How to Reduce Exit Rate in a Multi-Vendor Marketplace? The introduction to the multi-vendor marketplace has proved to be the dream paradise for online buyers. The availability of multiple brands and products where the customers gets the advantage to select the seller according to their own will adds to the advantage. Most of the time, the marketplace may seem to be a profitable idea for any web store but if we take a close look then there are always several concerns that the marketplace vendors must keep in mind. It may seem to make better profit but rather then only following a perfect strategy will allow the sellers to make profits. In any marketplace, the total traffic is not related to the conversion rate. According to a study only 5% of the effective traffic results in conversions. Then what about the remaining 95%. Most of the traffic is lost in the process, sometimes during the product search and mostly while transaction. Therefore, the marketplace vendors need to follow a clear approach in order to make better sales and retention of the customers. This will allow the sellers to reach out to the potential buyers and in the meantime improve their sales. The conversion of any web store to a marketplace is an easy task and can be easily done by using the Magento Multi-vendor Marketplace module but the tough target is to get a proper conversion rate. The exit rate in a market place is one of the biggest concern for the sellers. It affects the sellers in terms of the sales made. The vendors need to control the exit rate of the marketplace so that the losses that are accepted by the vendors must be reduced. Various measures and strategy must be adopted by the sellers to reduce the exit rate in multi-vendor market place. Let us discuss some of the ways in which the exit rates may be reduced in multi-vendor marketplace.
1.Research and survey
The sellers may conduct a survey of the recent records of the customers purchase. It will give them a brief idea what is the general pattern of the customer for shopping. The sellers can use the information to dig deep into the customer’s current shopping behavior. It helps the seller to understand the customer better and provide them with the services that they prefer. It is one of the efficient way in order to check the exit rate from the market place. The seller may also try to promote the concept of Email marketing and target individual customers to reduce the exit rates and make better sales.
2.Provide better coverage to the visitors The customer mind is like a half filled vessel. If the seller doesn’t completely fill this vessel with the positive side of the product then the customer is not likely to get complete details about the product and is more likely to exit the store. Thus, the sellers need to provide complete information about the products to the customers. In order to support the better coverage thought, the sellers can come up with better product description, while the use of product video is also one of the widely accepted idea which has higher conversion rate than any other method.
3.Throw offers and freebies
How would a customer feel when they receive freebies with the products? It will encourage them to make more purchase and will also enhance their experience as a customer of the marketplace. The sellers must try to provide small gifts and offers to the customers as a token of saying thank you or making them feel special after shopping from you. His approach clearly wins the heart of the customers and they are less likely to exit the store. Research says that customers who has received freebies from the web store are more likely to return to the web store again. Thus, getting better conversion rates.
4.Proper use of Exit-pop ups
The use of attractive pop ups is an effective way in stopping the customers from exiting the store. The sellers can always make use of a pop up which can lure the customers with various offers and discounts such that the customers is tempted to take the offer. This approach is found to reduce the exit rate of the customers to a very large extent. The usage of exit pop ups is widely accepted and most of the sellers already make use of this approach. The other advantage of using the attractive pop up is that they provide a decent look to the web store and the customer gets attracted to the web store in terms of the looks. Thus, it adds to the optimization feature of the web store. The exit rates are controlled to a very large extent with the addition to the sales on the higher side.
OVER TO YOU The high exit rates in the multi-vendor marketplace often lead the seller to losses. In order to tackle the problem various measures can be taken which can help the seller to grow as well as enable the customers to enhance their shopping experience. Thus, incorporating various techniques to reduce the exit rate from the web store is quite helpful approach. The primary goal of making better sales is fulfilled by using this approach.