Sunday December 04, 2022

What are the trends in online marketplaces?

Consumers want efficiency and the best customer experience. These are areas where marketplaces have been very strong. The marketplace environment is also very diverse.
It is essential to be able to distinguish yourself from your competitors and keep up with the market. You need to understand the changes and have all the information you need about selling in marketplaces. These are some market trends that you should be aware of in order to create new business opportunities.

1. The rise of mobile marketplaces
Mobile marketplaces are extremely successful because they allow merchants to sell on their smartphones without the need to create an app. They simplify the customer journey and allow customers to access a wider range products than traditional retail apps. This saves them time and space on their phones.
App users are increasing exponentially and those who use apps are often the most valuable.

Alibaba recently revealed that it makes more money when its customers use their smartphones to shop. These apps for retailers are revolutionizing the shopping experience and have become an important personal shopping tool for many consumers. According to the UPS Pulse Online Shopper Report, 4 out 5 global shoppers have used an app from a retailer. Pure players that offer a buy app account for 31% of all their sales, while physical retailers make an average of 21%. The report also shows that mobile apps convert better than traditional Web sites due to the better product search experience.
The following three trends are a result of the switch to the smartphone, which will undoubtedly open up new markets.
Marketplaces can gather new data on mobile devices to improve their operational efficiency and make better recommendations.
Mobile developers will have better APIs and SDKs that allow them to provide additional functionality to customers to increase customer loyalty, simplify operations, or improve customer experience.
Users expect smoother, more consistent mobile experiences no matter how frequently they are used.

2. Progressive Web Apps continue their rise
Progressive Web Apps (PWA), continue to build responsive web pages. They add additional functions to mobile pages that were not available in native apps. A PWA allows customers to determine their location using the smartphone’s GPS sensor. This can be used for local services. A marketplace can also offer its mobile customers a barcode scanner that uses their smartphone’s camera to quickly reorder products.

This has the advantage that apps do not need to be created for every operating system. The responsive website is the starting point. You can then add the desired features of a progressive app to make it more appealing.

3. Robots are not recommended for writing content
It is difficult to write sales-boosting text for every product if you have many products. Text robots provide easily readable, search engine-relevant descriptions. Structured data is a prerequisite for this, such as datasheets, attributes, and similar. This data can be used by text robots to create texts for each product.
There are two types of text generation: Template-based text generation and Natural Language Generation. In both cases, gap texts and sentence patterns can be used. In both cases, the marketplace must do some preliminary work. This includes teaching the robot the basics, such as the language style and words to use, or creating templates.

Real people, unlike robots, can identify the target audience and research keywords to ensure they point to the right terms. They also understand the tone of voice and sometimes generate it. It is important to ensure that our writing is written in a way that others will enjoy reading. Writing is the analysis of and interpretation of information to deliver effective messages.

4. The development of B2B marketplaces
Frost & Sullivan projects that the global B2B ecommerce market will reach $6.7 trillion by 2020. According to Forrester, the US market for B2B ecommerce will surpass $1,8 trillion by 2023.
B2B ecommerce is growing as a result of marketplaces that offer new visibility, liquidity, and fluidity. Many e-commerce platforms have responded to this market and offer services that cater to professionals such as SAP Hybris or Magento 2 B2B, Intershops, OroCommerce, Insite Software, IBM, and SAP Hybris.

B2B marketplaces provide the same opportunities as traditional B2C markets, but they can also adapt to the business environment.
Buyers can view the certifications of suppliers.
There are pages that deal with company information.
It is possible for multiple users to open an account.
Prices displayed do not take into consideration B2B specifics.
Credit line service is available.
Companies can make offers.
Some modules allow integration with the company’s IT system.
Tax exemption program for traders

5. Google’s Shopping Actions Program
Google’s Shopping Actions program was launched in the USA. Now, it is being brought to Europe. This program will allow buyers to purchase a product directly from Google’s search results.
France is the second country to launch Shopping Actions: In March 2019, Google launched Shopping Actions in France. This service enables customers to make purchases directly through Google. It includes the Google Shopping tab on their smartphones and desktops, as well as the Google Assistant.
Shopping Actions allows for seamless shopping by using a shared shopping list, a single shopping basket independent of the Google platform and instant payment when payment information has been stored. Many other European countries will follow the example of France, if it is successful.
Shopping Actions can be compared to Amazon’s and will provide more competition for the marketplace.

What is the latest trend on the market?

There are many other developments that you should consider:
Artificial intelligence and machine-learning to improve customer experience and trust.
The rise of services on online marketplaces that enhance the buyer-seller experience.
Local and narrow markets
Image and voice search for products or services
Online marketplaces like those found on the internet will grow rapidly in 2021, and will change the way we buy or sell in the future.

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