How to Enhance Your Omnichannel Strategy With a Marketplace
By: Roshan Idnani
Online marketplaces are the future. In 2020, enterprise marketplaces grew at double the rate of overall eCommerce, with growth topping 81% year-over-year in Q4 – proving the clear utilization of online marketplaces in creating revenue and expanding horizons.
Brands should consider an online marketplace for many reasons including, reaching a broader demographic, expanding offering, increasing revenue and more:
- Reaching a broader demographic: Brands can expand their methods of generating revenue by widening the range of customers. By growing assortment to meet more of consumers’ needs, online marketplaces empower companies to reach a broader audience and drive up revenue.
- Expanding offerings: Marketplaces are essential to growing your online product assortment. On average in 2020, retailers operating enterprise marketplaces grew their assortment by 32% and benefited from an even larger gain of 81% in overall GMV.
- Increasing revenue: eCommerce platforms increase revenue. Additionally, companies can grow revenue through the marketplace by incorporating marketplace products into digital advertising campaigns, ultimately capturing more spend from buyers as they turn to eCommerce for a greater share of their purchases. Using marketing money would be costly in the beginning, but prove essential in the long run to build up a network of loyal customers.
Brands can do a number of things to enhance their eCommerce business with marketplace solutions. We identified methods and tips to grow your eCommerce business;
- Use digital tools to enhance your brand: Using search engine optimization (SEO) and tools such as web analytics and competitive benchmarking will help put your business ahead of your peers. In fact, enterprise marketplaces lead to SEO benefits: retailers that leverage the enterprise marketplace model see a 34% in overall organic site traffic, benefiting from additional demand and relevance without additional marketing spend.
- Create trustworthy partnerships: With an enterprise marketplace, your buyers’ experience is in the hands of your sellers. Therefore, it is an important practice to vet and form close relationships with your partners to ensure the continued strength of your eCommerce business.
- Don’t be afraid to advertise: Nowadays, businesses spend loads of time and money on advertising, and your marketplace should be an integral part of that investment. While keeping track of your money, be sure to invest in customer acquisition and putting your brand out there – both for your owned assortment and for your marketplace offers.
BORN Group is thrilled to be a partner of Mirakl, the industry’s first and most advanced marketplace SaaS platform. With Mirakl, organizations across B2B and B2C industries can launch marketplaces faster, grow bigger, and operate with confidence as they exceed rising customer expectations. Platforms are the new competitive advantage in eCommerce, and the world’s most trusted brands choose Mirakl for its comprehensive solution of technology, expertise, and the Mirakl Connect ecosystem to unlock the power of the platform business model for them.
One of our joint marketplace success stories, iShopChangi allowed the leading travel hub to achieve an exceptional omnichannel solution that will serve millions of travelers for years to come. The goal of the project was to create an omnipresent shopping platform to install Changi Airport Group as the leader in their industry. BORN’s biggest challenge was to create a system which could accommodate both the remote and in-person practices Changi Airport Group had in place. With BORN Group’s help, millions of users visit the site to achieve perks such as duty-free shopping and earning rewards when shopping.
For more information surrounding BORN Group and our marketplace offering, please visit here.