August 4, 2023
Marketplace Management: Getting the Most out of eBay in 2023
For many in ecommerce, eBay feels like a nostalgic marketplace toy. Once an industry leader, eBay has witnessed a decline over the last few years, with sales in 2022 down 9.2%, and gross merchandise volume down 15%, at $73.9 billion. But the fact remains that with proficient marketplace management, this platform is still one of significance for many, and will remain so for the foreseeable future.
With 138 million people active on eBay selling everything from Manchester City memorabilia to vintage coin collections, for some the site represents a unique marketplace that could see a resurgence against the backdrop of change in consumer behaviour, owing to the continued loom of slow economic growth.
But how can success on eBay in 2023 be attained? Where does the opportunity lie for optimisation and policy change? How can you get the most out of eBay in 2023?
In this blog we’ll cover the types of businesses that eBay might work for, before getting to the meat of marketplace management on the site; demonstrating how you can optimise on the channel.
Table of contents
1 – Is eBay for you?
2- Optimising your eBay presence with effective marketplace management
3 – Boosting visibility with high quality product data
4 – Cultivating trust with the eBay Reputation System
5 – Mobile optimisation
6 – Effective stock management on eBay
Is eBay for you?
Contrary to popular opinion, eBay’s versatile nature makes it an ideal platform for a wide range of ecommerce businesses, and when paired with effective marketplace management, your business can really excel. Let’s take a look at the kinds of ecommerce businesses that would benefit most from operating on eBay:
Vintage and Unique Items Sellers
Given eBay’s origins as an online auction site, it’s still a go-to platform for people seeking one-of-a-kind, vintage, or rare items. If your business revolves around antiques, collectibles, or unique handmade items, eBay’s audience could be well-aligned with your offering.
Refurbished Tech and Gadget Retailers
eBay is a hotspot for customers looking for refurbished electronics and gadgetry at competitive prices. Retailers specialising in refurbished smartphones, laptops, and similar tech products could find a ready and eager market on eBay.
Parts and Components Dealers
eBay is also an excellent platform for businesses selling spare parts and components for various items. From car and bike parts to computer components and home appliance spares, the platform attracts a significant number of customers searching for specific parts.
Niche Product Sellers
Due to its broad user base, eBay is also ideal for sellers with niche products. Whether it’s hobby-related items, rare books, niche health and wellness products, or specific types of apparel, eBay’s global reach can help these businesses connect with their target audience.
Businesses that focus on selling overstocked items, returned goods, or items from liquidations at discounted prices could perform well on eBay. The platform is popular amongst bargain hunters and customers looking to score quality products at reduced prices.
Before committing to eBay, ecommerce businesses should evaluate whether their product offering aligns with the platform’s customer base and consider the cost structure of selling on eBay.
It’s important to keep in mind that while eBay can provide excellent exposure and an additional sales channel, it’s vital to maintain a multichannel ecommerce strategy to reach a broader audience and ensure business resilience.
Optimising Your eBay Presence with Effective Marketplace Management
The eBay platform has long been a marketplace that caters to millions of users monthly, making it an ideal choice for businesses to expand their reach and diversify their customer base. Moreover, with a well-defined marketplace management strategy for eBay operations, the potential for growth becomes even more pronounced.
Let’s take a look at some of the ways in which ecommerce sellers can manage the channel more effectively.
Boosting Visibility with High-Quality Product Data
A business’ product data is the cornerstone of its visibility on eBay.
A crucial initial step is ensuring all product information is accurate, accompanied by high-resolution images and comprehensive descriptions. Familiarising yourself with eBay’s best practices will also assist in making your listings stand out.
Search engines like Google and eBay’s Cassini, value high-quality product information, giving well-optimised listings preference in their rankings.
Thus, better visibility increases the likelihood of buyers clicking through to your listings. Remember, your eBay listings also appear in Google Shopping search results, further amplifying your reach!
Cultivating Trust with the eBay Reputation System
The robust reputation system on eBay doesn’t just benefit smaller entities; it plays a significant role for larger, enterprise-level businesses.
Renowned brands like Dyson and River Island capitalise on this system to foster trust among their customers, thereby boosting their conversion rates.
Seller ratings are another key part of eBay’s reputation system, covering several factors such as shipping time and costs, communication, and item description accuracy. A high-quality, comprehensive product description can significantly improve your seller rating, making your products more prominent in the competitive eBay marketplace.
eBay’s platform allows you to design custom storefronts, a powerful brand-building tool that enhances the buyer’s connection with your brand. Combined with tools like Terapeak, which provides valuable insights into demand, pricing, and competitor listings, you can constantly refine and optimise your product listings.
Mobile Optimisation: A Non-negotiable
As mcommerce continues to rise with over 60% of eBay’s Gross Merchandise Volume (GMV) involving mobile, it’s crucial to incorporate mobile optimisation into your eBay marketing strategy. By enhancing the mobile shopping experience, you not only cater to the increasing number of smartphone shoppers, but also improve customer retention.
Effective Stock Management on eBay
Effective stock management on eBay starts with accurate product information and competitive pricing. Remember to consider shipping costs and eBay fees in your pricing strategy. Rapid, reliable shipping is key to customer satisfaction, and utilising eBay’s tools can enhance this process.
Leverage eBay’s promotions, such as sales events and discounts, to boost sales and attract more buyers. Exceptional customer service bolsters your reputation and encourages repeat business. Use eBay’s analytics to inform your stock purchasing decisions and marketing strategies.
Monitoring seasonal trends helps adjust inventory to maximise sales. Offering bundled products can increase the average order value and move slow-selling stock. A clear, fair return policy encourages buyer confidence. Continually assess and refine your strategies, remaining adaptable to ensure your eBay business stays competitive.