We have seen different impacts of the pandemic on various industries. Rental, services, and real-estate marketplaces, which require physical interaction to close a deal, are slowing down. In contrast, we have also seen sectors and Marketplaces that have seen increased traffic and engagements.
Marketplace platforms continue to be a useful tool during these challenging times. Let's make use of this opportunity to think about our strategies to boost traffic and revenues. Here are some of our Multi-vendor marketplace tips during COVID-19:
1. Update your Website Content.
Use this time to build up content on your website. Strategically use keywords that will encourage traffic to your site. By the time the situation settles, your content will be in a better position on search results.
2. Consider turning your Marketplace to E-commerce.
Take advantage of the increasing popularity of online shopping, prepare your Marketplace for what is coming after the pandemic passes. Our platform is now supporting the "Buy Now" feature.
3. Revisit your paid advertisements.
If you haven't done remarketing before, this is now the time. Use Retargeting Ads to reach familiar customers. You may also take advantage of similar audience or look-a-like audience.
4. Boost Experience in your Social Media Pages.
Social media traffic has increased significantly. Because of the physical distancing, customers are longing for experiences. Leverage on social media presence by producing experiential content. A simple photo might not be enough. Get more creative. Perhaps showcasing a video about your vendors' inventories.
5. Offer Promotion to Advertisers.
Activating promotions codes functionality for ad posting and ad packages to encourage placements continuity (i.e. 30% Off on Next Advertisement). By offering promotions now, you can show your support and care for your advertisers.
This pandemic will pass. For the time being, we need to prepare your Multi-vendor Marketplace with the business strategies to be even better than before.
Are you planning to start on a multi-vendor marketplace? Perhaps, you would like to like to have your current marketplace evaluated? We can help.
Contact us for a Marketplace Consulting session.