Omnichannel: The 5-Step Process to Finding Your Perfect Marketplace with Jamie Lee (episode 204)
by April Buencamino-dyJamie Lee is all about driving digital and omnichannel growth, and has over 14 years of experience of helping renowned brands do just that–including household names like Nike, Walmart, Sony, AND emerging DTC brands like Vital Proteins and Everlane.
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Dive in:
[03:54] Fell in love with eCommerce, driven to impact.
[09:18] Using right resources, channels, and profitable growth.
[11:51] Prioritize growth channel, assess demand, seek tools.
[13:52] Business objectives, talent expertise, sustainable growth strategy.
[16:49] Measuring sales targets, metrics, and audience goals.
[20:28] Clear brand message, great customer experience.
[23:19] Insider Tips from Jamie!
Business Objectives
This involves identifying what phase your business is in and what you aim to achieve through marketplace expansion. Determine if the marketplace aligns with your business needs. For example, if you are in a rapid growth phase, you might choose a marketplace like Amazon for its vast traffic and visibility. If your focus is on maintaining profitability, opt for a more niche marketplace that offers lower fees and a customer base more aligned with high-margin products.
Customer Connectivity
Understanding who your customers are and where they prefer to shop is important. This involves analyzing customer demographics, shopping behaviors, and preferences. Use the data to determine which marketplaces your target customers frequent. This ensures that your products are placed where your existing and potential customers are most likely to see and buy them.
Marketplace and Category Potential
Assess the potential of various marketplaces to support your product categories. Conduct market research to check if there is enough demand for your products. Look at tools that offer insights into search volumes, competitor presence, and customer reviews specific to your product categories on each marketplace. This step helps ensure that there is an existing audience interested in your offerings.
Brand Consideration
Consider how each marketplace affects your brand’s visibility and control. This step examines how well a marketplace allows you to maintain your brand’s identity and messaging. Evaluate whether you will have control over product presentation, pricing, and customer interaction. Some marketplaces might offer more control than others, impacting how your brand is perceived. Decide what level of control is crucial for maintaining your brand’s integrity.
Talent and Resources
Check if you have the necessary internal capabilities or if you need to hire external experts to manage marketplace operations effectively. Consider the expertise required to navigate different marketplaces successfully. This could mean hiring specialists with experience in specific platforms or investing in training for your current team. Ensuring you have the right talent in place is crucial for optimizing your presence and operations in new marketplaces.
Listen to hear Jamie’s Insider Tips on omnichannel!
Interview links
Sponsored by…
Shopify recently turned the tables on me, and took me from interviewer to interviewee.
Knowing, as they do, that the most successful retailers today are those that bridge the gap between online and offline and make it a seamless experience, Shopify wanted my thoughts on how to achieve truly connected commerce, particularly in the key areas of local selling, omnichannel selling and cross border selling.
You can read my thoughts, along with other commerce experts from Germany, France, Spain and Italy by downloading the report.
