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Top eCommerce Marketplace Trends That Will Rock in 2021

The online eCommerce marketplace has become a thriving business in recent years. It has become one of the most rapidly growing industries in the market, with more people getting engaged every day with the latest technologies that the eCommerce marketplace offers.

The pandemic has impacted the way people use eCommerce to shop online. Now more and more people prefer to shop online over brick and mortar stores. According to a survey, consumers in emerging economies have made the most remarkable shift to online shopping.  

However, the online eCommerce marketplace is very competitive, and sellers need to put in extra effort to build their brand presence by following the newest marketplace trends. 

We’ve researched the industry and narrowed down the biggest marketplace trends that will rock the eCommerce marketplace in 2021. 

What is E-commerce Marketplace?

The eCommerce marketplace is a platform that connects the buyers and sellers in one place. It is a website or an app where the users can find different types of products and services that are offered from multiple vendors present on the same platform. 

The marketplace business operator does not own any inventory or invoice the customer for purchase. Instead, their business only presents the seller’s inventory to the marketplace users and precipitates the transactions. 

Some top marketplace players like Amazon, eBay, Alibaba, and others have experienced massive success in the eCommerce business model. However, these companies take a small percentage of commission on the products sold through their platform. 

Looking at the popularity and convenience offered to customers of this business model, many businesses have exploded in the eCommerce marketplace development trend. 

How To Create An Online Marketplace?

The success of top marketplace platforms like Amazon, Alibaba, eBay, and others has proven that the online eCommerce marketplace provides a flexible business opportunity and is a scalable business model.

Many businesses want to start creating their marketplaces, but starting your own online marketplace can be a daunting task for them.

To create a successful marketplace platform, the first and foremost is to have a marketplace idea and a business model. Then further, you can proceed with creating an MVP for your marketplace and launch it to the first customers, follow the insights and grow your marketplace platform.

Ecommerce marketplaces fall into three categories:

  1. Vertical

The Vertical marketplace consists of multiple vendors that have specialization in the same niche.

  1. Horizontal

The Horizontal marketplace focuses on selling products with similar categories.

  1. Global

The Global marketplace offers a wide range of products and sells almost everything worldwide.

Top E-commerce Marketplace Trends

Selling on Social Networks

Selling on social media has become an increasingly popular trend in the marketplace business. It is a new approach that allows salespeople to target the existing audience on social media platforms.  

Most people today spend a good time on social media platforms. It has become an integral part of their daily routines, and many people have started shopping through this social media platforms. Seeing the new norm, many businesses have started adopting the modern way of doing business by selling their products through various social media platforms to drive more traffic to their business. 

Statistics show that around 90% of sales professionals use social media platforms as a part of their sales strategy.

But, to stand out in the highly competitive market, you should have a clear social media marketing strategy to attract and capture more leads for your business. 

AI & VR Technology

Artificial intelligence and Virtual reality help the customers to be automated by giving a personalized shopping experience. AI technology study the customer’s behavior, what they want to purchase, and their interest in the particular product and services.

The AI technology makes recommendations based on the customer’s search history and places the products in the front as per the user’s choice. At the same time, VR technology is reshaping the way customers choose and buy products. It helps the customers to understand the products better and experience them in a 3D environment. This technology is used to attract more customers and boost traffic to the website.

E-commerce Chatbots

The chatbot is a small computer program that interacts with online customers as a sales associate does in-store. They are the present-day market trend that makes the lives of eCommerce marketers easy. Chatbots perform customer service tasks like direct them to various deals and products and help them purchase the products they want to.

By deploying a chatbot in your online eCommerce store, you can provide the users real-time assistance and 24/7 support.

Benefits of chatbots in eCommerce –

  • Available 24×7
  • Respond to customers immediately
  • Help to increase sales
  • Consistency is maintained 
  • Provides immediate feedback
  • Reach new customers

More Paying Options

The entire marketplace business revolves around accepting payments. The rapid growth of the marketplace has led online businesses to process a large amount of transactions online. So, to operate a fully functional website or a mobile application for the eCommerce business, flexible payment options should be implemented when you develop a marketplace platform.

Whether it is an existing eCommerce website or starting a new eCommerce business from scratch, a payment gateway should prioritize. There are many payment gateways available in the market, but selecting the right one is the most crucial factor for any online business.

Some best payment solutions to manage the eCommerce marketplace in 2021 :

  • STRIPE
  • DWOLLA
  • PAYPAL
  • BRAINTREE
  • MANGOPAY

Data Analytics

Ecommerce analytics gathers the data and uses the information to understand the market trends and customer behavior to make data-driven decisions that will drive more sales to the eCommerce marketplace platform.

As the technology is evolving rapidly and shopping trends are shifting daily, for building a marketplace , businesses need to use reliable data insights of customers to keep up with the market trends. The data information will make you cautious and help determine the best product mix and apply marketing strategies accordingly to increase sales.

Omnichannel Selling  

Omnichannel selling focuses on providing the user a seamless experience. It is a multiple-channel approach with a presence on several platforms. It allows users to interact and engage with your business through all platforms like social media, physical shops, websites, etc.

Consumers today are not limited to a single platform they like to shop from multiple channels. In addition, businesses are aware that customers want to explore content in many ways. Hence omnichannel selling has become a new normal, and many companies follow the trend by setting up multiple channels for generating more sales for their business.

Green Consumerism 

With the world going digital, there’s a new trend of making the environment cleaner. Green consumerism is growing in popularity, and consumers are more active in shopping for sustainable products that are eco-friendly and recyclable. 

One survey shows that 87% of people are willing to buy products that are benefiting the environment, and selecting the brands which promotes such initiatives.

Changes in social, cultural, and economic landscape in countries have shifted the focus towards protecting the environment. As a result, many brands are now taking serious steps and finding more ways to be eco-friendly and making the use of biodegradable packaging as much possible.

Conclusion

The transformation in developing a marketplace will provide significant business opportunities in the coming years. 

The marketplace trends mentioned above will dominate the social media landscape in 2021 and later and help boost your decision to put a step forward in the eCommerce landscape.

The eCommerce industry is evolving at a breakneck speed. Hence preparing your brand to compete in the marketplace trend will be a lucrative business idea for you.

Nikunj Shingalahttps://www.websoptimization.com/
Nikunj Shingala is a CEO and co-founder at Webs Optimization Software Solution which is successfully delivering services in the realm of UI/UX design, web development, mobile app development, and enterprise solution. He’s enthusiastic blogger and his writing interest includes mobile and web development technologies, startup ideas and strategies.

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