6 Tips For Increasing Marketplace Conversions

All the effort put into your business won’t mean much unless you’re experiencing some type of conversion (followers, subscriptions, sales, etc…). Tackling the art of persuasion and conveying the value of your product or service is a subtle operation. We’ve come up with a short list of quick tips to help you start increasing your conversion rates today.

  • Strong Product/Service Guarantee
    One of the most convincing aspects for a customer’s purchase is the guarantee. The value that is advertised and speaks to the consumer and how it can help them on an individual level. The opportunity to convey the value of your product or service is short lived. Giving specific, quantitative information about lifespan or capacity paints a picture for the customer. It may help to do some research on competitors and what their guarantees are, then you can figure out what goals to set or what features your product has that others do not.

  • Utilize Verified Reviews
    Customer reviews can make or break the sale. If your marketplace does not have a review section, you may want to consider adding that feature. Customers are more inclined to make a purchase after reading real opinions of your product. You may be thinking that this can bring on negative comments as well but is a positive thing actually. You can benefit from negative comments by getting feedback to make your marketplace better and show your quality of service by responding carefully and compassionately.

  • Take Professional Pictures
    Have you ever been surfing the web for a specific item and you run into multiple websites that offer what you’re looking for? After opening a few tabs of these sights (an instinct I know all too well), you slowly use the process of elimination. What’s one of the main reasons a site will be clicked out of? Picture quality, resolution, if it’s up to date, etc… all of these factors to play an important role in if you will be the chosen business. If you personally do not care about the looks of a website, that will be an issue as majority of consumers correlate quality of pictures to professionalism. Take the time to snap different angles and use good lighting. AirBnB offers professional photographers to renters for their space, it makes a huge difference.

    Related: 3 Questions to Ask Before You Launch Your Marketplace

  • Create Strong Product Descriptions
    You’ve got your pictures and some solid reviews down. One last thing to give you the best chance for converting visitors to customers are adding in-depth product descriptions. This includes the physical and internal value but don’t forget the magic of adjectives. Turn a brown chair to a crafted oak chair with a mid-century modern design that comes in a set of four. Adding these extra bits of detail can give your customer the inspiration they were looking for.

  • Use Abandoned Cart Emails To Recover
    This is a tip that I’ve definitely fallen victim to. As an avid online shopper I tend to add items in my cart and leave them until they are no longer available (I’m sure many of you do this right??). Every once in awhile I get an email soon after leaving the site and 20% of the time it does convince me to buy the item or at least revisit the site again. Not saying that this is going to be a winner every time but, it covers your bases with a gesture that could potentially boost your sales.

    Related: Building Supply for Your Marketplace

  • Implement A Referral System
    Referrals are huge in the marketplace industry. Food delivery, shopping and other marketplaces use this technique for loyal users to spread the word with an incentive on both sides. This is a great technique to have your name expand, the only issue is that there are usually several steps that may hinder your customers from completing the action. Traditional business also have referral systems. Dentists for example give patients gifts after a new patient has come in. A similar process could be added to a marketplaces strategy depending on the type of marketplace.

 

These are our simple steps to get higher conversions! Try them out and let us know. If there are more tips you think work, let us know. Good luck!

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