Seller Ambassador Day 2023

Hey sellers! We hope you have joined us for the informative Seller Ambassador Day 2023 on 13 Oct! We had an amazing time with the seller ambassadors who had presented important sharings on the day with everyone who had tuned in.

If you had missed the sharing, fret not! This blog post will go through the livestream and highlight the important parts.

Firstly, we have Erich Wang from The Liquor Store shared his presentation on “Product Assortment: Benefits and Challenges”.

Sorting your products according to Categories, Brands, Flavors, and Sizes for his shop is one of the most important things as it allows customers to better search and purchase the related products. Having a good product assortment also brings about Sustainability, Profitability, and Differentiation.

Erich shared that there are four main benefits of Efficient Product Assortment, which are Customer Satisfaction, Increased Sales, Competitive Advantage, and Targeting Different Customer Segments. Meanwhile, to maintain an efficient product assortment, there are also four main challenges: Inventory Management, Space Constraints, Seasonal and Trend-Based, and Supplier Relations.

Strategies for Optimizing Product Assortment include Data Analysis, Market Research, Inventory Management Software, Seasonal and Promotional Planning, and Supplier Collaboration. Using these strategies together, separately, or picking a mix of strategies will depend on what is best suited for your brand.

Next, Adrian from White Magic Singapore shares the Pricing Strategy for 11:11 with our esteemed Lazada sellers.

With 7 years of experience as Lazada Seller, Adrian is also a Lazada Seller Ambassador and LazStar Academy Trainer. When looking at pricing strategies, he shared that there are many parts that make up a good price. Things sellers must pay attention to include, Product Cost, Platform Fee, Delivery Fee, Margin, Promotion, Marketing Cost for both Platform and External Sources, and Operating Cost, which includes Operation and Customer Service.

Adrian shared that there are two types of pricing methods: Cost + Profit, and Customers’ Perceived Value. The former is based on COG and Profit Margin, while the latter focuses on how much the product is worth in your customer’s minds. Customers usually base a product’s value on Quality, Durability, Safety, and Aesthetics.

There are three types of pricing strategies: Penetration Pricing, Competitive Pricing, and Premium Pricing.

For Penetration Pricing, it is usually used by new companies to gain a foothold in a highly competitive market. They enter at low pricing to gain visibility, making it a traffic-driving product. There is low to no margin in the initial stage, but presents an opportunity to upsell other products.

Competitive Pricing happens when a company sets prices based on a competitor’s pricing range. It is a simple and low-risk pricing strategy. Companies will compete by increasing perceived value, for example providing free shipping or free gifts.

Setting prices higher due to competitive advantage is a form of Premium Pricing. Companies focus on the premium benefit, strengthening their brand’s Image, and is a high-yield pricing strategy.

Unlocking the Potential: Elevating 11.11 Sales through Exceptional Customer Service is what Philip Yu from RC Global shared.

A Lazada University Certified Trainer, Philip shared that understanding customers’ expectations is an important step in providing exceptional customer service. Building a customer’s trust makes the customer feel confident when they click that “Pay Now” button.

A huge advantage of having your customer base’s trust is the ability to maximize retention. Exceptional Customer service isn’t just about sealing the deal. Having customers keep coming back is the key as acquiring a new customer can be five times more expensive than retaining an existing one. This leads to a long-term relationship built between the brand and the customers.

With the influx of customers during 11:11, Philip also identified some problems that could happen including the high volume of enquiries, leading to longer response time, along with possible technical issues, inventory and shipping problems, returns and refunds, staff burnout, and inventory management. Having an exceptional team in customer service can help mitigate the bulk of the issues.

During 11.11, when customers are making quick decisions driven by time-sensitive deals, their expectations play a decisive role. A great customer service team creates an amazing environment for customers to shop in, which would naturally increase your sales during such a mega campaign.

Philip suggests that brands should prepare their customer service team specifically for mega campaigns such as 11:11 with training sessions and workshops that teach Product Knowledge, Promotion Details, Customer Service Skills, Cross-Selling and Upselling Techniques, and Post-Sale Engagement. They would also need to know how to handle high call volumes and enquiries, along with backup plans for unexpected challenges.

Not only is making sales important, but after-sales customer service is also essential in maintaining a good brand image. How does your team handle customers who receive faulty items or not receiving their orders will result in how reviews are framed later. Product inquiries, follow-ups, and greetings are also very important in cultivating a long-term relationship with your target market.

Branding is one of the most difficult things to do correctly, and Leon from The Dinky Shop imparted his knowledge on Branding for E-Commerce during the Lazada Seller Ambassador Day 2023.

Leon identified the Three Ps in Branding: Product, Promotion, and People.

With your product, the Story, Quality, Packing, Choice of Words, and being Aesthetically Pleasing, are very important. Your product’s story should showcase your product’s creation or the problem it solves, connecting it to your potential customers’ needs.

Through promotions, you can create a Sense of Urgency, using Limited-time Sales, Early Access Sales, and offering things such as Surprise Gifts and Loyalty Programs.

When it comes to people, Customer Reviews, Relevant content, UGC Contests and Giveaways, Live Video, and Yourself are the keys to success!

Next up, Daniel from Dangao.sg shared the use of Sponsored Discovery to Elevate 11:11 Sales. He started off by addressing some of the community’s frequently shared issues such as auto top-ups and common issues such as spending a lot but without any returns, hence “giving up” on the tool. Daniel’s tips include reducing complexities in campaign set ups, controlling CPC by setting maximum bid price, and managing daily budgets for campaigns.

Daniel also shared an amazing graphic on 11:11’s campaign planning for Sponsored Discovery:

Last but not least, we have Anson from Global Technologies for New Market Trends and Sourcing.

Internal trends meant programmes and tools available on Lazada. These include the use of Sponsored Solutions, Cashback, Flexicoin Discount, Seller Free Shipping, Lazcoins, LazLive, Lazada Program (SPA), Preferred Seller, FSMax, and Strategic Seller Program.

For external trends, it refer to your potential customers. Buyers are more savvy now. They know the different schematics that various platforms offer. For example at Lazada, customers know that every 15th of the month is the Lazmall Sale, while the 25th of the month is the Payday Sale. It is important for sellers to take note of these trends to capitalise on sales.

Anson also shared the importance of finding great suppliers and tips on sourcing. He listed Alibaba and 1688.com as sources, and shared the pros and cons of sourcing from these sites.

More about sourcing and the entire sharing can be found in the livestream replay.