Ecommerce & Marketplaces Newsletter – Mar 24th, 2023
Welcome to the 97th edition of our Weekly Newsletter – E-commerce & Marketplaces, your weekly source for the online marketplace and eCommerce best practices, news, and actionable insights. Our opening story includes a detailed recap of the Prosper Show 2023, the 8th edition of the annual conference from March 13 – 15 in Las Vegas, Nevada. This year’s edition, as usual, was filled with education, networking, and community-building opportunities. The “new omnichannel” that retailers now aspire to includes stores, websites, social media, and, most importantly, multiple online marketplaces. That’s the focus of the story from Retail TouchPoints. Amazon is no longer the only game in town. The Online Marketplace Advantage, the book from Philippe Corrot and Adrien Nussenbaum, co-founders and co-CEOs of Mirakl, reveals the strategies every enterprise business needs to take, backed by examples from 350 of the world’s most successful marketplaces. With digital commerce dictating how B2Bs will grow in 2023 and beyond, do you know what trends will spur digital transformations across these business models? Well, that’s what Google Cloud partner commercetools talk about in the guest blog. It discusses how this year, modern technologies like composable commerce, cloud-native infrastructure, and artificial intelligence/machine learning (AI/ML) will lead the way in business-to-business (B2B) digital commerce. Digital Main Street has some great insights on building an omnichannel retail strategy, presented by Rob Bigler, General Manager of eBay Canada. Influencer Marketing Hub brings us the “Ultimate Guide to Amazon Product Launch Strategies for 2023.” Read this and more in this week’s edition.
Notable news from the past week
A Recap Of Prosper Show, March 13 – 15, 2023
With over 2500 Amazon sellers and service and solution providers in attendance, Prosper Show 2023 was a success. Founded in 2016 by James Thomson and Joseph Hansen, Prosper Show is where established marketplace sellers ( mostly on Amazon, Walmart, and beyond) gather to network, connect, and learn how to make their independent businesses more profitable. The 8th edition of the annual conference took place from March 13 – 15 in Las Vegas, Nevada.
The Face-Off Between Amazon and ‘Alternative Marketplaces’ is Shaping the Next Era of Ecommerce
“Omnichannel” has been an aspiration for brands for many years now, but while it used to refer to the merging of a retailer’s brick-and-mortar and ecommerce operations, it now means something very different. The “new omnichannel” that retailers now aspire to includes not just stores and websites but also social media, search engines and perhaps most importantly, multiple online marketplaces. This was evident at Prosper Show in Las Vegas, March 13-15, 2023, an event originally developed for Amazon sellers. However, a shifting power dynamic became clear this year, driven by one simple fact — Amazon is no longer the only game in town.
Marketplaces are growing at twice the rate of overall eCommerce, proving that traditional eCommerce is no longer enough. The Online Marketplace Advantage, reveals the strategies every enterprise business needs to take, backed by examples from 350 of the world’s most successful marketplaces. This in-depth book gives you the make or break marketplace best practices from initial decision to designing your marketplace strategy for maximum impact. Philippe Corrot and Adrien Nussenbaum, co-founders and co-CEOs of Mirakl bring you through their journey in helping leading brands future proof their digital businesses.
Online B2B Marketplaces Help Even Established Multinationals Accelerate Global Growth
Modern B2B marketplaces are helping reshape how even entrenched industry giants operate and scale.This, as Kraft Heinz Co. Monday (March 20) announced it would use beverage giant Anheuser-Busch InBev’s (AB InBev) B2B BEES eCommerce platform to strengthen its international footprint in Latin America, with a particular focus on gaining share across the Mexican, Colombian and Peruvian markets.
Digital commerce in B2B has been predicted as the next big thing for years; yet, at the start of COVID-19, 60% of B2B companies had zero or limited eCommerce capabilities. The pandemic accelerated digitization and eCommerce has finally taken off: As of February 2022, 65% of B2B companies offered eCommerce capabilities. The behavior of B2B buyers is also changing: Consumer-like expectations are at the heart of successful B2B commerce, and this is how manufacturers, distributors and wholesalers will shape their customer experiences.
The modern ecommerce landscape can be challenging, but also full of opportunity. It requires business owners to constantly look for new ways to grow their business. Particularly for Canadian small businesses, building an omnichannel retail strategy is incredibly important. That omnichannel strategy means not just depending on your website to drive sales, but integrating your business with additional sales channels to grow your pool of potential customers across Canada and worldwide.
For third-party sellers, the challenge of achieving the coveted Flywheel effect is an intimidating one. Many have tried and failed, while others have succeeded against all odds. The world’s largest online retailer is a complex and ever-changing marketplace, where trends and algorithms shift constantly, and the competition is fierce. Yet, despite the obstacles, there are those who have learned to thrive on Amazon and reap the rewards of a successful online business.
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