Electronic sales (wholesale and retail) is a lucrative venture for anyone. There's an enormous demand for consumer electronic products, and the barrier to entry is low.
However, anyone who begins an electronic business soon discovers three things:
They have to compete with a large number of electronic wholesalers and retailers
Profit margins can be low sometimes
How easy it is for a product to become outdated
Taking your electronics sales business online can help you save costs but also puts you in fierce competition with other online businesses. You need to constantly update your marketing strategy to stay ahead.
This article will discuss the best marketing strategies for consumer electronics.
Consumer electronics (wholesale and retail)
Consumer electronics is one of the highest sectors in sales volume in the eCommerce world. It is constantly brimming with opportunities and innovations but has risks.
The most significant risk is the high competition among wholesalers on the one hand and retailers on the other.
Online electronics businesses that want to remain competitive need to
Focus on specific products
Provide value to their customers
Adapt their marketing strategies
To understand why these three are essential, you must know the challenges you face as an electronic wholesaler or retailer.
Here are some of the issues that challenge electronics eCommerce businesses.
Competition: eCommerce makes it easy for buyers to compare prices and quality across many sellers. This puts a lot of pressure on you to offer the lowest competitive price while maintaining high-quality standards.
Profit margins: If you are a small phone reseller, you are most likely buying in units. Buying in units often means you have lower profit margins. Only those who buy bulk electronics can get really good margins.
Manufacturer: As an electronics wholesaler or retailer, you are also in direct competition with manufacturers that also sell retail. It would be hard for you to match the conditions the manufacturer offers.
While the situation might look bleak, it is not. At Trade-in Tech, we go the extra length to ensure all our members profit most from their electronics eCommerce businesses. Read on to learn about the best strategies for your online electronics store.
Marketing strategy for electronics wholesalers and retailers
As we've mentioned, you are directly competing with your fellow wholesalers/retailers and manufacturers. However, you can get online shoppers to buy from your store with the right strategies.
Here's how
1. Specialization
The general consumer electronics market is dominated by big eCommerce stores like Amazon and manufacturers selling retail products such as Apple. One way to avoid being choked by intense competition is to choose a specific niche.
By specializing in a specific niche, you will be able to understand your target buyers' needs better and offer personalized service.
If you are already selling, then you may already have a niche. If you don't, we recommend choosing one by focusing on product type, price range or target audience. You can combine all three to create a highly specialized niche.
Product type: There are many options if you are focusing on product type. Some retailers focus on personal computers, while others deal in smartphones. You can further narrow the niche to either android smartphones or iPhones. You can either choose to sell only new phones or used/refurbished phones.
Price ranges: There are three categories of price range: budget, midrange and expensive. In many cases, the type of products you trade in and your target customers determines your product's price range. However, we recommend sticking to the budget and midrange price levels as they are typically easy to market.
Target audience: Your target audience can also be called your buyer profile. It's a set of features that defines your average buyer. Are they young or old? Are they high-income earners or low-income earners? Do they need devices for gaming, photography or everyday use? Your answers will help you decide on the niche to focus on.
Trade-in Tech marketplace: The marketplace is exclusively for electronics wholesalers, distributors, retailers and resellers. You can get various electronics products within your niche at friendly prices on the platform.
2. Traffic source
Users who visit your online platform are the ones who will buy your products. As such, you need to attract as much traffic as you can.
There are two types of traffic: organic and paid.
Organic: Organic traffic is web visits that you don't pay for. The three most popular organic traffic sources are SEO, content marketing and social media networks. While you don't pay directly for this traffic, you must invest resources to make organic traffic sources work.
Paid: Paid traffic is the web traffic you pay for. You can get it through advertising on search engines, social media platforms and other websites.
You can use paid and organic traffic sources to drive Internet users to your store if you have a website or blog.
Trade-in Tech Platform: Many wholesalers and retailers sign up on the Trade-in Tech platform either as their sole online platform or to augment their other online platforms.
