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Ecommerce & Marketplaces Newsletter – June 21, 2024

In this edition of Ecommerce & Marketplaces Newsletter, we feature a blog from Tom Gaydos, CMO of McFadyen Digital, where he covers the fact that many businesses are considering launching their own online marketplace to expand their reach and increase revenue. If you don’t have a strategy to participate in a marketplace as a B2B corporation, now is the time. In this article, BCG discusses how early movers will find it easier to “win” both sellers and buyers. This can lead to significant network effects, creating a positive feedback loop where initial growth fuels further expansion. In this Forbes article “How The Post-Purchase Experience Drives Omnichannel Retail Success”, they cover how in the years after the pandemic, omnichannel strategies have matured beyond simply bridging online and offline browsing and purchasing.

Notable news from the past week

How To Select The Right Platform When Building An Online Marketplace

According to Digital Commerce 360, 2024 shows that the top 100 global online marketplaces are projected to achieve a total Gross Merchandise Value (GMV) of $3.832 trillion, demonstrating remarkable growth from $2.67 trillion in 2020. Many businesses are considering launching their own online marketplace to expand their reach and increase revenue. The process of selecting a marketplace platform can be overwhelming, especially if you are unfamiliar with the different options available. This blog from McFadyen Digital looks at the steps an organization should take in order to make an informed marketplace platform decision.

NewsletterLogo-RetailTouchPoints

Moving at the Speed of Commerce: How Site Speed Accelerates Customer Journeys and Business Innovation

While today’s consumers are increasingly shopping online, cart abandonment remains a critical issue plaguing businesses of all sizes and across categories. According to the Baymard Institute, the average online shopping cart abandonment rate is 70%, while mobile abandonment rates are even higher (85%). Retail Touchpoints digs deeper into each stage of the shopper’s journey and how site speed can help, or hurt, brand results.

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How AI is transforming the retail landscape

The promise of Generative Artificial Intelligence (GenAI) in retail is as large – possibly larger – than the emergence of the Internet back in the 1990s. However, it will also come with its own challenges. In this session, Deborah Weinswig, CEO and Founder of Coresight Research and Jon Reily, President, McFadyen Digital, discussed what can work and what might not work, for global retailers with this new technology.

New Ecommerce Tools

This week’s list of new products for ecommerce and omnichannel merchants from Practical Ecommerce includes generative AI, chatbots, digital payments, social commerce, subscriptions, media networks, and cryptocurrencies. This comprehensive list includes the likes of Intuit’s AI-powered revenue intelligence system, Costco’s beta version of its retail media network, Google’s Search Console that provides ecommerce data on product listings, and many other amazing offerings.

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Academy Sports + Outdoors ecommerce sales rise, total sales drop

Academy Sports + Outdoors sales dropped 1.4% year over year in its fiscal first quarter ended May 4 as noted in this Digital Commerce 360 article. Comparable sales declined 5.7% in the same period. Meanwhile, ecommerce sales had back-to-back quarters of positive growth, according to CEO Steve Lawrence. Academy Sports also announced an exclusive partnership with DoorDash that offers its consumers same-day delivery from its stores.

How B2B Marketplaces Are Rewriting the Rules of Trade

E-commerce marketplaces are reshaping B2B procurement, offering streamlined processes and reduced labor costs. In the marketplace model, B2B businesses allow third parties to sell directly on their digital platforms, with the seller as the merchant of record and the B2B business taking a commission. For decades, the world of B2B procurement has remained largely unchanged. Now e-commerce is dramatically reshaping procurement—with marketplaces leading the charge. The adoption of e-commerce has been significantly slower in the B2B market than the B2C market.

eBay Launches Venmo as a Payment Option, a Continued Push to Expand Ways to Pay and Invest in Digital Natives

eBay is expanding payment method choice at checkout by adding Venmo. The move to introduce new, popular and modern payment options aligns with the evolving preferences of today’s digital natives. This convenient, simple, and safe payment method will bring eBay buyers in the U.S. even more choice and flexibility during the checkout experience.

Forbes

How The Post-Purchase Experience Drives Omnichannel Retail Success

In the years after the pandemic, omnichannel strategies have matured beyond simply bridging online and offline browsing and purchasing. Today’s retailers recognize the growing parity between ecommerce and brick-and-mortar channels. This means they’re optimizing the entire customer journey, focusing not only on pre-purchase activities like product discovery but also on post-purchase experiences, like delivery and returns.

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