The Internet has clearly changed the way we do business and by 2020, global online business-to-business retail sales will be more than double that of consumer retail, according to growth experts Frost & Sullivan, accounting for $6.7tn of revenue (The Drum 2016).
At the heart of this surge to online purchasing are marketplaces, such as Amazon, Alibaba, Google and Walmart.com which are creating a new era of many-to-many shopping opportunities for the B2B and B2C market.
In fact, last year, shoppers did half of their online spending through marketplaces, and that could rise to two-thirds in five years, according to a report released by Forrester Research (RetailDive 2017).
Trust & Transparency Determines a Marketplace’s Success
Marketplaces offer a whole new world of opportunities for wholesalers, retailers and consumers and there are many advantages of marketplace platforms.
However, marketplaces are only successful if they are able to build connections and create experiences between sellers and buyers. Trust is the fuel behind the fire, ultimately determining the success of marketplaces.
1WorldSync believes that trust and transparency are key components that account for a successful marketplace. What draws consumers to a marketplace is how the marketplace manages trust. A certain level of trust is required for any transaction to take place.
As a leading provider of product content solutions, 1WorldSync helps brands and suppliers organize their product content according to marketplace specifications and gets their products listed and in front of millions of new shoppers.
To Marketplace, To Marketplace: A Definitive Guide to Understanding Marketplaces
Marketplaces are dynamically changing in real-time, thus it is important than ever to understand their nuances. Download our brand new e-book and learn more about:
- The basics of marketplaces
- How have marketplaces evolved
- The importance of marketplaces & how they benefit both sellers and buyers
- How can marketplaces succeed
- How 1WorldSync showcases your presence in marketplaces
- “Forrester: Half of online sales occur on marketplaces.” 14 Sept, 2017 <http://www.retaildive.com/news/forrester-half-of-online-sales-occur-on-marketplaces/504913/>
- “B2B’s biggest battle: How Amazon and Alibaba are revolutionising B2B commerce.” 2 March, 2016. <http://www.thedrum.com/news/2016/03/02/b2bs-biggest-battle-how-amazon-and-alibaba-are-revolutionising-b2b-commerce>