In the world of e-commerce, marketing activities revolve around three Ps – Product, Price, and Promotion.
The goal of any business is to sell more products. In order to maximize sales, companies must consider the various aspects of marketing, which include Product, Price, and Promotion.
Product refers to the physical item being sold. Perhaps the most recognizable example of a product is a shoe. A shoe is a product. Tiger shoes and red shoes are products. So is a pair of sunglasses or a handbag. The product is what you are buying.
Price is how much you are paying for the product. The cost of a pair of sneakers is said to be ‘priced at’ $100. Price is listed in US dollars because that is the currency most people are comfortable with. However, you could just as easily purchase a pair of sneakers for $50, or even $10 if you’re feeling generous.
Promotion covers the elements of marketing that have to do with getting people to try your product or service. This includes things like advertising, social media, and search engine optimization (SEO). These are essentially ‘free’ or ‘informational’ marketing channels, as opposed to the more ‘traditional’ channels like radio ads or billboards. The goal of any business is to increase awareness about their product or service, and the best way to do that is through ‘free’ marketing channels.
Marketing to Children through E-commerce
The trend in marketing over the past several years has been to target younger audiences. More and more companies are discovering the power of engaging with Millennials and Gen Z through their digital devices.
According to HubSpot Blogs research, 82% of consumers aged between 13 and 24 use social media. This is compared to 66% of adults aged 25+. Similarly, 80% of users between 12 and 34 visit blogs or news websites regularly, as compared to 66% of adults aged 35+. And 58% of teens use TikTok, compared to 47% of adults aged 35+. This is just a glimpse into the world of younger audiences and how companies can reach them through digital marketing.
However, reaching children through digital channels is not a new phenomena. With the exception of social media, children have always been able to access information online. This is mostly because parents worry about their children being exposed to certain content and don’t want them to be vulnerable to online sexual predators. It was also easier to monitor what your children were doing when it was all done online. This was not the case when television advertisements came in the form of noisy car commercials or noisy gadget commercials. These days, online marketing allows companies to target younger audiences while also ensuring parents are aware of what their children are exposed to.
The Rise of Virtual Shopping
With the emergence of e-commerce and online marketplaces, the world of ‘shopping’ has changed. Before the internet, people typically went to physical stores, looked at products in person, and then bought what they liked. Now with online marketplaces, customers can research products and compare prices without ever leaving their homes. This has made all shopping for digital goods, including clothes, travel, and accessories. Basically anything that can be bought in a store or online marketplace, has become ‘virtual.’
This ‘virtual shopping’ has presented new challenges for marketers. In order to attract customers to their websites, businesses must establish credibility, trust, and transparency. Moreover, since customers are researching products and comparing prices online, businesses have to make sure their offers are legitimate and that they are not being tricked or misled by a scammer. Additionally, with so much information available online, businesses must make sure their websites and social media posts are accurate and that they are not promoting false or misleading content.
In order to be able to meet the challenges of online marketing, many businesses have turned to tools and platforms that can help them track their performance, establish credibility, and generate sales. This is where marketing analytics platforms come in.
Marketing Analytics Platforms
Marketing analytics platforms can help businesses establish credibility, track their performance, and generate sales. These platforms capture and analyze a variety of data points related to marketing including website visits, social media activity, email marketing, and mobile analytics. Each of these elements is important to a business and when considered together, provide a complete picture of marketing performance. With a clear picture of marketing performance, businesses can better understand what is working and what needs to be changed to achieve greater success.
These marketing analytics platforms also provide businesses with the data they need to determine the exact nature of their audience. At the end of the day, establishing credibility and understanding the target audience are essential to the success of any business, but being able to pull data, figure out demographics, and analyze behavior all make up part of the picture.
Why Are Online Marketplaces Important?
E-commerce has always been around, but it has not always been easy to find products you want, compare prices, and make sure you are getting the best possible deal. This is especially difficult if you are purchasing products from various stores and trying to figure out which one is providing the best value for your money. Additionally, with the rise of e-commerce, more and more retailers have moved from a ‘brick and mortar’ model to a ‘digital’ one. This has presented new challenges for businesses, particularly when it comes to establishing credibility, trust, and transparency online. Moreover, since businesses are selling their products and services online, they need a way to measure the success of their marketing efforts.
Online marketplaces provide the perfect solution to these problems. Retailers set up shop on these platforms, which act like a combination of Amazon and eBay, allowing customers to find what they want and compare prices online. This makes it much easier for customers to find what they are looking for, get the best possible deal, and ultimately, buy products and services from reputable and trusted sources. Additionally, when buying from a reputable and trusted source, customers know they can count on the fact that the products will match the description, and there won’t be any surprises when they actually show up. This puts them at ease and encourages them to make bigger purchases – just think about how many times you’ve seen videos of people spending thousands of dollars on clothes that didn’t fit, or toys that didn’t work exactly like they were promised. The fact that these videos exist and prove that this type of thing happens, even when the product is from a reputable company, makes a major impact on people’s willingness to trust those brands and their offers.
Establishing credibility, trust, and transparency are essential to the success of any business, but being able to pull data, analyze behavior, and determine demographics are all part of the picture. Online marketplaces provide the perfect solution to these problems.