Now that you know more about Marketplace thanks to this post. You probably wonder what are the biggest marketplace trends in 2020? Here is all you need to know about changes in the marketplace industry.
1. A growing sector, challenges
Choosing the right marketplace. According to a study published by Xerfi, in 2021, 33% of online sales will be made via a marketplace. Marketplaces offer many advantages to modern customers, such as trust but also convenience. That’s why you have to choose the marketplace that will really fit your business.
2. Concentrate on niche markets.
A niche is a specialized segment of the market for a particular kind of product or service.
To stand out from the competition and attract the sharp eye of customers, it is best to specialize in a niche. By making sure to build a marketplace that offers a specific service, potential customers will not be able to see the added value.
3. Renaissance of “physical” commerce.
There is a boom in companies that have opted for a “click and mortars” strategy, offering an online shop but also a physical shop. The proposal of an online showroom or “webroom” promotes consumer interest thanks to an instant, mobile and attractive experience. However, product demonstrations, in-store trials, and in-store immersions remain essential to trigger the purchase for many prospects.
4. Voice searches for products and services.
Many artificial intelligence systems now offer voice assistance, such as Siri, Google Home, or Alexa from Amazon. They have gradually become a major issue in our consumption patterns. (Already 20% of US consumers are using a voice assistant.)
To be able to adapt to this trend, you need to review your strategy. Here are some tips that might help you :
- Use questions in your site content. You might know that to optimize for SEO, you need to use keywords. But the problem is that people don’t search for keywords when they use their voice devices. Instead, they ask questions. That’s why you should integrate relevant questions in your content.
- Give answers. In the same way that you use questions, you need to provide answers. That’s how voice devices will be able to use your content to answer questions.
- Show how your marketplace can help. Finally, to get people to your marketplace, you need to tell them why your marketplace is the solution. Include that information in your voice search optimized content.
5. B2B marketplaces
For several years now, we have been witnessing the evolution of business-to-business activities via marketplaces models. It is on these marketplaces that companies can find the best products, adapted to their sector of activity.
It can very quickly become an advantage for you to offer your products and services only to professionals. You are sure to have a clientele and to sell in quantity.
6. New technologies
We have to focus on the technologies that are most interesting at the moment. These are augmented reality (AR), virtual reality (VR), and the Internet of Things. And these are just some of the most promising trends in the market. That’s why it’s also important that you pay attention to the latest technologies, trends so that you are never surprised and above all: INNOVATE!
Will these technologies have an impact on the market? They certainly will. Indeed, these technologies will allow market users to connect and make purchases even more easily. For example, AR can help customers see what a piece of furniture in their home would look like.
But it doesn’t stop there. These technologies will enable better customer service and higher conversion rates.
7. Think mobile for the checkout
As mobile payment technology becomes reliable, commonplace, and more advanced, its convenience is expected to catch up with that of desktop checkout. This is a phenomenal transformation in the type of transactions carried out with advanced mobile technology, and one that has been further simplified.
Online vendors should be working ahead to catch on to this new trend and make their sites mobile safe for transactions. Now eCommerce’s biggest challenge will become an unavoidable asset.
Offer customers the possibility to pay using their wallet: ApplePay, Google pay, and virtual currencies such as Bitcoin.
This will also increase mobile traffic on eCommerce sites. Moreover, it is also likely to become the preferred method of payment for retail purchases.
8. AI-powered personalization
One of the main differences between online and offline commerce is the lack of personal contact. Online marketplaces do not have managers (by which we mean traditional in-store consultants, not chatbots) who can ask consumers about their needs and preferences.
However, e-commerce marketplaces are now implementing personalization based on artificial intelligence. This means that the platforms provide customers with relevant and interesting goods based on their search requests, visits to product pages, purchase history, and personalized ads.
When online websites provide personalized recommendations based on your activity history, AI software gives even more accurate offers by analyzing “Your Wishlist”, “Your Favourite” and “Your Collection”.
In addition, personalization is linked to a powerful email system that also sends multiple relevant and exclusive personal offers. It allows market owners to bring a user back for a new purchase, which stimulates the user experience and sales of the platform.
Trends are a special thing. They can be temporary, or they can become overnight THE thing to do. In any case, if you choose marketplaces. You need to keep up to date with the latest trends. And be interested in new technologies. You will find all the topics around the marketplaces here.
Do you have a question? Contact us or leave a comment.