Running online promotions can be a powerful way to boost sales. Having a Marketplace where 3rd party sellers can offer promotions to your customers will increase sales even further. Not only are online sales sensitive to pricing, but a Marketplace is unburdened by the constraints of retail. Without worrying about inventory stock, or the pressure of profitability, you can run Marketplace deals, sales, and marketing campaigns that drive real impact - surprisingly significant impat. The first time a Mirakl customer in the fashion space applied promotions on Marketplace products using the strategies outlined below, they realized a 272% growth in month over month sales revenue.
What would encourage one of your customers to switch brands?
As detailed in a recent MarketWatch article, retailers Macy’s and Kohls are struggle to catch up to what journalist Tonya Garcia calls “the Amazon effect,” as evidenced by their weak holiday sales at the end of 2016. What’s more, both Macy’s and Sears recently announced more store closings in 2017.
On every retailer’s to-do list in 2017 is surely a series of technology initiatives meant to improve efficiency, maximize opportunity, and ultimately grow revenue.
In a time when brick and mortar retailers are seeking new ways to attract new customers, and create loyalty among existing shoppers, the concept of a Marketplace has emerged as an ideal way to optimize a business’s cross-channel strategy.