The Marketplace Revolution is Here
Marketplaces have taken the e-commerce world by storm, and consumer goods companies and retailers are joining the revolution. Did you know that as of 2024, marketplaces are growing at 2X the rate of overall e-commerce?
Consumer adoption has skyrocketed:- 35% increase in marketplace shopping in just 2 years
- Nearly half of online shoppers now buy from marketplaces
- Over 50% of those shoppers primarily or exclusively use marketplaces
Customers are drawn to the unbeatable convenience, value, and selection marketplaces provide. Smart brands like Samsung, Unilever, Swatch and Siemens are taking advantage by developing this high-growth channel.
Marketplaces offer huge advantages over traditional e-commerce:
- Rapidly expand assortment without inventory costs and risks
- Achieve 3X the profitability of first-party-only sites
- Adapt catalog quickly to changing customer demands and trends
Real results from top retailers:
- The Bay added 60,000 marketplace products in just 9 months
- Maisons du Monde hit 44% YoY marketplace growth
- Marketplaces make up 40% of Maisons du Monde's total online sales!
B2B is catching the wave too - marketplaces sales are growing 7X faster than overall B2B e-commerce.
The BIG Takeaway? Marketplaces are rapidly becoming a crucial new channel that no business can afford to ignore. As e-commerce continues to evolve, companies must start thinking strategically about how to incorporate and optimize this high-growth channel.
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Posted by Brian Hume
13th September 2024
