With nearly half of all product searches beginning on marketplaces, these channels have become an essential strategy for multichannel success. Consumers now use multiple marketplaces in their buying journey, exploring an endless aisle of products, comparing prices and reading reviews. And it’s not just browsing. By 2022, 67% of global transactions will take place on marketplaces according to Forrester predictions.
In our latest Tipsheet we explore the Marketplace Titans, Go Beyond the Big Four and uncover some of the Niche Marketplaces every brand and retailer needs to know about. Read on for a snapshot of what to expect.
Let’s start by looking at the mindset of the modern consumer, many of their expectations when shopping online have evolved from their experiences on marketplaces: Endless choices. Low, competitive prices. Easy checkout. Fast, free and convenient delivery. A good returns policy. In fact, with customers across the world choosing now to shop on marketplaces over direct channels, we’ve seen an explosion in choice. From the expansion of behemoth generalists like Amazon and eBay to specialised offerings across niche verticals, there’s no shortage of marketplace opportunities vying for your customers’ attention and offering a one-stop shop.
For brands and retailers, this means opportunity. Expanding to new marketplaces is considered one of the safest and quickest ways to enter new territories and expand internationally. But with so many channels to choose from, you need to become an expert at spotting the best destinations for your products — and then learning how to maximise your impact once you’re there.
From the start, focus on the unique audience of each marketplace, make sure your listings are optimised and ensure you are compliant with each marketplace’s listing requirements. Then, consider how you will maximise marketing spend and drive more traffic to your listings. Finally, optimise your fulfilment strategy to provide a fast, efficient delivery every time. To be successful, brands and retailers need to put today’s consumers at the centre of their efforts and develop advanced strategies across the entire buying cycle — from marketing, to selling, to fulfilling.
Consumers are using marketplaces more than ever — multiple marketplaces, across multiple regions, using multiple devices. It’s time for brands and retailers to tap into this opportunity by expanding to more marketplaces, in more countries, in less time.
Download this >>>>> Tipsheet to understand more about the global marketplace landscape and how to reach more customers tomorrow.