Secrets of working with marketplaces
The Workshop on Secrets of Working with Marketplaces: How to Increase Sales or Seven Rules for Working with Marketplaces took place within the event programme of CJF – Child and Junior Fashion 2021. Spring.
The event’s speaker Elena Pismenskaya, founder of Kids Fashion Retail, expert, lecturer at the Creative Industries Center of the Lomonosov Moscow State University, the Russian School of Style, the Academy of Fashion and Style, and the Russian Fund of Educational Programs “Economy and Management”, reviewed main trading platforms in relation to the prospects for the fashion industry and named the main rules for working with marketplaces.
Marketplaces are gradually changing a traditional strategy of seasonal collections, which is now two collections a year. Elena Pismenskaya advised to regularly replenish the assortment of goods: "ship new articles about once a month".
According to her, special attention should be paid to the product card, which is as important as the product itself. High-quality photos must be used for the product cards. They have to be made from different angles and in good light, with detailed information. It is also important not to neglect the detailed description of the product and use videos if possible.
The price of a product on the marketplace is not only an indicator of its value but also of its adequacy. “There is a minimum and maximum price perception for every customer,” emphasised Elena Pismenskaya. Therefore, in her opinion, it makes no sense to put the initial price of a children's suit at 30,000 roubles to sell it later at a discount for 5,000 roubles.
A seller's ranking on marketplaces is calculated based on many indicators, such as the number of reviews, the level of ratings, and responses to questions of buyers. It is important to respond to buyers' questions and comments, as the vendor's activity counts in the ranking.
A manufacturer’s popularity is the most difficult metric on marketplaces. Wildberries, for example, used to calculate it on the basis of sales volume, turnover, stock balances and redemption percentages, but from December 2019 indicators such as the relevance of the product to the user's query as well as current views have been added. The expert therefore advises paying special attention to keywords in the product description, and to be sure to offer their products for purchase in the "recommended with this product" category.
The expert advises retailers to separate their assortment into a separate brand, sort out the remainder of the seasonal collection and put them into sales promotions with substantial discounts, similarly sell out products that lack a size range.
Learn more about the CJF events on https://www.cjf-expo.ru/ru/events/
Press Service, EXPOCENTRE AO