Competition In Marketplace Is Getting Tighter, Here Are 4 Strategies To Increase Shop Turnover Online

Illustration (Photo: Pixabay/Preis_King)

YOGYAKARTA Improving online store turnover is not an easy matter. The reason is, the level of store competition in the marketplace is very tight. Based on data from the Ministry of Communication and Information (Kominfo), in 2022 there will be around 19 million MSMEs exploring online sales.

Because the level of competition is very high, online shop owners need to apply a precise strategy so that turnover can be raised. Here are 4 strategies to increase the turnover of online stores that can be practiced, as summarized by VOI from various sources, Wednesday, November 15, 2023.

1. Optimizing the live streaming feature in the marketplace

Cara meningkat omset toko online yang pertama adalah dengan memanfaatkan fitur live streaming yang disediakan oleh marketplace atau platform e-commerce.

In McKinsey's research titled It's Showtime! How Live Commerce is Transforming the Shopping Experience, it is stated that the strategy of selling live streaming is very effective in increasing awareness and boosting product sales instantly.

Not only that, selling live can also increase engagement and customer confidence, increase sales conversion, and increase customer satisfaction.

2. Use the right online marketing strategy

Shop owners who want to increase turnover must focus on two things, namely having products that match market needs at competitive prices, and having a clear unique selling points (USP).

USP itself is defined as a business strategy to show the value or excess of its products rather than competitors.

In addition, MSME players who are exploring online sales are also required to implement marketing and selling strategies that match the channels used.

Not a few online shop owners complain that their business is stagnant because they think that marketing and offline sales strategies can be applied to online store platforms. In fact, the implementation of the two strategies is different.

The offline marketing strategy does not have indicators that can be measured to assess the success or failure of a product or service promotion. Meanwhile, the marketplace strategy has indicators that can measure the success of an advertisement. Such as the number of clicks, buyers, sales, and so on.

The online marketing strategy referred to here is the ability to read and process available data to make the right business decisions.

3. Don't fixate on one marketplace

Currently, there are many marketplace platforms that can be used for selling. Interestingly, each platform has a different loyal audience.

By opening online stalls on each platform, the opportunity to get a potential consumer will be wider.

Based on research conducted by Google Indonesia in 2022, 92 percent of online shop owners in the country have more than one marketplace account. Of that number, 63 percent of online store owners claimed to have succeeded in increasing turnover after having several marketplace accounts.

4. Implement a discount strategy

This is a strategy in which online store owners give consumer discounts, coupons, or bundling products.

Giving product discounts can change the customer's perception of the value of a product or service.

Although it can raise sales, this strategy should not be carried out carelessly. The reason is, profitability or profit are the most important thing for online shop owners to avoid losses.

To avoid this, you need to be careful in implementing a discounted strategy, such as not providing discounts to all products you have.

Discounts can be given for products that have indicators for the number of clicks, but there are no transactions. These products require a discounted strategy in order to record conversions.

This is information about strategies to increase store turnover online. Hopefully this article can add insight to the loyal readers of VOI.ID.