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 Conversion ratios on LYF, Together, let us improve it

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TSBeauty Inc.
post Jul 30 2015, 04:54 PM, updated 9y ago

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Hi Friends,

Want to know how good are the chances of selling items on forums like Lowyat? Reason I am asking is this:

1. Read somewhere (ecommercemilo) that marketplaces might use their marketing teams to source highest selling products and sell at a cheaper price. This is completely unethical but legal. Forums win here

2. Some marketplaces display number of products sold which can lead in bias from customers while buying your products. Not a level playing ground for a newcomer

3. I hear people saying that there might not be enough conversions on forums as people might not be able to trust you. But I wonder for a 10-100 RM range item why will a seller spoil his name and chances of doing any business again?

Any comments/discussions are welcome.

This post has been edited by Beauty Inc.: Aug 1 2015, 06:49 PM
Jordy
post Jul 31 2015, 11:36 AM

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QUOTE(Beauty Inc. @ Jul 30 2015, 04:54 PM)
Hi Friends,

Want to know how good are the chances of selling items on forums like Lowyat? Reason I am asking is this:

1. Read somewhere (ecommercemilo) that marketplaces might use their marketing teams to source highest selling products and sell at a cheaper price. This is completely unethical but legal. Forums win here

2. Some marketplaces display number of products sold which can lead in bias from customers while buying your products. Not a level playing ground for a newcomer

3. I hear people saying that there might not be enough conversions on forums as people might not be able to trust you. But I wonder for a 10-100 RM range item why will a seller spoil his name and chances of doing any business again?

Any comments/discussions are welcome.
*
Beauty Inc,

Sad to say, conversion ration on LYF is VERY low, unless your item is a highly sought after gadget/accessory which is very very hot in the market selling at low low price. Otherwise you don't stand a chance really. My sales in LYF is less than 1% of my total online sales tongue.gif

In a fast paced forum like LYF, your item seriously wouldn't even be in sight within 15 minutes of you posting/bumping your thread. The only exception is that if your item can stir up a great deal of replies/FAQs.
TSBeauty Inc.
post Jul 31 2015, 12:20 PM

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QUOTE(Jordy @ Jul 31 2015, 11:36 AM)
Beauty Inc,

Sad to say, conversion ration on LYF is VERY low, unless your item is a highly sought after gadget/accessory which is very very hot in the market selling at low low price. Otherwise you don't stand a chance really. My sales in LYF is less than 1% of my total online sales  tongue.gif

In a fast paced forum like LYF, your item seriously wouldn't even be in sight within 15 minutes of you posting/bumping your thread. The only exception is that if your item can stir up a great deal of replies/FAQs.
*
Thanks for the reply.

Frankly speaking a lot can be discussed on forums before you make any decision to buy, which is not possible at online marketplaces. Still LYF enjoys a less conversion rate sad.gif

Where do you get most of your revenue from whistling.gif
Jordy
post Jul 31 2015, 03:33 PM

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QUOTE(Beauty Inc. @ Jul 31 2015, 12:20 PM)
Thanks for the reply.

Frankly speaking a lot can be discussed on forums before you make any decision to buy, which is not possible at online marketplaces. Still LYF enjoys a less conversion rate sad.gif

Where do you get most of your revenue from  whistling.gif
*
Beauty Inc,

Selling online is not the same as offline selling. You wouldn't want to spend time to discuss too much or let your customers think too long prior to purchasing. That will affect your sales. You will need to look for a sales channel where customers can just purchase immediately and directly without waiting for your reply or PM. Your online sales can only be successful if you can automate the selling process, not depending on your presence.

I noticed a lot of sales threads in LYF can really engage with the customers, but I doubt many of those conversation will convert into successful sales. When you post on LYF, customers usually will request you to PM for more details/best price and if you are slow ion replying, chances are you lose the sales to other automated channels.
smartinvestor01
post Jul 31 2015, 04:26 PM

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QUOTE(Jordy @ Jul 31 2015, 03:33 PM)
Beauty Inc,

Selling online is not the same as offline selling. You wouldn't want to spend time to discuss too much or let your customers think too long prior to purchasing. That will affect your sales. You will need to look for a sales channel where customers can just purchase immediately and directly without waiting for your reply or PM. Your online sales can only be successful if you can automate the selling process, not depending on your presence.

