Ecommerce & Marketplaces Newsletter – Sep 16th, 2022
Welcome to the 71st edition of the “Ecommerce & Marketplaces” weekly newsletter. We are happy to announce the appointment of Peter C. Evans, Ph.D., as our Chief Strategy Officer at McFadyen Digital. Peter Evans has a Ph.D. and MCP from the Massachusetts Institute of Technology (MIT). He also serves as the co-Chairman of the MIT Platform Strategy Summit held yearly in Cambridge, MA. Additionally, this former KPMG Principal and GE Senior Strategy director is also the co-chair of the NTWK Summit in Barcelona, Spain. Please read more details in our official press release. We bring some highlights from the “2022 Software Buyer Behavior Report” by G2. While most buyers still prefer buying directly from the vendor, there was a decline from 69% to 60% YOY. The preference for third-party marketplaces grew from 6% to 28% in the same period. Read our Martech story for more details. Once upon a time, freelance marketplaces were the disruptors, but now they are being disrupted. The speed of change is ruthless. In the near future, internal organizational talent marketplaces (short for proprietary) will compete actively with public talent marketplaces on market share and pricing, giving them tough competition. The action in the B2B payments space is heating; PYMNTS reports that three B2B marketplaces are adding solutions. Wholesale management platform JOOR has unveiled a tool for wholesalers called JOOR Pay, while Taiwantrade.com is looking to build an “intelligent mobile ecosystem,” and Ideal looks to solve challenges commonly encountered by businesses in Saudi Arabia. Read our PYMNTS story to gather more details. As TAM expands, the platform wars are heating up. That’s what our Tech Crunch story covers. 2022 is turning out to be a fantastic year for enterprise eCommerce platforms. Astra presents a highly detailed to-do blog on “How to Create an Online Marketplace with WordPress” based on WooCommerce. It also covers the alternatives to WooCommerce and what you need to set up an eCommerce marketplace. Read this and more in this week’s edition.
Notable news from the past week
McFadyen Digital Appoints Peter C. Evans, PhD As Chief Strategy Officer
McFadyen Digital, the leading global agency for e-commerce marketplace strategy and implementation, is appointing Peter C. Evans, PhD, as their Chief Strategy Officer. In this role, Evans will be responsible for leading McFadyen’s rapidly growing strategic services practice tasked with helping clients ranging from large global Enterprises to well-funded startups with the formation and execution of their multi-vendor ecommerce marketplace strategy.
Tech Buyers Increasingly Prefer Buying From Third-party Marketplaces
B2B decision-makers in the market for software, including marketing technology solutions, have less patience with vendor interactions and increasingly look to buy from third-party marketplaces and re-sellers. That’s the main takeaway from the “2022 Software Buyer Behavior Report” from G2, the peer-to-peer technology review site. The survey of more than 1,000 B2B buyers, around the globe, also showed that software spending was likely to increase, or at least not decrease, in 2022 and 2023.
Freelance marketplaces being disrupted? Hold on. Wait a second, weren’t they the disruptors? How strange and yet obvious that possibility must sound to pioneers of the freelance revolution, a work construct that’s disrupting the staffing industry and only recently entered its second decade. Yet, the speed of change knows no mercy. In the very near future, prop or internal organizational talent marketplaces (short for proprietary) will be competing actively with public talent marketplaces. Freelance entrepreneurs beware.
B2B Payments: 3 B2B Marketplaces Add Solutions
Today in B2B payments, JOOR adds a B2B payments tool, Taiwantrade.com aims to build an “intelligent mobile ecosystem” and Indeal looks to solve challenges commonly encountered by businesses in Saudi Arabia. Plus, Payhawk launches its spend management solution in the U.S. and now serves 32 countries. Wholesale management platform JOOR has unveiled a tool for wholesalers called JOOR Pay, which can be embedded into checkout systems to speed the collection of payments from retailers. Wholesalers can offer 60-day payment terms to select buyers through the tool, which generates payouts within days of transaction processing and reduces the complexity of foreign exchange transactions.
From fresh lockdowns in China to rocketing inflation, 2022 has opened a fresh chapter in this era of uncertainty. In a period of extreme change, procurement teams using 20th century models and technologies have often struggled to deliver the ingredients businesses need to remain agile. Digitalization gives the procurement function an opportunity to reinvent itself, accelerating processes and embedding flexibility, while avoiding a loss of control over cost and risk.
Once every few months, we take a look at the world of enterprise e-commerce platforms to see how things are panning out, and our last assessment was pretty illuminating. Here are some stand-out statistics: 2022 is turning out to be a phenomenal year for enterprise e-commerce platforms. The pandemic was a reckoning for big corporations ambivalent about e-commerce, and the result of that ensuing clarity is evident in enterprise e-commerce adoption. The top enterprise e-commerce platforms have added more than 10,000 merchants.
If you run a small business, you can no longer ignore digital commerce. Ecommerce is rapidly changing the customer experience shopping for products, as more than 2.1 billion individuals around the world use the internet for buying. The market was enjoying steady growth before the pandemic, but the forced closure of many physical shops led consumers to flock to online sales channels in even greater numbers, pushing the ecommerce market to new heights. According to Digital Commerce 360, gross merchandise volume in the U.S. increased by $102 billion in 2020 and $116 billion in 2021 due to the pandemic.
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