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Customer Experience on Marketplaces in 2024- How to Win over Marketplaces

By 15. July 2022July 3rd, 2024No Comments
Customer Experience on Marketplaces in 2024

In order to be successful in e-commerce in the long term, it is becoming increasingly important to constantly optimize the customer experience on the various online marketplaces. Successful companies are those that are accessible to potential customers on many channels and accompany them along the customer journey. An outstanding customer experience on marketplaces in 2024 can represent the crucial difference between a company and its competitors and thus have a lasting impact on its economic success.

Customer experience describes the sum of all experiences a customer has with a product, a service, or a company. These experiences can be negative or positive and have an impact on the customer’s willingness to buy. 

Online marketplaces make it possible for companies to sell their products on various online platforms and thus reach a larger target group. It has the advantage that it is more likely to attract new customers and generate more sales overall. Many companies now generate the largest revenues by selling on marketplaces, and the market continues to grow. However, marketplaces are, of course, where the competition hangs out. It is, therefore, crucial to stand out from other manufacturers and brands. Excellent customer experience is a major lever here, as customer reviews on online platforms are crucial!

The benefits of an excellent customer experience in 2024

Digitalization and the rise in e-commerce sales have led to a change in consumer behavior. More and more people and companies are buying products and services via online marketplaces. This is why it is so essential for companies to be represented on various marketplaces. In this context, the cost-income ratio is exceptionally good, because the costs of presentation on various marketplaces are relatively low. In contrast, the expected turnover is rather high, since a considerably larger target group can be reached. Provided that one manages to differentiate oneself from the competition!

In addition to the good cost-income ratio and the larger target group, marketplaces combined with optimal customer experience will have the advantage in 2024 of increasing the willingness of potential customers to buy. If your products are represented on well-known platforms such as Amazon or eBay, customers tend to have more confidence in the products presented. Since such platforms usually check the quality of retailers and products, customers can assume that they will receive a convincing product.

Customer experience has a financial advantage, as companies that respond to at least 25% of their reviews make 35% more earnings than unresponsive businesses. (Here you find more interesting facts). Another key benefit of an exceptional customer experience in 2024 is customer satisfaction increases. It has many benefits because satisfied customers are more likely to buy again and are willing to pay higher prices. In addition, good feedback on the various marketplaces means that undecided customers end up choosing your product after all.

How to achieve an outstanding customer experience on marketplaces in 2024

There are many ways to specifically increase customer satisfaction on marketplaces. These include various adjustments to your product pages, well-trained and friendly customer service, and responding to feedback and customer requests, for example. Which measures achieve the most effective results varies from company to company. It is, therefore, also helpful to analyze the customer journey to identify any errors or unnecessary processes.

Furthermore, analyze customer feedback to understand customer needs and preferences and strengthen customer loyalty.

Detailed and comprehensive product pages on marketplaces

Since your product page is where you sell products, this page should be as confidence-inspiring and convincing to potential customers as possible to meet the customer’s expectations. A clear and informative product description, easily accessible variations of a product, or professional and high-resolution product photos with a zoom feature can help increase a customer’s willingness to buy. Additionally, a highly visible price and an eye-catching buy button can lead customers decision to purchase.

Should you sell niche products, you will particularly benefit from having products on different marketplaces and the increased reach this provides. Big online marketplaces make it more likely that customers will search for certain niche products on such an online marketplace. If customers then unexpectedly find one of your niche products, the probability of purchase is relatively high.

Take customer service seriously even on marketplaces

Among other things, friendly customer support and service ensures that your customer perceives the customer journey more positively and increases the chance of a repeat purchase. Well-trained customer service staff and fast and friendly help with problems can set you apart from your competitors and give you a decisive economic advantage. Artificial intelligence (AI), like chatbots, can support companies to improve customer experience across different platforms. Therefore, make sure to provide your customers with professional customer service. Review Management by gominga can easily help you with this if you are servicing a large number of different online stores and marketplaces!

You should give customers an excellent omnichannel experience to improve your customer experience and increase the (re-)purchase probability.

Customer Experience as a unique selling proposition

Especially in industries with high competition, it is essential to have a unique selling proposition that fulfills customer needs. With an optimal customer experience, you can stand out from your competition and add the customer real value. It also increases the perceived value of your product and service. An excellent Customer Experience in 2024 is more important than ever. 

Once you have convinced a customer of your product and service, the customer will likely remain a loyal buyer of your products. If a customer is exceptionally convinced and satisfied with a company’s products and services, they may tell other potential customers about the company. It can sustainably increase a company’s sales and thus lead to long-term business success.

Conclusion on the customer experience in marketplaces in 2024

When companies invest in their customer experience on marketplaces, this increases customer satisfaction and thus ensures the economic success of a company in the long term. Push customer interactions in your contact center to collect customer data to improve your products and/or services. Investing in professional customer service and a convincing product site is worthwhile for all companies that want to establish themselves as a successful brand in e-commerce. 

Especially, due to the ever-increasing sales in e-commerce and the large share of the total market, companies should try to gain as many satisfied customers as possible. It is the only way for a company to prevail over the competition in the future.

For more on the topic of marketplaces in 2024: Our study “The Marketplace World“.

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