I noticed a lot of sales threads in LYF can really engage with the customers, but I doubt many of those conversation will convert into successful sales. When you post on LYF, customers usually will request you to PM for more details/best price and if you are slow ion replying, chances are you lose the sales to other automated channels.
*
Yes, I agreed with that..

In selling online, it is difficult to source for quality contacts or customers compared to offline selling whereby you meet the customers face to face..

Based on my previous experience.. nod.gif

This post has been edited by smartinvestor01: Jul 31 2015, 04:27 PM
TSBeauty Inc.
post Jul 31 2015, 04:36 PM

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Thanks for your replies guys.

How do you convince customers that products you sell are genuine? E.g. like in perfumes where there are a lot of fakes in the market.. Only places like LYF give us an opportunity to convince the customers on how to recognize the originals.
wKkaY
post Aug 1 2015, 04:39 AM

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Happy to hear any comments on how we can help improve your conversion rates.
aeiou228
post Aug 1 2015, 03:49 PM

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QUOTE(Beauty Inc. @ Jul 31 2015, 04:36 PM)
Thanks for your replies guys.

How do you convince customers that products you sell are genuine? E.g. like in perfumes where there are a lot of fakes in the market.. Only places like LYF give us an opportunity to convince the customers on how to recognize the originals.
*
I have been selling online in LYN since 2006 and this is my experience.
The only way to increase the conversion rate is to build up your good will and provide good after sales service. Happy customers will appreciate you and write positive testimony in your WTS thread. The more positive rating you have the higher the conversion rate.

QUOTE(wKkaY @ Aug 1 2015, 04:39 AM)
Happy to hear any comments on how we can help improve your conversion rates.
*
I know LYN trade zone is forum based and I'm not sure whether it is technically possible to implement it, here is my wish list:

1) Seller's earn creditworthiness star rating, ranking or title in stages automatically. We have safe trader tag currently but the process of getting safe trader tag rigid and thru manual application.

2) There is only safe trader and normal seller, nothing in between. Why not replace safe trader tag with silver trader, double silver trader, triple silver, gold trader, triple gold, diamond etc etc

3) A site where buyers and sellers can rate each other and the ratings will contributes automatically to the respective title tag.

4) After filtering out a list of a item that is looking for, buyer can do sub filtering again accordingly to seller's ranking, prices, etc. Possibles?
TSBeauty Inc.
post Aug 1 2015, 06:48 PM

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QUOTE(aeiou228 @ Aug 1 2015, 03:49 PM)
I have been selling online in LYN since 2006 and this is my experience.
The only way to increase the conversion rate is to build up your good will and provide good after sales service. Happy customers will appreciate you and write positive testimony in your WTS thread. The more positive rating you have the higher the conversion rate.
I know LYN trade zone is forum based and I'm not sure whether it is technically possible to implement it, here is my wish list:

1) Seller's earn creditworthiness star rating, ranking or title in stages automatically. We have safe trader tag  currently but the process of getting safe trader tag rigid and thru manual application.

2) There is only safe trader and normal seller, nothing in between. Why not replace safe trader tag with silver trader, double silver trader, triple silver, gold trader, triple gold, diamond etc etc

3) A site where buyers and sellers can rate each other and the ratings will contributes automatically to the respective title tag.

4) After filtering out a list of a item that is looking for, buyer can do sub filtering again accordingly to seller's ranking, prices, etc. Possibles?
*
Hi Aeiou, I think you have hit the nail. When I read the recommendations I felt this is something that I would definitely like to have. The buyer/seller rating will also improve the ratings of genuine buyers and keep the low-ballers away. Along with this is it possible to implement the following things like:

1. Creating a local payment gateway which is affordable and also acts like a legitimate entity that the buyer is dealing with. This way LYF also earns for the effort of maintaining the ecosystem.

2. Implementing a 'Genuine Seller' tag which justifies that the items sold by the seller are genuine. You can charge a small fee to validate the authenticity.

3. Last but not the least, increase the message box size depending on the ratings whistling.gif

 

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