We’re ending the second week of January with everything seller-related—announcements, statistics, and helpful customer retention tips. Let’s get it on, shall we?
- The new shoppable Premium A+ Content module ✨
- Know how other sellers fare during the holiday season 📈
- Why you’re losing customers (and what to do about it) 🚩
AMAZON NEWS
The Amazon race isn’t just about sales talk and business strategy. Your content should also be captivating enough to convince shoppers to look at your products first.
For this, Amazon developed Premium A+ Content, the enhanced version of its A+ Content. And to sweeten the deal, the retailer recently announced the new shoppable Premium A+ Content module! ✨
A+ Content vs. Premium A+ Content
The main difference between A+ and Premium A+ is that the former has more text, whereas the latter has more imagery. Premium A+ Content allows you to use more visuals to showcase your products and increase sales by up to 20%.
As for the new shoppable module, it’ll allow customers to:
- Add items to their cart directly from the module
- See real-time prices for in-stock and buyable items
- Read customer review rating summaries to help make informed purchase decisions
📈 The module is also said to have a 2x higher cart conversion rate than existing chart modules!
But wait, there’s more!
The comparison chart builder has also been updated! Now, you can customize the order of products and automatically populate product information for listed items!
Make sure to read the Premium A+ Module Guide for a full breakdown of creatives you can use. Because if this isn’t the best way to boost your conversion, we don’t know what is.
BITES OF THE WEEK
- Stacked News: This week, X’s value fell by 71% and Ads is set to arrive at Prime Video.
- Prime Benefits: Here are 8 reasons to convince your customers to subscribe to Prime.
- FYI: There are a lot of PPC tools and software that can drive your conversion rate to the roof.
- AI Fit Check: Amazon's AI helps customers shop for their perfect fit.
ECOMMERCE NEWS
How did sellers fare this past holiday season?
News flash: Stats are in for the 2023 holiday season!
As per ChannelX’s report, it was a strong holiday season for ecommerce sellers, with some platforms faring better than others.
📑 Here’s the interesting breakdown:
- Amazon retains its marketplace dominance as sellers saw a growth of 24%.
- eBay sellers came second in revenue, but their sales actually went down 2%.
- Walmart’s seller revenue grew by 17% due to its high-volume seller population.
- Total sales across the ecommerce industry were up 25% versus 2022. This covers sales from November 1 to December 31, 2023.
- Having a multi-channel strategy was the main driver of seller growth last holiday season.
What does this mean for sellers in 2024?
While merchants selling in multiple marketplaces saw a 35% year-on-year sales growth, more channels mean more costs. Remember, sales revenue is affected by order volume and value. Inflated prices can trick you into seeing a rise in perceived profits.
👀 You better be careful when looking at statistics. And, as always, keep an eye on your actual cash flow.
SOCIAL PULSE
3 reasons why you’re losing customers (and what to do about it)
Finding customers lays the foundation of your business. But keeping them guarantees you’ll be in for the long haul.
🔑 The key? Keep them satisfied by meeting their expectations!
To give you an idea of what these expectations are, HubSpot lists the top reasons why customers might say no to your offer and what you should do to avoid it:
- Poor customer service—especially slow response times and lack of personalization. This could result from untrained customer representatives that overhype or underrepresent your product.
- How to avoid it: Think like your customers—ask how you want a sales rep to treat you, how fast you want to be serviced, etc. Then, use tools like chatbots to automate repetitive tasks. Don’t forget to have a thorough sales enablement training plan, as well.
- Confusing pricing. Customers look at options from the cheapest to the priciest. If you have inconsistent pricing, they might—will—turn away.
- How to avoid it: Polish your pricing structure and clarify which products are under what price tier.
- Resistance to change. We’re talking about outdated services and protocols that may close doors for potential sales.
- How to avoid it: Stay updated with the current trends (that’s why we’re here 😉) and innovate your business practices.
💡 Bonus tip: Know your customers
Understanding your buyers' needs and wants will steer you toward the right selling direction. You can tailor your offers to their preferences for effective targeting.
So, aside from investing in tools and technology, dedicate time, attention, and effort to court your target customers.
