Digital Marketplace

Digital Marketplace

Both brands and retailers have begun to launch proprietary marketplaces and are inviting other brands to join. These brands include Anthropologie (“Curated by Anthropologie”), Madewell (“The Hometown Heroes Shop”), and Urban Outfitters (“UO MRKT”), and retailers such as Target and Walmart (see sidebar, “Noteworthy retailer-owned marketplaces”). We asked Darragh Mac Neill and Salvatore Scagliarini, senior industry experts at the European Investment Bank who are at work to develop this sector. Accenture forms alliance relationship with Ideoclick to provide expanded Amazon marketplace expertise to consumer brands.

Online Marketplace

In the same vein, a lot has been said - specifically during this last year - about how ecommerce is the future of retail and how it transforming the conventional brick and mortar sales model. Endless stream of articles, opinion pieces, and editorials have been written and many surveys have been conducted about COVID’s strengthening impact of ecommerce. Majority of them talk about retail from the customer convenience, experience, and options perspective and other benefits that the digital marketplace brings with itself.

What Should Brands Offer And Expect In Return From A Marketplace?

The continuous refreshment of offerings also helps explain why marketplaces were accountable for a 34 percent uptick in site traffic for retailers. Successful marketplaces offer an array of marketing and personalization opportunities. Many use a customer data platform to hyper-personalize customer experience through complex, AI-based technologies. The ability to use sophisticated analytics to gauge the competition and adjust pricing, promotions, and offers is priceless. Using data to drive certain product lines, ramp up manufacturing, and optimize operations to meet demand is crucial.

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