You have created your online marketplace, now what? Obviously, every market place starts out empty and is important for e-commerce specialists to adopt a variety of approaches towards successful seller acquisition. With the right strategy, anyone can turn their marketplace platform into a thriving and successful multi-vendor platform. Many businesses such as Airbnb, Etsy, and Amazon, built their newly created companies into multi-billion dollar market places by embracing a proper seller and buyer acquisition plan.
Here are 6 ways to successfully attract sellers on your B2B (business to business) marketplace and how to convert them into long-term partners:
1. Define Your Target Seller and Approach Them More Efficiently
The first step to attracting more sellers to your online marketplace is to know exactly who they are and how to properly attract them. Not all sellers are the same and it’s the job of e-commerce executives to create a narrow seller segment which can fit and flourish in your marketplace.
For instance, a business which focuses on customized products would not be an ideal seller on marketplace platforms which focus on fast delivery services and ready to ship products. By knowing your ideal seller you are also able to target them more effectively through various lead generation strategies.
Once you have defined the seller’s profile, you are able to dig into their needs and expectations in order to curate the perfect offer and revenue metrics for them.
2. Research and Develop Attractive Revenue Metrics and Approach for Sellers
Prior to approaching a potential seller, you should do all your homework. What revenue metrics do your competitors have? What benefits do they have? With this information, you are able to curate a competitive advantage against competitors in regards to seller acquisition.
In addition to benefits and fees, be sure to:
- Take a more personal acquisition approach. Personally meeting with vendors can create stronger and more long-lasting business relationships, which should be perceived as partnerships in the long-run.
- Demonstrate the success of current sellers
- Always get feedback from sellers in areas in which you can improve
3. Communicate On the Benefits Of Your Marketplace Effectively
Prior to approaching potential vendors, it’s important to clearly define your value proposition. Why should sellers choose your platform over the marketplace platforms of your competitors? You must have great features and a very clear and simple message. Be sure to communicate your benefits in the best way that fit your seller profile and in a way that represents your brand effectively.
4. Invest In and Maintain Strong Seller Support
Similar to customer support, seller support is equally important. Sellers should be able to find solutions to questions and issues they have in a timely. In addition, you should put efforts into building strong seller relationship in the hopes of long-term partnerships. This will not only help your online marketplace retain its existing vendors, but also drive new sellers to your platform based on positive reviews of current sellers.
5. Attract More Buyers
One of the best ways to increase supply on any market, whether it’s online or physical, is by increasing demand. When there is a large number of buyers on your marketplace and a small number of sellers, it creates a gap which new sellers will be motivated to fill. Buyer acquisition is quite similar to seller acquisition, in the aspects of finding a proper target market and communicating your benefits to them in the best possible way.
Did we miss any important strategies for gaining sellers for B2B marketplaces? Make sure to visit Xpann’s website for all your B2B Online Marketplace solutions.