Online Seller Meetup in Birmingham is picking up momentum gradually. At our February event, we had a speaker from Plentymarkets UK talking about multichannel sales opportunities and we also discussed Amazon Sponsored Ad Best practices and eBay strategies for 2017.
Abu from PlentymarketsUK gave us an insight on how UK businesses can expand sales within marketplaces other than eBay and Amazon. We have seen a growing interest amongst UK sellers exploring alternative channels and this is the right time for you. The list below shows numbers of users on these alternative channels; they are definitely worth considering.
– Etsy – 25 Million
– Cdiscount – 14 Million
– Ricardo – 2.2 Million
– Bol.com – 12 Million
(Source – Plentymarkets)
It is great advice but we acknowledge that practically our issues with expansion is listing management and language barriers and this is exactly where PlentymarketsUK can help you. Their cloud based automated system can list your products from eBay or Amazon to other channels. They also have a multilingual customer support system which brings all customer queries from your multichannel platform to one place, in translated form, and translate back your response into the local language. It is worth considering!
Meanwhile, checkout their presentation slide deck and get in touch with them directly with any questions you may have.
Prabhat, founder at Online Seller UK, shared an insight on how we can leverage advantage of Amazon Sponsored products. Some best practices are listed below:
– Run your advertising campaigns for a few weeks without making any adjustments
– Start with Automatic Ads and harvest converting search terms for manual ads
– Amazon’s advertising reports have several days’ latency, which means that it takes 48-72 hours sometimes for conversions to be reported
– Increase bids for keywords that convert well
– Ad groups can be created based on category
– Start with optimal budget so we ensure maximum exposure as possible in the beginning and then refine it afterwards
Spend based on your profitability, find your Cost of sale to determine how much you can spend
E.g. SP – (PRODUCT COST + ALL AMAZON FEES) = Profit
Profit / SP = Profit Margin
27 – (14+4) =9
9/27=33% * Our Acos must be less than 33% to make profit
Prabhat’s talk went on to outline the latest eBay growth strategies and he explained about using multiple tactics such as:
– Using subtitles to enhance product benefits
– Using discount for a promotional period
– Using eBay promoted ads which are on pay for conversion basis
As the evening progressed we discussed the latest eBay seller hub which gives listing analytics with click rate, impression rate and conversion. This is a very helpful tool to identify something to improve or enhance performance. You do get good result when you use various tactics. Here is one example of an eBay account our sister company DaytodayeBay managed over the past few months. You can see steady growth in impressions and conversion in the last four months.
The evening ended up with an opportunity for sellers to network with other online sellers and engage with the speakers and to ask any specific questions they had.
If you have not been to one of our meetups, please get your free ticket today.