Whether you are launching new products on your seller pages online or are trying to perk up the demand for your existing inventory, a shot-worthy strategy that grabs the attention of the internet users who may become your potential buyers should come into play.
Being innovative and darting out novice ideas is great but sticking to some basics that have been long forgotten always does some marcom wonders. Consumer and demand are two simple words with the greatest impact on e-commerce businesses.
Sellers often contemplate marketing ideas and ways of moving their products off the shelf in the least possible time while keeping their efforts to the bare minimum. While the efforts do pay off eventually, a wrong move by the sellers can often spell ‘checkmate’ for their online business.
Here are five solid strategies that can anchor consistent demand for an online retailing business.
Here are five solid strategies that can anchor consistent demand for an online retailing business.
- Product Paucity
- Bespoke Solutions for the Masses
- Promote Customer-Generated Content
- Create Product Exclusivity
- Limit the Buying Time
Let us dig more details on each of these strategies in order to increase consumer demand for your products
Product Paucity
This is one city you would definitely want to explore in terms of strategising the demand for your products.
Creating an impression online that your products belong to a limited-edition inventory and that missing out on them will be a great blow to the buying power of the consumers will work like a charm. Even if the buyer may not really require the product his/her ego would not allow his/her instinctive buying to play down. Sellers need to play out their trump cards like “limited stock”, “only for today”, “Hurry before its gone”, and even countdown indicators to end of season sales in order to leverage demand.
Remember the inverse relationship between orchestrated demand and supply is a great marketing situation where when the supply may be decreased intentionally it automatically increases the consumer demand.
Bespoke Solutions for the Masses
A good market study can reveal many problems that overshadow the customers’ satisfaction. It could be something related to a product or the features of a product. Understanding the major consumer issues and acting on them through the right product launch on a timely basis will open some significant windows of opportunity to sell your products wisely in the current market situation.
Creating a pain point to which customers can connect and offering a custom solution through apt product launching will instigate the buyers to invest in the product. Creating high-value offers and deals and attracting customers who would swarm like bees to the honeycomb will be the most accurate strategy. Even giving relevant content through crisp product descriptions and specifications will keep customers engaged and inquisitive while building an invisible bridge of trust between the seller and the buyers.
A close focus on the customer experience and the solution offered by the seller will help gain some brownie points for automatic product demand creation.
Promote Customer-Generated Content
A great marketing strategy is that which involves real stories and experiences. Customers who are happy with a seller’s products can never contain their excitement when they realize that their investment has been fruitful. Every happy customer can be urged to give their happy note in the form of product reviews and ratings. This will make the buyers do the talking and share some promotional information about the seller which will be reliable and self-explanatory.
Even personal blogs of customers are a good way of the seller’s brand promotion. Many customers are always on the lookout for some good recommendations and such customer-generated information is the key to it. Customer experiences are also being shared on multiple social media platforms which make promotions easier for the sellers.
Review platforms also give genuine responses from customers to common questions posted on these pages by other customers which are often helpful to the sellers as well for quicker product promotions.
Create Product Exclusivity
Listing exclusive products is one side of the bargain whereas making the usual products seem more exclusive through out-of-the-box promotions is something that is unusual but noteworthy. Selling limited editions to selective customers raises questions on the customers’ minds as to why these products are not sold to everyone. It naturally makes them want to have those products for themselves.
Products like antiques, watches, furniture etc, that have artisan value come under the exclusive category. This strategy elevates the perceived value of these products in the minds of the potential customers. The distinguishing factor of one high-value product from other products is the key to this classification. Products that are not easily available in one geographic location needs to be promoted there to increase its perceived value and thus demand.
Limit the Buying Time
When something is available for a very long time and in abundance, the excitement in the minds of customers dies away. The only way to keep the buying excitement alive is to offer the premium products for a limited period online. When the countdown for an irresistible offer is almost ending, the heat builds up and customers try to contend with each other in order to own the product. It could be the latest edition of a branded product or a common everyday commodity which is being offered at a dirt-cheap price.
Many marketplace sites lie eBay host the flash sales in which more volumes are sold out over stringent timelines just to create an eruption of traffic on the websites and induce the buyers to buy sooner to avoid missing a golden opportunity. It is the basic human nature of taking that are always there for granted that has pursued marketing experts to launch this concept that has made a big impact in the marketing world.
Conclusion
As a conclusive reprise, it can be said that these effective techniques provide more customer inclination towards buying your products in a manner that is more than what meets the eye.
The thrill of the chase among customers and the imaginary hurdles created along the way by creative seller minds often make demand seem like a very small challenge. Sales-boosting mechanisms that seem natural and genuine enthuse the consumers’ minds and ensconce a product’s demand metric on any e-commerce platform that lives by customer satisfaction.