FEATURE
Marketplace Domination : Is your brand getting lost ? By : Oren Escuyos , Argosquad
Consumers today have more choices than ever before . More brands have been made accessible through online channels , such as marketplaces and social media . Now that the pandemic has accelerated the adoption of e-commerce , what was forecasted to happen in years was seen in just a few months . Sales on marketplaces account for more than half of online sales worldwide . Meanwhile , local marketplaces reported year-on-year growth in traffic , sales , and new sellers last year . Without a doubt , marketplaces are beneficial for an average consumer , although it brings layers of complexities to brand building .
In a jungle of marketplace sales , are you losing control over your brand messaging ?
IBM reported that consumers in 2020 are motivated by value or purpose in making a purchase . Value-driven consumers are willing to pay a premium for good value , convenience , and products or services that help them simplify life . This type of consumer is more focused on getting a good bang for their buck and will be less likely to change their shopping habits to support environmental sustainability . On the other hand , purpose-driven consumers seek products and services aligned with their values and lifestyle . They are very much willing to change their shopping habits to reduce environmental impact and support sustainability and recycling . However , with many customer journeys starting from marketplaces , brands often lack the insights necessary to offer the personalized experiences that purpose-driven customers desire since the data and customer relationship belongs to the marketplaces . Furthermore , brands lose their visual equity and overall brand value proposition with the watered-down customer experience in marketplaces .
Elevating your own brand
Marketplaces provide an advantage when it comes to driving traffic . After all , given the popularity of marketplaces today , a lot of people know about them . There will be minimal effort needed from you in driving traffic to your storefront . However , do you think those customers who bought from you will be able to name your company when they get asked where they got your product ?
78 % of keyword searches done on Amazon in 2019 are unbranded , based on an analysis by Marketplace Pulse . It means that digital consumers focus more on searching for solutions rather than brands when they visit marketplaces . Due to the limited ways of building your brand image as established by the terms and conditions of the marketplace , customers finding your products is like another game of “ Where ' s Waldo ?.” As marketplaces grow bigger , your company remains just another shop among thousands of others . Meanwhile , when you have your own e-commerce site , all your marketing efforts benefit only you . Whether it is on social media , search engine optimization , or content marketing , these will only serve to elevate your business . Your brand awareness grows , and your income goes straight to your business .
Designing lasting experiences beyond marketplaces
In a world saturated by technology , our lives are intersected by it in every possible aspect , thus fueling our desire for human interaction . Either online or offline , more and more consumers respond positively to brands with personalized customer journeys . Global Web Index reported that the key indicators of brand advocacy on the rise in recent years have centered on the human touch : fostering a personal relationship with a brand and receiving great customer service .
“ Let your customers choose their adventure . Strong brands recognize the value of creating a relationship with their customers . A year after the pandemic , investing in humanized experiences is the key to a lasting customer relationship ,” Jared Remulta , General Manager of
Argosquad , an e-commerce enabler and an official solutions partner of Adobe Magento and implementation partner of Zendesk in the Philippines .
Similar to branding , you are in total control of your customer experience when you have your own online shop . When a customer buys from your shop , their consumer journey is all up to you to personalize . Whether through your website design or analytics , personalization is valuable in preventing brand erosion in marketplaces . It may sound like a lot of work , but it is yours to design and master .
Twenty-twenty was a year of realization , and this year is the great reset . It is our time to reconnect and thrive in the better normal . Isn ' t that worth making the leap if you haven ' t already ?
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