What are 4P in Marketing? They are Product, Price, Promotion, Placement.
These four are equally important in E-commerce world as well.
In the video above, I talked about how to apply the 4P into e-commerce.
Niche Products: You need to have niche products to stand out from the crowded marketplaces.
Product Line: You need to convince customers that you’re a specialist for the niche products. On the other hand, I don’t recommend online general stores that sells different things in different categories
Offer competitive prices
Check your competitors’ prices on a monthly basis.
Getting the products visible to more buyers & Stand out from competitors.
This includes product keywords, multiple marketplaces, social media, SEO, newsletters, and etc.
You need to know customers will type in the search column.
Keywords: Keyword is critical on Amazon. There are some great products out there, but they are like 10th or 20th page of a search, because their keyword is not so relevant. The job of the keyword is to use the correct keyword to get the products to the first 3 pages. And if you don’t know how, you’ll need to purchase keyword AD to get your product to the first page. But of course, keyword is just one of the factor, the product rank also have something to do with seller type and reviews. But without the right keywords, reviews will not happen because customers
Multi-marketplace: Jet has generated us 10% of our sales. If I didn’t know about this and think it’s not important, we wouldn’t have this additional revenue..
Social Media: This is to get brand exposure. Again keyword is crucial on Social Media for Twitter, the invention of hashtag # is for keyword. So everyone who search this keyword can find you.
SEO: Keyword too
Newsletter: Generating more sales by bringing back the existing customers- promotion. The way you draft newsletter also matters to, it has something to do with the psychology.
Re-marketing: Google/Facebook, once you search a keyword on google, the ad will follow you no matter where you go, it’s for brand exposure too
Having a warehouse of your own, fulfill orders yourself
Hiring a 3rd party fulfillment center, having them to fulfill the orders for you.