The return of the marketplace – the digital market where manufacturers and consumers can once again interact directly – began with the Internet and universal communication, but it depends on much more, such as the emergence of social media, fast delivery, digital payments and mobile phones that allow people to stay online and in touch throughout the day.
Taken together, these new technologies and trends are giving rise to digital marketplaces that go beyond the Big Three – Taobao, Tmall and Amazon – to create a depth of engagement that will match, and possibly surpass, even the in-person relationship of brands. with the clients.
The world’s top 100 marketplaces sold $2.67 trillion worth of goods and services last year, with the Big Three accounting for nearly two-thirds of that revenue. But other markets are proliferating and growing rapidly. B2B marketplaces are expected to generate $3.6 trillion in sales by 2024, five times more than in 2018, while hundreds of marketplaces specializing in specific products and industries are growing in popularity.
Another big marketplace would be YouTube. It’s not a traditional marketplace like Amazon or Ebay, but YouTube is the biggest video engine. People buy products when they see honest and authentic reviews of the products. That’s why you should focus on YouTube too and understand it as the marketplace. You can buy YouTube subscribers from the trusted sources for a good start-up situation with the brand.
Experts stressed that “there have never been more opportunities for manufacturers, distributors and buyers to meet and trade. But this goes beyond creating more online spaces to meet. The digital market is also using new technologies to make these meetings deeper and more meaningful. Personalization is the next step for digital marketplaces.”
The power of data
Today every company must be data driven. Individual online shoppers leave a trail of fingerprints as they walk through virtual aisles. Whether it’s the time they spend comparing products, their detailed purchase history, or their favorite moments to shop, all of these small but vital details help create a picture of who they are, what they need, and how they spend.
The rapid evolution of data and AI are going further to personalize the shopping experience and address needs that go far beyond cost and selection. Some digital companies help online shoppers record expiration dates to reduce the amount of food wasted. Others allow you to choose a meal and automatically add the necessary ingredients to the shopping cart without having to search for them.
Business experts commented that “the flow of information on consumer preferences and trends is what increasingly decides which brands win and which ones fail. It is often said that “every company is a technology company”, but sometimes this falls short because some companies not only sell products with the help of technology, but use technology and data to determine the product. It’s about using data to gain insights that organizations can use for their manufacturing and marketing operations.”
By creating a direct channel with their customers, retailers gain several benefits. These include a more personalized relationship across a range of social media and sales platforms, as well as access to a growing amount of data that helps retailers deliver what customers want and anticipate what they’ll need. This can lead to a virtuous cycle of engagement, better products, and even more engagement that drives revenue and builds brand loyalty. According to a recent study data driven companies increase their annual customer retention rate by 91%.