $11.9 billion with over 30 million items sold. Cyber Monday had sales of over $10 billion dollars in 2021. There are holidays that need to be considered when marketing your product. During major holidays people are willing to spend more on gifts or items for the home. Marketing your product during the right period can increase profit.
Customer Service Matters
One of the biggest mistakes that ecommerce makes is assuming that once the product has been shipped out, it is no longer their worry. About 58 percent of people will stop doing business with a company because of poor customer service. Sellers continue to think that this is just one or two customers, however, your ranking as a seller on Amazon can have a huge effect. Those with a good rating are more likely to win the Buy Box.
Also, buyers on all platforms will look at the ratings of sellers. When using a seller’s platform such as Amazon, they can help with customer service when there are concerns, but it is up to you to make sure your product is what you advertise, ship it fast and follow up with customers. The biggest reason why Amazon sellers and other online marketers fail is that they do not take the business seriously. Social media advertises how easy it is to make money without having to work. Those who want to truly succeed will have to do the work. Complete the research of your product, know the demographics and run it like a successful company. Read more here.