• Wednesday 5th June, 2019
Written by Anna Murphy, Communications Executive
How Do I… Expand My Digital Marketplace? OMIO PIM Blog

It doesn’t matter whether you’re an omnichannel or multi-channel retailer, feeling the pressure from store estates or are just wanting to expand your brand presence: the best way for modern retailers to thrive is to increase their digital marketplace.

So, how to achieve this? Well, one solution is for retailers to manage specific digital marketplaces, one to one. And connecting to a new marketplace must be quite simple, right? Not always…

For example, imagine I’m a retailer. I’ve already got my own website and store estate, but I want to increase my reach to different customers. Based on my product range and customer market, I select the relevant digital marketplaces that I’d like to sell through and contact ASOS Marketplace, as well as eBay and John Lewis. The good news? ASOS Marketplace are very happy for me to sell my products on their site, as are eBay and John Lewis. The not so good news? The selling reality isn’t quite that straight forward. My digital content team spends days of their time tailoring our product catalogue to meet each of the individual websites’ specific requirements, whilst the SEO and marketing teams have to re-write and re-key more specific product content relevant to each of their individual audiences, whilst our IT team work out the best way to send huge and separate spreadsheets over. Hours of calls, emails and meetings soon snowball, and this seemingly simple task has become a time-consuming enterprise.

If you’re not careful, the reason why you’ve started this project – to reach new audiences and to expand your offering – can be the very reason why sales stall, as your teams’ time is being taken up rather than responding to market needs and spotting opportunities. Arranging multiple different digital marketplace connections can easily become costly and inefficient, and it becomes much more difficult to take advantage of new digital opportunities, slowing down the speed to market.

But surely there must be another way?

This is where OMIO PIM comes in. Our solution offers endless connectors, meaning that retailers can enter new markets with ease. Digital commerce doesn’t need to be complex and managing different marketplaces should be a stress-free process without time and resource being spent on needless duplicated processes and complicated workflows.

Instead, modern retailers need software that enables them to harness speed to market and to engage with the twists and turns of influencer marketing. They need a system that opens up a fast track system to new markets.

So why OMIO PIM?

If you’re managing your own connectors, each one will require different spreadsheets with different information. Each spreadsheet needs populating with the correct product data, but some marketplaces word descriptions slightly differently; for example, Amazon don’t recognise the colour ‘blush’, they’ll call it ‘pink’. This means that this needs manually amending on the spreadsheet for each item that will be sold through that channel. Similarly, John Lewis always require the washing information for each item, which might not be needed by another department store. Again, a different spreadsheet needs updating. If you’re selling products through 12 different digital partners, than that’s a minimum of 12 different spreadsheets all with ever-so-slightly different product information.

However professional your digital content teams are, mistakes do happen, fields can be mismatched and duplication can also occur. This provides internal confusion in itself, but also carries different risks as some online marketplaces will fine retailers heavily for incorrect product information.

OMIO PIM offers a different approach. By centralising all of your product data, teams can work collaboratively to access the same information whilst also being able to swiftly amend or update product data in line with trends, changes in SEO and responses to influencer marketing. Coupled with the fact that OMIO PIM offers established connectors to all digital marketplaces as standard, it also manages the connections so that any software updates, for example, are managed within the solution process.

 

Want to hear how OMIO PIM can expand your digital marketplace? Get in touch here.

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