Ecommerce & Marketplaces Newsletter – Aug 25th, 2023
IIn this edition, our lead story is Gartner’s 2023 Magic Quadrant™ for Digital Commerce. The report evaluates 18 digital commerce vendors to help application leaders make informed decisions. Our partner commercetools has been named a Leader in Digital Commerce based on its completeness of vision and ability to execute. Forbes interview covers Tomas Ponce de Leon, VP of Seller Acquisition from Walmart Marketplace. He talks about the way marketplaces are changing the retail landscape and what businesses and customers serve to gain as a result. Markettailor looks at the ten best ecommerce marketplaces for 2023; a good platform should have at least good product recommendations, transparent pricing, and fast delivery. Learn more about the top global B2B marketplaces from the Markettailor list. Sharetribe has some fantastic resources on how to build different types of marketplaces. The resources are divided into several marketplace types, such as rental or service marketplaces, and each is explained in more detail. It is a page worth bookmarking with a treasure trove of information. Simple Fulfillment looks at the transformative impact of AI on Ecommerce operations and customer experience. Integrating AI in ecommerce has opened up new possibilities and unlocked tremendous potential for businesses to enhance customer experiences, improve operational efficiencies, and drive revenue growth. Read this and other great stories in this week’s edition.
Notable news from the past week
2023 GartnerⓇ Magic Quadrant™ for Digital Commerce
The 2023 Gartner Magic Quadrant has once again named commercetools as a Leader in Digital Commerce based on its completeness of vision and ability to execute. Gartner’s view of the digital commerce market focuses on transformational technologies that help organizations deliver great buying experiences for their customers. The report evaluates 18 digital commerce vendors to help application leaders make informed decisions. The digital commerce platform market’s revenue grew by 11.2% in 2022, half of the 2021 rate. However, ongoing growth remains and we expect this rate to increase over 2023. This Magic Quadrant evaluates 18 digital commerce vendors to help application leaders make informed decisions. By 2026, 30% of B2B sales cycles will be managed through digital sales rooms, which will then be used to manage the customer life cycle. By 2025, 80% of B2B sales interactions between suppliers and buyers will occur in digital channels. By 2025, organizations offering a unified commerce experience by frictionlessly moving customers through journeys will see at least a 20% uplift in total revenue.
The Rise Of The Marketplace: Winning In An Evolving Retail Landscape
In today’s increasingly digital world, eCommerce is thriving like never before. In 2022, U.S. eCommerce sales topped $1 trillion for the first time.1 That growth is having an outsized impact on marketplaces, which are projected to account for 45-50% of US. eCommerce spend by 2025.From a customer’s perspective, the line between eCommerce and physical retail has blurred. Customers expect to be able to easily buy what they want, however they want it, whenever they want it—whether that be delivery, in-store purchase, or in-store pickup. More than ever, they want convenience, flexibility, and variety.
Over the past years, the global B2B online sales on the B2B platform increased 17.8% to $1.6 trillion. It shows that e-commerce is evolving more and more and business needs to focus on online platforms. Partnering with a reputable web design agency in Los Angeles can help companies capitalize on this growth by creating visually appealing and user-friendly websites that attract and engage customers, leading to increased conversions and sales. In fact, many of these platforms have already seen significant success by engaging the services of a proven SEO agency like Heroic Rankings, who specializes in boosting online presence and visibility of B2B marketplaces, thereby driving their growth exponentially. However, the Internet globally connects us and to find the best SEO agencies, it’s essential to use a VPN to bypass geo-restrictions and expand your search.
How To Build Different Types Of Marketplaces
Although there is an infinite amount of marketplace business ideas, most can be divided into several marketplace types, such as rental or service marketplaces. Some of these marketplace types are explained in more detail below. It’s never been easier to start a marketplace. Building a successful marketplace business, however, is the real challenge. This step-by-step guide takes you through creating a website like Airbnb — and how to get the business side working from day one. Want to create an online platform where people can rent apartments, vehicles, equipment, and more? A peer-to-peer rental marketplace, or a B2C or B2B business? This article helps you get started fast.
In recent years, artificial intelligence (AI) has emerged as a transformative technology in various industries. One sector where AI is making a significant impact is ecommerce. The integration of AI in ecommerce has opened up new possibilities and unlocked greater potential for businesses to enhance customer experiences, improve operational efficiencies, and drive revenue growth. The first step to harnessing the potential of AI in ecommerce is to understand its role and significance. AI, in simple terms, refers to the ability of machines to simulate human intelligence and perform tasks that typically require human intelligence, such as learning, reasoning, and problem-solving. In the context of ecommerce, AI algorithms analyze vast amounts of data to identify patterns, make predictions, and automate processes, enabling businesses to make data-driven decisions and deliver personalized experiences to customers.
As Steve Jobs once said, ‘Get closer than ever to your customers. So close that you tell them what they need before they realize it themselves.’ This sentiment encapsulates the essence of the collaboration we’re about to unravel. In the dynamic realm of modern e-commerce, where convenience and expediency stand as imperatives, the intricacies of return management have risen to become a linchpin dictating customer loyalty and overall business prosperity. As the CEO of ReverseLogix, I am not just an observer but a participant in this evolution. This discourse embarks on an exploration of the profound collaboration between third-party logistics (3PLs) and the e-commerce sphere. It unveils a transformation within the returns process, a metamorphosis propelled by this synergy, yielding a harmonious and customer-centric experience.
Despite a brief downturn in the wake of the COVID-19 pandemic, global greenhouse gas (GHG) emissions have continued to rise and the Earth’s average surface temperature along with it. In 2022, the Potsdam Institute for Climate Impact Research published a sobering study showing that the world is already at risk of passing five dangerous climate tipping points. Once we pass them, there’s no turning back – the change becomes self-sustaining. Even if global warming stops. We must turn the tide, and here’s the good news: we have a blueprint for a brighter future – we just need to get busy building that future! All organizations, whether public or private, can join in and tip the balance. How? By decarbonizing and going circular.
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