According to Statista, eCommerce platforms recorded global sales of a whopping $5.8 trillion in 2023. The latest trends expect it to reach $8 trillion by the year 2027, recording a 39% growth in online platform sales.
Currently, Amazon is the largest player in the global retail industry, followed by Alibaba. However, Amazon only leads in the total marketplace capitalization value with online store sales accounting for over 19% in 2022 - 2023. This leaves scope for innovative marketplace owners to crave a niche online marketplace business and lead by example.
Online commerce continues to grow exponentially with marketplace businesses constantly exploring new ways to attract-retain buyers and sellers. Among the latest digital marketplace trends are -
In this article, we will discuss the key marketplace industry and trends. Moreover, you will learn more about marketplace development trends that can help you capture a wide digital audience and elevate online shopping experiences. We have concisely compiled the key trends that will remain significant for marketplace business in the coming year.
Today, every small business owner is looking to tap the growing audience of online shoppers. The traditional business model is slowly fading away where businesses cater to offline wholesalers, retailers, and consumers.
Here are a few reasons why eCommerce marketplaces are becoming the talk of the hour:
Overall, online marketplaces provide a win-win situation for both sellers and buyers, making them a dominant force in the e-commerce landscape.
Latest Marketplace Trends to Watch Out
Latest Marketplace Trends to Watch Out
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The recent change in the marketplace industry to elevate user experience is through live shopping. Simply put, sellers allow buyers to purchase goods & services through live online video streaming.
Live shopping is a good way to engage your customers, as they can have a real-time product view and ask a host of questions related to the products. Live shopping is the future of online marketing trends.
Here are some exciting new marketplace business models that are growing rapidly:
The voice search or voice commerce feature is not new in the industry. But in the recent global marketplace, the use of voice search for shopping has exponentially shot up.
Today, enthusiast shoppers use this voice search feature in the shopping app from their mobile devices. This feature is used to search products on the go, looking for customized products through voice commands.
This is one of the most inspiring marketplace trends to check out. AR has brought a new dimension to the shopping experience. It gives a realistic overview of the product you are looking to purchase.
IKEA has been using the AR facility to give their customer a realistic and satisfied product experience. For example, if you are planning to buy a king-size bed for your room, IKEA offers an AR facility to virtually place the same bed in your room space and see if it suits your preference. Consumers can virtually try most of the products before they buy. All happens in real time through your smartphones using AR technology.
The concept is similar to the voice search feature but this product is searched by scanning or uploading a picture of the product you are looking to purchase. Every seller on the platform is using this feature.
This helps consumers search for products faster and allows vendors to manage their sales and increase their orders by attracting buyers through this tech tool. Search by images features work on the Machine Learning & Deep Learning algorithms.
AI chatbots in the e-commerce marketplace can act as a virtual shopping assistant. Unlike traditional rule-based chatbots, you can deliver human-like shopping assistance to your buyers.
Online businesses are actively using chatbots to recognize language processes, identify image phrases, and provide predefined answers to personalized questions that consumers are most likely to ask.
According to Gartner, over 25% of chatbots will be used to offer customers a better service experience in the future.
A recent study showed that over 70% of the items in the shopping cart are left united due to a lack of seamless logistics and delivery systems. A new trend has been observed among buyers, who are constantly looking for an online marketplace that has a quick and seamless end-to-end shopping experience.
Are you looking to integrate your online store with modernized logistics and shipping mechanisms for a better customer experience? Try out the Shipturtle marketplace software solution.
If you are looking to streamline your marketplace with top-of-the-line integrations, modernized wallet payment systems like Google Pay, Paypal, Amazon Pay, and Apple Pay have to be incorporated. Data shows, people usually prefer quick payment methods rather than traditional debit or credit card payment methods. Today, mobile and wallet payments are taking the lead in the digital payment system across the globe.
Vertical Marketplace Category
Horizontal Marketplace Category
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Online marketplace platform seems to be booming despite the economic slowdown. There are trusted data sources that have backed the global marketplace developments & trends.
Customer experience and shopping development services like Augmented Reality, voice command, and search by image are key trends in the marketplace industry. Focusing on the emergence of new trends and deciding which marketplace model to choose is crucial for business owner and entrepreneur.
If you are looking for development support from a trusted marketplace development company, feel free to reach out to Shipturtle.
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