The 3 Ps of E-Commerce Success!

Working in marketing, you probably have heard countless times about the 3 P’s: price, place and promotion. This base approach to your marketing initiatives should apply to e-commerce and product merchandising as well in order to skyrocket your online sales and ROI. Most companies don’t realize how much money they can save from their marketing initiatives if they take care of the 3 Ps of e-commerce, which are: price, photos and product description. Let’s go and dive into further details!

Price:

Living through this global pandemic has let us experience a faster rise of the online sales and how they will continue to grow year over year with more people open to purchase from companies that offer a transparent pricing policy. As business leaders, you should embrace a smart pricing strategy where we price the product or service based on the current market conditions in order to have an aggressive price that will help convert more online customers. Initiatives like a mystery shopper exercise, industry data and historical benchmarks will guide you to create a price point for your product that will help turn around your sales cycle.

As we all know, the less time we have our products on the shelves, at the warehouse or at the lot, the more efficiency we’ll generate for our sales cycle. This is where the 3 P’s of e-commerce come into play by combining aggressive market pricing, amazing product pictures and an engaging product description.

Photos:

We are mostly visual people; most of the time, even more important than the price is how good our merchandise looks. Similar to when we order food at a restaurant, or when we are looking to buy a house, the first impression that we get through the pictures of the product will move us from considering an item to purchase the product.

When taking pictures of your product, make sure to always present it as the star by highlighting its tops features right off the gate. Start by showing a “hero shot” of the product, that “hero shot” needs to captivate the online user’s attention in order for the user to really consider the product and look for more details about the item. Specially in the automotive industry, take a walk-around of the vehicle’s exteriors and then jump immediately into the top features of the unit.

Product Description:

The last part of the 3 P’s of e-commerce is how do you describe your product, it should be a quick few sentences that convince the user that either they need or want your product. The product description is highly important as it applies psychological verbiage techniques to sell that product in a few words.

Keep in mind that writing a highly effective product description will require you to know the product, have confidence that your product is better than the other market alternatives and most importantly knowing your customer’s pain points in order to address how your product solves those pain points or how your product is superior.

– The estimate of U.S. retail e-commerce sales for the third quarter of 2020 totaled $199.4 billion. “Quarterly Retail E-Commerce Sales” by the U.S Census Bureau (https://www.census.gov/retail/mrts/www/data/pdf/ec_current.pdf?#:~:text=E%2Dcommerce%20sales%20in%20the,the%20second%20quarter%20of%202020.)

If you aren’t currently selling online, you are missing on the best opportunity that potentially can make money for your business 24/7. The good news is that it’s not late to enter the game as e-commerce sales during the third quarter of 2020 accounted for 14.3% of total sales in the U.S. We are just at the starting stages of moving our businesses 100% online and you should be ready to dominate this new landscape and embrace it.