How Distributors & Manufacturers Double their Revenue in the first 3 Quarters?
Fortunately, thanks to the advancement of eCommerce industry, customers can find everything online ranging from cosmetics to electronics. And thanks to the upsurge of internet users across the globe, the eCommerce market is worth $1.1 trillion.
However, the same internet upsurge that has benefited the e-commerce industry has become a source of competition for the distributors, retailers, and manufacturers.
A market study shows that in 2018, 47.3% of internet users have made successful online purchases and the number has grown ever since.
This clearly means that eCommerce distributors and manufacturers have a large scope of enhancing their profits.
If you are looking for ways to take advantage of this growth, then this blog offers a master strategy that will double your revenue in the first 3 quarters, and in just 4 easy steps.
Standardize the Content
Needless to say, strong content helps you attain customer trust. Standardizing the content and efficient content marketing helps you in customer retention. A useful content strategy includes:
- High-quality, detail-oriented, and informative product descriptions
- A well-defined Schema to improve your search engine results. A recent study has shown that websites with schema rank an average of 4 positions higher in the Search Engine Result Pages (SERPs).
- A user-friendly taxonomy to showcase your product list, enhancing the online shopping experience for the buyers
- Appropriate meta titles and meta descriptions to make your website visible on the SERPs
- Comprehensive product catalogs for showcasing product range
- Product reviews to reflect the honest opinions of the existing customers.
There are roughly only 0.3% websites that are standardizing the content in real sense. This means you have more chances of increasing your visibility on SERPs by following a robust content strategy.
Click here to view some best practices of writing product descriptions.
Build an online catalog
Distributors and manufacturers can be highly benefited by creating an online catalog of their products. Firstly, an online catalog offers an immediate view of all changes in the product list available for buyers. In today’s competitive era, quick product updates can be offered with the help of e-catalog
One of the most important advantages of having an e-catalog is being able to sync the inventory across the value chain. For instance, if a manufacturer chooses to stop producing a product, the entire value chain is updated immediately and the product stops appearing in the e-catalog.
This prevents any order being placed for the same product and saves any unsuccessful purchases. This means attracting more retailers, resulting in better sales. In addition, here are some more advantages of e-catalogs:
- More accurate orders leading to better customer satisfaction
- Better purchasing process
- Reduced raw material costs like paper, printing, and so on.
- Reduced costs for data processing operations.
Click here to read more about choosing the right platform for creating online catalogs.
Build an API
API or Application Programming Interface is a gateway that connects two distinct databases, helping them communicate better. For instance, with the help of API two different e-catalogs can be easily uploaded online.
APIs will connect your products with other products without the need for implementation. APIs will also sync the inventory online keeping the product list updated in real time.
Here are some benefits of building an API
- APIs can instantly help the retailers and distributors go online. This will eventually help them attract more customers online, increasing their revenues.
- APIs can help distributors and manufacturers create a network with their clients, vendors, suppliers, partners and even employees.
- APIs help to streamline operations
Promote your Products
A detailed product description made available to the customers through e-catalog does half the work for the distributors. A large percentage of the other half goes to product promotion. Studies have shown that 64.6% of people click on Google ads anytime they are wanting to buy something online. Here are some ways in which you can promote your products online.
- Market study has shown that Facebook contributes towards 64% of total revenue obtained from social media.
- Use appropriate hashtags and keywords in your social media posts to reach out to your target audiences
- Identify the right platforms for your product promotion and ensure your presence on that platform and also budget appropriately meets your revenue goals.
- Conduct social media campaigns (Google Ads), create polls, and build partnerships to enable maximum customer engagement.
A detailed product description made available to the customers through e-catalogue does half the work for the distributors. A large percentage of the other half goes to product promotion.
Since most of the activities are internet-based, product promotion must also be conducted online. Activities like digital marketing and Search Engine Optimization (SEO) defines the product for its target audiences.
SEO establishes the technical parameters that allow your product to appear on the top search results and helps you direct your customers to the most convenient distributor or retailer available.
Standardizing content, e-catalog creation, API creation, and Online product promotion are the four key strategies that will attract more customers to your websites.
By following these steps, customers will have an enjoyable shopping experience.
This means the buying decision made on the website has increased by over 63% which means increased sales and revenue generation.