Four tips to lead the game in e-commerce with the advent of Facebook Marketplace
Monday, January 16, 2017/
The advent of Facebook Marketplace probably didn’t have too many business owners sweating. The social media integrated eBay-like offering was only launched in October last year and acts more like a place to sell your used toaster, rather than a fully fledged e-commerce marketplace.
But some entrepreneurs are warning all retailers to make sure they’re ahead of the curve, claiming the personal aspect of Marketplace could kickstart its popularity.
Writing for Entrepreneur, Brent Freeman, founder of venture capital firm Stealth Venture Labs shares his tips for how startups and e-commerce entrepreneurs can stay ahead of the curve when it comes to larger competitors like Facebook Marketplace.
1. Mix up your marketing strategy
Freeman believes an “omnichannel” approach for e-commerce marketing is essential. He claims customer engagement on multiple channels can increase a brand’s revenue by 9.5%.
“Dominating one channel is all well and good but leaves gaps in your marketing efforts and opens your business to risk. When you take an omnichannel approach, you can navigate those peaks and valleys and reallocate funds to the areas most in need,” he says.
2. Strengthen your fulfilment efforts
Shipping is the name of the game when it comes to e-commerce, with Freeman arguing that customers will feel underwhelmed if shipping “costs a dime and takes more than two days to arrive”.
He recommends incorporating shipping costs into the price of items, or just changing what you charge for shipping altogether.
“Twenty-eight percent of consumers abandon their shopping carts when charged an unexpected shipping rate,” he says.
3. Look into third-party logistics
In the same vein as the second tip, Freeman recommends e-commerce businesses consider third-party solutions to help with difficult tasks such as shipping.
“Look at using a fulfilment company to handle shipping. You’ll likely save money, reduce liability and free up time to focus on growing your business,” he says.
4. Let go
Finally, Freeman believes small business owners and entrepreneurs shouldn’t try to do everything in their business, saying “no one can do it all”.
“Let go of certain aspects of your business, such as accounting, customer services, graphic design or shipping and logistics,” he says.
The solution? Freeman recommends getting some contractors on board to help out, as their expertise will make it easier for you to focus on growing and improving your business.
This article was originally published on SmartCompany.
From the frontlines
Alan Jones: How to raise investment for a startup with no customers and no revenue Alan Jones M8 Ventures partner
Canva's Melanie Perkins has 10 tips for startups with 'crazy-big dreams' Melanie Perkins Canva co-founder
Why Up's transgender controversy shows there can be no separation between founders and their companies Joan Westenberg StartupSmart columnist
Take a stand: Why being neutral hurts profitability and engagement Steven Maarbani VentureCrowd executive director
The power of passion: Naked Wines' co-founder reflects on what made the startup successful Peta Jecks Naked Wines co-founder
Hipsters, hustlers and hackers: Three instances of everyday bias in startupland Theresa Lim Play2Lead founder
Diversity and coaching will rid the banking sector of its toxic culture problem Hema Kangeson inSpur founder
Why you should find the right role for the right person — not the other way around Bruce Stronge Outfit founder