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Catch up with this Meet the Marketplace session on-demand here.
In the session How a Total Commerce Approach Will Help You Win in 2022, VP of Sales at Linnworks, Alex Becker moderated a conversation on succeeding in a marketplace with experts Sabreena Khan, Director of Seller Recruitment at Mirakl and Bill Gaustad from SPS Commerce.
Total global ecommerce revenue is estimated to exceed $5 trillion in 2022 and marketplaces command more than half of the spend. In 2021, marketplaces grew 14 percent from the previous year. The top 100 marketplaces sold more than $3 trillion, which is 18 percent growth from the previous year.
The session explored what the consumer expectations are currently, including continually rating convenience as a key priority and the ability to find products and information on their own terms. The idea of total commerce is essentially selling wherever your consumers want to shop, be mindful of how to reach customers, staying connected to consumers and continuously adapting.
Sabreena Khan, Director of Seller Recruitment at Mirakl, acknowledges that sellers may have some hesitation to make the transition to a marketplace, noting that there are certain myths that go along with a marketplace. These may include that a marketplace could overexpose the seller or the need to be selective in what marketplaces they choose. Also, retailers and brands may also want to have traffic to their own site, but that can lead to a missed opportunity, she explains.
The idea of finding the right partners and people who know how to help was echoed throughout the session as a big part of marketplace integration. “Be nimble, be flexible, work with partners that have expertise,” says Bill Gaustad from SPS Commerce.
By giving specific tasks to an expert partner to take off a seller’s plate, could allow more time for growing and scaling the business as a whole. Partnering with outside resources also means adapting internally and managing data for maximizing potential.
It's important to have the consistent, accurate information available to customers. “The customer is really doing a lot of research,” Khan says, noting that consumers are often going into stores, have a desire to learn about the product and wanting to see the story behind the brand.
Transparency is another essential for providing the best shopping experience. “It really builds that bridge between the brand and consumer,” says VP of Sales at Linnworks, Alex Becker.
Speak to us to find out how Linnworks can connect and automate your commerce operations so you can capture every revenue opportunity.