Here are some things to know about Trade-in Tech in terms of web traffic
The platform is an online marketing place for electronics wholesale and retail. You don't have to work for traffic since the platform is already populated with people who want to buy or sell electronics.
You can sign up as a wholesaler to sell to retailers or as a retailer to sell to end users and those who are in the gadgets flipping business.
Members are from all over the world and trade in consumer electronics ranging from iPhones to Hp laptops.
The platform offers 75 verified leads monthly to help boost sales and grow your business.
In all Trade-in Tech marketplace solves the issue of traffic. You can decide to use it alone or use it in conjunction with your online platforms.
3. Customer experience
Regardless of how you attract web visitors to your website or sales platform, you need to provide a good customer experience. Meeting customer experiences will give you an edge over competitors even if you cannot match their low prices.
Here are some tips to help out if you use an online store
Design: keep the design clean and vibrant. Your fonts would be eligible for web visitors to read with ease. Special texts such as CTAs and headings should be bigger and bolder.
Navigation: Provide a straightforward navigation menu to help users quickly find what they want. You can also use subcategories to further streamline your offerings.
Loading speed: You should go with a web hosting provider that offers quick loading speeds. You should also optimize your web content, especially videos and images, so they don't drag your website's loading speed.
Ads & Pops up: Keep pop-ups to a minimum. We also recommend disabling them for the mobile version of your site. For ads, you shouldn't use them at all. If you have to, keep them minimal and non-intrusive.
Here are some tips for your Trade-in Tech page
Profile: Use high res images for your profile picture and header. If you are a brand, use your logo for the profile display picture. You can get a professional graphic designer to design a premium header picture. But in most cases, a simple picture of your products or offerings will do.
Description: Provide a clear description of the electronic gadgets you offer. You should also include details like the countries you ship to and special offers.
Contact: Provide accurate contact information that potential buyers can use to reach you.
Content: Ensure you regularly post content and sales offers on your page. Use appropriate tags, so interested buyers can find your products quickly.
4. Product pages
Your product pages are responsible for convincing web visitors to buy your products. The more convincing a product page is, the more sales you will likely make.
Here are our tips for creating product pages that convert
Benefits over features: Most customers don't care that the iPhone 14 has a "Photonic Engine", which is lacking in the iPhone 13. So instead, tell them that the iPhone 14 will help them get crystal clear photos that would look crisper than make them look beautiful and glamorous.
Provide complete information: If you sell used or refurbished gadgets, be upfront with your clients. Let them know the condition of the gadgets and if any repairs would be necessary. You should also include key features and information on the conditions of sale, such as return policy and warranty (if applicable).
Answer possible questions: A potential buyer's question is an obstacle to the sales process. You can address this problem by answering questions within the product description or adding a FAQ. For instance, a retailer might want to purchase wholesale electronics but would doubt whether you ship to his country of business. Instead of contacting you, they may choose a wholesaler that states the countries they ship to on their product pages.
Use clear, high-res photos: Use high-quality photos on your product page. These photos will give the buyer an idea of the product and may increase their drive to get the device.
Social proof: If you have received good reviews from previous customers, share them on your website (with the user's permission.)
Trade-in Tech pages: Trade-in Tech allows you to regularly create sales offers and share them with members on the platform. They also offer a review section where customers can drop a review based on their experience.
5. Simple checkout process
The checkout process might seem trivial in your overall marketing strategy, but it is essential. Many online stores don't meet their sales targets because the checkout process is too complex or has too few options.
It doesn't matter how well you attract visitors to your site and conceive them to buy your product, most visitors will look for alternatives if they cannot purchase within seconds.
Here are some tips to help simplify the checkout process
Support multiple payment options like PayPal and Stripe
Allow guest checkout and social login
Show shipping costs and other additional fees on the product page
Require minimal data during sign-up and checkout.
The Trade-in Tech Advantage
Trade-in Tech offers a simplified process for buyers to purchase your products. From your product offer post, they can click the "buy it now" button to instantly purchase your products. Their payment gateway is Paypal, an international payment processor.