Digital Interactive Services

Top 10 marketplace management trends in 2022

In 2022, the global e-commerce retail sales are likely to hit $5.5 trillion, and, in 2021, a whopping 62.7% of total online sales came from the top 100 online marketplaces. As online marketplaces continue to grow, it is crucial to consider the top marketplace trends to not only survive but to thrive in today’s digital world.* Here are the top marketplace trends to look out for in 2022.

Ten online marketplace trends to look out for

Build an omnichannel presence:

Businesses need to have an omnichannel presence and it is critical to succeeding in the digital marketplace. You should reinforce both online and brick-and-mortar presence as many customers prefer to research online and then buy in a physical store.

Integrate augmented reality, voice search, and image search:

Build a virtual experience for your brand with the help of augmented reality, offering product demos and virtual try-ons. The voice and image search features are gaining popularity as the digital marketplace trends transition away from solely text-based search.

Focus on a niche marketplace instead of an ‘all-in-one’ marketplace:

There is little-to-no scope for business growth in an all-in-one marketplace. But you are more likely to succeed if you find a niche to serve (either a product or a market) as customers are now seeking speciality online marketplaces and preferring to support local businesses.

Leverage social media platforms:

You must leverage the reach and influencing power of social media platforms. You can use them to build brand awareness, promote brand engagement, and build a loyal brand community to succeed in an online marketplace.

Diversify payment options:

Offering multiple payment options, such as credit cards, debit cards, or online wallets, gives customers the freedom to choose and encourages them to purchase more if their preferred payment option is available.

Go mobile:

Customers prefer mobile devices for quick transactions and leveraging this can allow your business to grow its customer base.

Give it a personal touch:

Offering personalised recommendations with the help of artificial intelligence, creating engaging content for the target audience, and incorporating a human touch within a customer’s journey can make them feel personally connected with the brand and convince them to make a purchase.

Diversify delivery options:

Options, such as free delivery, standard delivery, store pick-up, and express delivery, allow the customers to select an alternative option that works for them. Moreover, features such as easy returns and gifting options are critical for customer satisfaction.

Focus on sustainability:

The latest online marketplace trends indicate that customers are willing to pay more and stay loyal to a sustainable brand. Practices such as biodegradable packaging, no-waste packaging, and a sustainable supply chain are some of the key features you can incorporate into your online marketplace.

Keep changing with the times:

A digital marketplace is a business. You need to keep track of the market trends and update your strategic position accordingly. To succeed, update your marketplace strategies in line with current online marketplace trends and evolve your marketplace practices with the development of new tools.

How can an online marketplace help your business?

Tracking and updating the latest online marketplace management trends can help your business immensely. With an established online and digital marketplace, you can:

• Be quick to market with almost immediate access to customers.
• Leverage existing tools of an established marketplace platform for efficient marketing, selling, and fulfilment.
• Leverage the pre-existing customer base of an established marketplace platform.
• Reduce inventory management and storage costs as many established marketplaces take on the responsibility to fulfil orders.
• Reduce overall marketing costs with quick access to a pre-existing customer base and tools for effective marketing.

How can Infosys BPM help?

Despite their success, selling across an online marketplace is a complex process that needs experience and expertise. One must focus on delivering a seamless online shopping experience for improving customer engagement and satisfaction. Infosys BPM Marketplace Management Services offer the experience and expertise to launch your product on an online marketplace and manage inventory effectively. With features like brand governance, catalogue management, marketing operations, back-office support, and reporting and analytics, you can optimise your marketplace performance and grow your business.

*For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.