3 Surprises in July 2018 that ILDA members could learn from and mistakes to avoid while growing the Lab Equipment marketplace

1. Increased average order value from dynamic accessory upsells balanced out profit margins.

It’s hard enough getting all of the right descriptions, attributes, specifications, images and other assets ready for the benchtop equipment itself let alone the accessories. However, it’s well worth the time invested.

For items we were able to add all of the accessories on and dynamically present them as an upsell at checkout the average order value was increased by nearly 25%.

Leveraging automated follow-up emails to customers who did not add the accessory to their cart during checkout accounted for nearly half of those upsells.

On-site merchandising of the accessory upsell via dynamic pop-up banners did not contribute to as much volume as the two methods above, but the conversion rate on them was very high.

Once there are 500 unique purchases of a specific product, or group of products that have the same accessories to upsell, then pixel based remarketing campaigns across Google Display, LinkedIn and other networks will be very profitable. So, do not forget to add in the tracking pixels today from those ad networks so the data is starting to be collected.

2. Let users sign into your account with 3rd party credentials to decrease the friction to purchase, everyone hates registering on yet another new website.

Just because none of the other sites in the lab industry are not doing it, does not mean you should not try it. Look at what the most popular consumer sites outside of the lab market are doing and why their users love them, ease of logging in using existing credentials is one of them.

After weighing the pros and cons and experimenting with different implementations we decided to let users utilize 3rd party logins without having to register on our site. This included adding the ability for them to login with their existing Google or Facebook accounts.

For 30 days we enabled an option at checkout to allow users to pay using their account on our largest competitor, Amazon, which worked well until we noticed how Amazon was using the transaction data for their own marketing efforts.

3. Lab’s are finding products on price comparison networks like Google Shopping, Shopzilla, NextTag, PriceGrabber much more frequently than expected.

After huge wins on Google Merchant Center with Google Shopping Campaigns we decided to expand into other similar price comparison marketplaces and found a positive return on investment compared to not just the cost of including our products on these sites and the cost per click of visitors form them to ours, but also including the large upfront time cost of preparing our product information into the format they required.

Find price shopping networks that syndicate your one feed across multiple sites to save you time.

Create different images with call to actions or unique selling propositions embedded in them to increase interactions rate with your brand.

If we did not take advantage of all of the “supplemental feeds” that the networks provide such as promos, price drops and others then the ads would have never been competitive, so you have to do it perfectly or not do it at all.

After trialing three different web apps that promise to push your feed to all of the shopping networks automatically we decided to do it manually since you cannot take advantage of the advanced features of the networks which will actually help you sell product while using the feed syndication apps.

Have you heard about the new and largest marketplace www.Lab.Equipment ?

Lab.Equipment is a Managed Marketplace for laboratory equipment and supplies. Product content is hand written by our Market Managers that enables the user to compare equipment with “apples-to-apples” specifications and unique product descriptions.

Unlike other sites that redirect you to a 3rd party site after you find the needed product, purchases are made directly inside of Lab.Equipment for end-to-end transactions.

The Marketplace to be continually updated with the latest Lab.Equipment promotions, pricings, and lab products from all brands within the benchtop equipment categories currently on the site.

Go ahead and try our carefully built product criteria filters in each product category today and see the vast difference of Lab.Equipment against other websites when it comes to website user-convenience and product data credibility. You will find Amazon and other marketplaces do not even come close to the utility that you will find for a laboratory.

What is A Managed Marketplace?

  • Purchases are made directly inside of the Managed Marketplace and then sent to the best Fulfilment Partner (ILDA MEMBER) to fulfill the product ordered.
  • Promotions, Content and Pricing are done by the Market Manager to acquire you new customers and maximize your lifetime value of them.

How CAN YOU BE PART OF THE MANAGED MARKETPLACE? 

Join the Managed Marketplace by becoming a Fulfillment Partner:
  • Order is taken on Lab.Equipment with captured payment, product drop shipped by Fulfillment Partner to Customer
  • Upsell campaigns automatically sent to the customer increasing your LTV post initial order
  • Funds are released to you minus a commission to the Market Manager which is a percentage of the sale gross amount based on your partner agreement

Interested in becoming a Fulfillment Partner?

Contact help@lab.equipment today or call 404.609.1286 to speak with a Channel Manager.

Learn more by watching the short video on the home page of https://Lab.Equipment