Due to the high demand for electronic devices, tech and electronics ecommerce is an incredibly lucrative market. By 2030 it’s estimated to be worth a staggering 860 billion USD. With thousands of ecommerce businesses jumping into the market for a piece of the pie, ‘Electronics’ is one of the most popular categories for online marketplace sellers. Naturally this means one thing, competition – and lots of it.
39% of eCommerce sellers are concerned that increased competition is driving prices down. In particularly competitive markets, such as tech and electronics, staying competitive on price whilst maintaining profitable margins is a significant challenge.
Consumers expect tech and electrical ecommerce brands to be relevant and flexible to consumer needs. When you’re trying convert Teresa Techfan, you need to be aware how competitive pricing, detailed and relevant listings, and buyer-friendly bundles all influence her buying decision. This post will explore how integrated systems can help turn Teresa from a lead to a customer.
Marketplace margins for electronics vary between competitive and cutthroat. With so many brands competing for the attention of potential buyers, there’s no getting around the ‘competitive edge’ they’re all after – price. With regular fluctuations in price expectations, integrated repricing tools are an effective way to automate your listings to stay competitive, whilst being able to quickly rectify for price increases when high demand allows.
These integrated tools give you the opportunity to be flexible and adaptable to market requirements, whilst staying on top of your net margins and profitability.
Integrating your systems not only permits prompt pricing adjustments across your sales channels, it also enables a seamless multichannel sales strategy. Good channel coverage spreads the risks associated with a single revenue streams. Teresa Techfan can’t buy what she can’t find.
Manually maintaining multiple sales channels is a heavy workload consisting of duplicated listing efforts. This is particularly challenging for tech and electronics ecommerce brands due to specificity of listing requirements. Differentiating between certain electronics products can be agonisingly precise, and marketplaces and website platforms have different rules and parameters. When tiny features make all the difference, copying and pasting item details and attributes from one channel to another is very time-consuming and can result in unclear product specifications that will damage the chances of your products being found and bought regularly.
Having one integrated platform allows for simultaneous listing updates across multiple platforms – removing the likelihood of human error whilst saving time and money.
Creating electronics bundles is a logical strategy in upselling and improving AOV. These buyer friendly bundles separate you from your competition, as they improve the customer experience by anticipating need. The most effective way to create these bundles is to analyse data around multi-product purchases.
Relying on multiple reports across different sales channels is not conducive to understanding the buying behaviours of your customer base. Integrated reports provide the necessary insight to take advantage of multi-buy opportunities by giving clear insight into which products are often bought together and would therefore benefit from being placed in a user-friendly bundle.
As a tech or electrical ecommerce business, you’re under pressure to stay relevant in a highly competitive online environment. Integration allows you to adapt quickly to competitive pricing expectations, manage a multichannel sales strategy is the most cost efficient way, and improve average order value by informing buyer-friendly bundles.
Get in touch if you’d like to find out more about integrating your platforms as a tech or electrical ecommerce business.