MarTech Series – Marketing Technology Insights
Web Force 5, Adobe and Marketplacer, three leading companies with enterprise-grade expertise and proven success working together to help build digital commerce sites and marketplaces, have collaborated on an eBook featuring best practices and commonly asked questions as a guide for retailers and companies looking to launch and run their own marketplace.
It’s reported that $3.23 trillion is spent globally on the top 100 marketplaces with the top 49 U.S marketplaces reporting $919 billion in sales (Digital Commerce 360). Interest in operating a self-owned marketplace is on the rise from established retailers looking to drive revenue and create sustaining commerce strategies.
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“Online marketplaces account for a significant share of the world’s overall ecommerce market. Since they can be a great asset for an ecommerce business and retailers, brand manufacturers and distributors need to decide whether they will sell on someone else’s marketplace or if they will operate their own”
Retailers are actively looking for ways to drive revenue and are facing decisions about how best to build and optimize their tech stack. We’ve had so many conversations with merchants who’ve wanted to develop a marketplace in-house, but custom building always comes at a much higher cost to build and maintain over time, and in hiring and training staff,” says Lou Fabian of Web Force 5. “This is one reason we collaborated on this informative guide for retailers evaluating a marketplace strategy and what to look for in a partner. We know how to help them answer the questions they have.”
Creating a marketplace strategy enables retailers to expand catalog offers and branch out to new brands and markets with less investment risk, while mitigating supply-chain concerns. Scale becomes easier to achieve when evolving past a drop-ship-based business and building a seller-driven strategy. Marketplaces also increase customer engagement and grow customer lifetime value and loyalty by connecting like-minded buyers and sellers in your community.
“With a good marketplace platform, you’ll get a host of features that help you easily add and manage sellers and transactions from end to end,” says Jim Stirewalt, President, Marketplacer US. “On a marketplace, sellers will manage their own inventory, shipping, and returns behind the scenes, creating a much more seamless shopping experience.”
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The eBook, available as a free download, features:
“Online marketplaces account for a significant share of the world’s overall ecommerce market. Since they can be a great asset for an ecommerce business and retailers, brand manufacturers and distributors need to decide whether they will sell on someone else’s marketplace or if they will operate their own,” says Ed Kennedy, Product Marketing Manager at Adobe. “In this eBook, we share insights from working with thousands of brands’ on their digital marketplace strategies, including listing their products on 3rd party marketplaces from within Adobe Commerce, powered by Magento, or launching their own marketplace storefront.”
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