Marketplaces account for much of the ecommerce growth seen over the past year. Data referenced in a global consumer survey conducted by Mirakl reveals that global marketplace sales crossed $3 trillion, comprising 67% of global digital sales in 2021.
What’s driving this growth? First, consumers are discovering how marketplaces offer a broader assortment, better prices, more delivery options and a better buying experience overall. Once consumers experience this, they’re hooked.
Mirakl’s survey revealed 35% year-over-year growth in spending on marketplaces between 2019 and 2020, which has been sustained in the years since. Two-thirds of consumers now say they’d prefer shopping on marketplaces over conventional ecommerce sites.
Similarly, sellers are driving marketplace adoption, especially as they look to expand their multichannel coverage. Cross-marketplace coverage is on the rise, with sellers both seeking and finding expansion opportunities. Nearly half (47%) of sellers now cover multiple marketplaces, up from 38% the previous year. In response, retailers are turning to the marketplace model in droves.
With buyers and sellers both shifting to the marketplace model, retailers must follow suit. This e-Book will cover:
- The benefits of retailers joining marketplaces;
- The differences between marketplaces and drop shipping; and
- The top five things your company needs to do to set itself up for online marketplace success.