Do you want to start an online marketplace but don’t know where to create the most impact? We have created a brief insight into the most compelling trends to expect for 2021.
In a world where smartphones are the order of the day, you must provide a site that users can access via mobile and desktop devices. One effective method is upgrading your site to a PGA (progressive web application) to create an "application feel" instead of a general website.
In the world of eBay and Amazon, the most likely success will come from vertical platforms because of an easy to reach and understood target market. Narrowing the focus of a marketplace adds value for customers with unique requirements. However, be sure to scale your niche to add new offerings when the time is right. You may also want to consider whether the buzzword 'market network' is here to stay.
Juniper Research predicts that online stores could invest as much as $7.3 billion on AI per annum by 2022. The most apparent implementation is chatbots, but nothing prevents you from offering personalized recommendations based on a user's search and buying history.
It's expected that 75% of homes will have smart speakers by 2025. How will you remain relevant in 2021, though?
- Optimize your site for queries via voice search
- You must offer a FAQ page
- Ensure optimal speed of your site, and
- Get a Google My Business account.
Do you realize that omnichannel could allow you to retain an average of 89% of your customers? It's very similar to multichannel commerce – presenting your site on both on- and offline channels while the user experience remains continuous. Here are some tips to help you use this trend to your benefit:
- Research interests and problems of your users.
- Select proper channels that your customers prefer.
- Optimize your strategy by defining each channel's use.
- Track your marketing results and change where applicable.
Shoppable video ads
An exciting idea is embedding links in shoppable video advertising. Why not take a peek at this advert for Ted Baker at https://www.youtube.com/watch?v=GdFzhPc1gfA&t=1s
Marketplaces are facing new opportunities all the time so stay on top of latest trends!