Marketplaces & Platforms
Marketplaces & Platforms Opportunities
Continued sector growth
Despite economic downturns facing many high income countries, online marketplaces remain strong, and are expected to grow to $US6.5 trillion during 2023. In the U.S. 63% of all e-commerce is now performed via marketplaces.
Increased consumer adoption
Consumers are increasingly going to online platforms to access a wider variety of products from multiple vendors on one platform. Unlike traditional e-commerce sites, marketplaces offer consumers the ability to easily compare products and prices from multiple vendors globally.
Global expansion
Online marketplaces and platforms offer businesses an avenue to expand beyond borders, without setting up global offices. With boundary limitations removed, businesses can tap into global markets and target new customers across different regions.
Multiple markets and niches
The marketplace model is universally applicable across industries. From B2B (AliExpress), B2C (eBAY), and C2C (Etsy); online marketplaces support all industries and monetization models. With this total industry coverage, online marketplaces will continue to grow and develop new business opportunities.
Marketplace and Platform Challenges
Local payment preferences
To truly go global, online marketplaces must offer customers the ability to pay in their currency via their preferred local payment method. With 180 national currencies, and hundreds more local payment methods, the global expansion of online marketplaces are limited by their payment options.
Research Online Purchase Offline (ROPO)
Online marketplaces are vulnerable to customers simply using the service for research and continuing to purchase products offline. Key drivers for this trend include: limited payment options, delivery times & fees, the search for the optimal price vs convenience, and wanting to try before they buy.
Necessity for continued growth
Even more than e-shops, online marketplaces and platforms require a significant investment in customer engagement. With smaller profit margins, the success of a marketplace or platform depends upon its continuous expansion across different local markets.
How we help online marketplaces and platforms
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