With tremendous marketplace growth over the past ten years, it is no surprise that the trend continues to increase (exponentially). In fact, marketplace revenue growth is planned to increase by over 100% from 2017 to 2022.
So why are marketplaces such a popular place to shop? First, they are convenient and easily accessible. Online shopping can be done from the comfort of pretty much anywhere, including at home in your PJs – and consumers are digging that!
Secondly, marketplaces are also easy to use. They allow consumers to compare products and services from various sellers on one convenient site – no more clicking on different sites. It’s an attractive way to shop!
And lastly, returning products are quite easy on marketplaces, adding to the ease factor. Marketplaces take product responsibility, giving them an edge in the eCommerce industry. All these combined reasons make them more attractive to users, and the proof is in the pudding with a projected $5 trillion in sales in 2022!
Marketplaces Increase Visibility
There are several advantages of listing your product on marketplaces for both brands and sellers. With the increase of users using them, the more your brand becomes visible to the public.
Each time a shopper enters the site, your brand gets the exposure it wouldn’t typically have. And the more impressions you get, the better chance you have of turning those potential clients into sales.
Visibility is a huge incentive to increase awareness, exposure, and sales. And combined with eCommerce sites, expanding to a marketplace is just a logical next step.
Marketplaces Are Endlessly Versatile
You might immediately think of marketplaces as a one-stop shop like Amazon, but they have become much more versatile, catering to specific niches and verticals.
As carefully curated for these specific shoppers, consumers looking for specialized or “niche” products are becoming increasingly popular. Maisonette, for example, offers high-quality products for children and is an excellent option for shoppers looking specifically for those items.
Marketplaces Are the Future of Online Shopping
What’s excellent about marketplaces is their mutually advantageous relationship: brands and marketplaces both benefit from each other. And the essential third party, the consumer, does too. Marketplaces provide consumers with so much, from vast product choices to unprecedented cross-border purchasing power, which is why marketplaces continue to grow, and why they’ll continue to lead the world of online shopping in the future.
“Clearly the Marketplace model has proven successful. But, the question still seems to remain: why now? The short answer is that today’s shoppers are different than they were just a decade ago. They are empowered. They want a broad array of choices, fair prices, and a high quality of service. Delivering a shopping experience that meets customer expectations can be a challenge. Adding stock to increase assortment is risky, costly, and time consuming. Impatient shoppers will not wait around when the competition is just one click away.” – Mirakl
Marketplace Automation is the KEY to Marketplace Success
As they continue to thrive, the key to becoming successful is by selling on multiple marketplaces and building your multi-channel strategy. The only scalable solution is through implementing marketplace automation.
Cymbio’s unified platform enables seamless connectivity for brands and their retailer counterparts. And it is the only of its kind to automate ALL processes to ANY retailer, including the complete set-up, onboarding and daily management of streamlined product data, imagery, mapping, inventory syncing, taxonomy, orders, billing, tracking, returns, reports and more.