DOYLESTOWN, Pa., Oct. 15, 2020 /PRNewswire/ -- Interested in how to win on Alibaba selling hemp B2B? This article offers insights into what it takes to compete successfully on the world's greatest online tradeshow.
Learn more about Cb Botanica's award-winning hemp-derived products on Alibaba.com here.
Initially we were unfamiliar with Alibaba.com and its purpose. After doing industry research, our analytics showed the majority of online CBD traffic was visiting Alibaba.com. This discovery helped shift our business model from DTC to B2B as we became intrigued by the potential to receive larger, wholesale orders.
Cb Botanica started receiving orders within weeks of joining Alibaba.com. We now have +1000 products listed and receive over 150 inquiries weekly. Without having to travel or attend trade shows, we are finding new business buyers from around the world. Alibaba truly is a 24-hour, 365 trade show... there is nothing else like it!
Winning on Alibaba requires understanding their algorithm which revolves around 5 key metrics:
- Number of Premium Products
- Product Information Score
- Inquiry Response Rate
- Number of Active Visitors
- Conversion Rate
Based on your performance across the 5 areas, Alibaba assigns you with a monthly star rating ranging from 1 to 5, which affects your search ranking.
Initially, we focused on the foundation – setting up a minimum of 100 premium products to achieve a star ranking of 3, as well as setting up our global storefront with lots of rich content.
Next, we laid out a plan to promptly respond to inquiries to achieve the maximum service level ranking. This means +90% of first-time inquiries are responded to within 24 hours. However, as this is an on-demand platform, response time must be within minutes or there is potential to lose the sale. Therefore, we set our own expectations to respond within 15 minutes.
Last we invested in the platform to achieve our marketing objectives. Everything is connected – to get more organic active visitors, you need more premium products. To achieve a star ranking of 4 or 5, you need to invest in keyword advertising and showcase display products. Paid advertising also helps bolster your organic ranking. Many test and learns later, we have finally unlocked the right balance of smart marketing as well as keyword focused campaigns.
Alibaba is not a one and done platform though – winning takes diligent monitoring on what keywords and products are ranking to optimize daily. You also need to stay on top of the competitive set and pricing dynamics. As such, we are constantly refreshing our product pages as well as adding new products and images.
About Better Life Ventures
Better Life Ventures wholesales CBD from the top US vertically integrated supply companies, who control everything from the cultivation to extraction and manufacturing, ensuring you are using the highest quality CBD on the market. Alex and Cristina founded Cb Botanica in 2019. Both have a passion for healthy lifestyles and decided to promote this through high-quality CBD products and educational content.
SOURCE Cb Botanica