Recently, the digital universe has witnessed the consolidation of the 3p business model, a platform that aggregates various sellers and brands, providing consumers with an expanded range of options in one place. However, to stand out in a competitive and diverse environment, it is necessary not only to offer products but also to provide a shopping experience that conveys trust and security to the customer.
Unfortunately, often sellers and brands do not provide complete and detailed descriptions of the characteristics, benefits, and specifications of the products they sell, which can create doubts and uncertainties for consumers. This behavior negatively impacts sales, as the amount of information available about the product is one of the factors influencing the customer's purchase decision.
To understand and address this bottleneck, Vurdere conducted a comprehensive study with customers from various categories, such as fashion, sports goods, and consumer goods. The main objective was to identify the elements on the product page that most impact sales conversion, i.e., the proportion of visitors who actually make a purchase.
This study explored different scenarios, such as the presence of high-quality images, detailed product information, customer reviews, and direct interactions between sellers and customers, including questions and answers. The results indicated that all these elements positively influence conversion, but direct interaction stood out as the most impactful factor.
To reach this conclusion, the platform conducted an internal survey among its partners, revealing that companies responding to customer questions within marketplaces experience a sales conversion rate exceeding 18%. This data demonstrates that by clarifying doubts, sellers and brands strengthen the trust and credibility of their products, establishing prompt and personalized service.
An illustrative example is a shirt sold by different sellers and brands on the same marketplace. The shirt with superior-quality photos showed a 9.8% increase in conversion, while the one with positive reviews had an 11.7% increase. The shirt with customer questions answered recorded an impressive 19% increase.
Additionally, the study analyzed the strategic use of Artificial Intelligence (AI) to enrich information in product catalogs on marketplaces, as well as interactions between customers. According to the findings, by suggesting relevant automatic responses based on customer history and detailed product information, AI not only optimized communication between sellers and buyers but also reduced operational costs by up to 2/3.
Thus, the preeminent power of innovative strategies in creating relevant content on product pages to compensate for the lack of information inherent to the marketplace model becomes evident. It also highlights the importance of responding to customer questions to increase conversion, neutralizing the effect of catalogs with insufficient descriptions.
In other words, Vurdere's analysis demonstrates how marketplaces can boost sellers' sales by providing an artificial intelligence tool that streamlines communication between sellers and customers, generating high-quality content for product pages. Thus, the marketplace establishes itself as a more effective, profitable, and satisfying sales channel for all parties involved.
Boost your business with Vurdere!
Transform your marketplace into a secure, reliable, and customizable environment for your sellers and customers. Click here and schedule an exclusive demonstration for your site!
Comments