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Benefits of Enhanced Listing Options
Posted by , Last modified by on 13 September 2011 06:32 PM

 

bidorbuy offers several options to sellers to advertise their items on the site and thus increase their conversion rate.

To get buyers to hit on the PLACE A BID or BUY NOW button next to your item, you first have to entice them to land on your listing. That is not an easy task, because your wares are jostling for attention with thousands of other products: for example (taken at the beginning of March 2009), bidorbuy had exactly 157,004 items listed for sale, with even more now so exposure and visibility is key.

You have probably noticed the way the manager of your neighbourhood grocery store displays the products he or she wants to sell quickly in the most prominent spots. Exposure ensures not only that your item gets sold, but that it gets sold at a better price: on the average, more visitors equal more bidders or buyers, which in turn can convert into a higher winning bids or orders placed. And when you bear in mind that there are millions of listings every month listed on bidorbuy, you can appreciate the importance of exposure that much more.

But how do you ensure that your items get such preferential treatment on an online marketplace like bidorbuy?

bidorbuy offers several methods of enhancing items listed on the site. True, they do entail an outlay of money. However, even a cursory look at the bidorbuy Enhanced Listings Report for February 2009 shows that the investment is worth it. We shall concentrate on the conversion rates detailed in the report, because the concept of conversion is one that online sellers live and die by. Your conversion rate, which in the bidorbuy report is defined as the percentage of the items listed that got sold, is the figure that determines your bottom line.

Let's start crunching the numbers.

Out of 307,245 products and services listed on bidorbuy during the month of February, 50,271 of them got sold within the same month. That makes for a respectable - though not spectacular - conversion rate of about 16.40 percent.

The picture changes dramatically when we delve deeper into the figures and compare the fate of the items left to fend on their own, without any enhancements, with the fate of the items bestowed with at least one enhancement option.

Of the 288,515 non-enhanced items, 38,667 got sold, putting their conversion rate at 13.40 percent. That percentage jumps to the - this time really spectacular - 61.95 percent for the items listed with one or more enhancement options: out of 18,730 such items, 11,604 changed hands and found new owners.

Of course, not all enhancements are made equal. Take a look at the conversion rates table below to see which enhancements worked best, remembering that the results are averages and that the role played by seasonal and other trends has not been taken into account. In order to lessen the impact of pure chance, we ignored those groups of enhanced listings which contained less than 200 items. Out of curiosity, it is worth noting that the 43 items with premium, category featured and priority enhancements achieved the highest pass rate: 95.35 percent, which means that 41 were sold within the period under review. Incidentally, this group attracted an average147.79 views per listing.

 

bidorbuy Conversion Rates Table for February 2009
Type of enhancement Conversion rate * Average views
per listing
All listings (enhanced and non-enhanced) 16.40% 13.00
Non-enhanced listings 13.40% 8.94
All enhanced listings 61.95% 75.36
Highlighted listings 33.04% 35.45
Home page listings 47.44% 120.55
Priority listings 60.82% 39.88
Premium listings 49.77% 179.00
Category featured listings 54.86% 62.47
Category featured + priority listings 81.67% 83.26
Home page + category featured + priority listings 81.27% 171.72
Premium + home page + category featured + priority + highlighted listings 83.73% 282.48
* Number of products sold as a percentage of number of products listed.

 

Makes for interesting reading, doesn't it? We leave it up to you to ponder over the figures and try to recognise some patterns. For example, note how premium enhancements on their own entice quite a number of visitors, but are somewhat sluggish when it comes to converting those visitors into buyers. On the other hand, the category featured enhancement coupled with priority enhancements seem to work reasonably well both in attracting visitors and getting them to buy.

However, do remember that the above figures are for one month only – and that they are averages only. To find out what works best for your particular family of items, you may want to set up your own data (see “Do conversion rates really matter?” box).

Now that you know the value of enhancing your listings, browse to the Enhanced listings page for the description of the five enhanced listings available on bidorbuy, plus the paid promotion listings (reserved for items auctioned off from R1 on Crazy Wednesday or Snap Friday). On the same page is the current pricing which may change - based, among other things, on the data from the monthly Enhanced Listings Reports.

When you decide to give your merchandise a good start on bidorbuy, do it for items that are really worth promoting. Disappointed visitors are not a pleasant sight to behold. Disappoint them once, and you may not see them again for a long time. Therefore, choose to enhance only the cream of the crop. And, since you are splashing your hard-earned cash on them, make them work extra hard for you. In other words, include in the listing of the item privileged enough to be enhanced a link to the other items you sell on bidorbuy. Then watch the visitors flock to your listings and your conversion rates soar!

 

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