Digital Marketplace Industry Trends in 2021: What to Expect?
This article was originally posted on Codica Blog.
Nowadays, e-commerce has stopped being a cherry on the cake, as it’s the cake itself. We certainly agree with this quote by Jean-Paul Agon, CEO of L’Oreal. It’s an important thing to understand for offline and online shops of any size.
What else to consider if you want to stand out from the crowd when starting an online marketplace? Learn from your audience and rivals and stay on top of the industry trends.
What are the most influential online marketplace trends? In this brief article, we filtered them out for your convenience.
1. Mobile shopping
Smartphones are the tools that fuel the ‘mobility revolution’. Recent stats predict that mobile e-commerce will account for 73% of total shopping in 2021. So, in the world of mobilization, you need to trade using desktop devices and smartphones alike.
Below, you can find the table that shows the growth of the mobile shopping share from 2016 to 2021.
How can you satisfy your mobile customers? You need to build a responsive and user-friendly website. Visitors should have a pleasing user experience with your marketplace from both mobile and desktop devices.
One of the most efficient ways to attract mobile users is to upgrade your website to a PWA, or progressive web application. PWAs provide customers with a fast and smooth experience that creates a sense more of a native app than of a regular website.
With such a boost, your shoppers can install your app in a click, get notified on their smartphones, and visit your marketplace while offline. Also, the PWA technology helps enhance your conversion rates and better engage with mobile customers. That is why market leaders like AliExpress or Flipkart turned to progressive web app development.
Do you want to 3X increase the time spent on your platform? And how about getting 4X more interactions? Discover the best examples of PWA for e-commerce marketplaces in our blog article.
2. Vertical marketplaces
In the world where Amazon and eBay exist, vertical platforms are most likely to succeed. That is why businesses start offering more niche solutions. Why does it help launch a successful marketplace?
The thing is, vertical marketplaces have a well-defined target audience that’s easier to reach.
When you narrow the focus of your marketplace, you can bring more value to your customers by serving their unique demands.
Are you planning to start your marketplace development? Think about launching a vertical e-commerce platform that will help you stand out against your rivals and widen your audience.
Also, mind that you can widen your marketplace’s specialization and add new offers when you think it’s the right time.
3. Artificial intelligence
In 2021, there’s a growing trend to use artificial intelligence in e-commerce. According to Juniper Research, online retailers will invest $7.3 billion a year in AI by 2022.
One of the most interesting AI implementations in e-commerce is chatbots usage. What potential benefits can they bring? See the chart below.
E-commerce allows using AI not only in chatbots. You can also try personalized recommendations for your customers based on their purchase and search history.
4. Voice commerce
By 2025, the percentage of households that have smart speakers in the US is expected to reach 75%. Voice commerce is moving forward with seven-league steps, and experts predict that it will rise to $40 billion by 2022.
How can you adapt your marketplace to stay in the game in 2021?
- Optimize your website for voice search queries;
- Offer a FAQ page;
- Update your local listing and get a Google My Business account;
- Enhance page speed.
5. Omnichannel selling
Did you know that a strong omnichannel strategy allows businesses to retain on average 89% of their customers? So what is omnichannel marketing all about? It resembles multichannel commerce that presents your platform on online and offline channels. But the difference is that omnichannel commerce connects channels to offer a seamless experience.
Do you want to implement the omnichannel strategy? Below, you can find the tips that will help your e-commerce platform benefit from this marketplace trend.
- Research your customers’ interests and pain points.
- Choose the right channels that are more popular among your customers.
- Define each channel’s use to optimize your strategy.
- Track the results of your marketing strategies and change accordingly.
6. Shoppable video ads
Another great idea for an online marketplace is to embed links in shoppable videos on social media. In such a way, you allow shoppers to buy featured products almost immediately, bringing purchasing closer to the viewer.
How to use this concept for your marketplace? You can find out in the shoppable video ad for Ted Baker.
Final thoughts
We went through the trends that will be important for e-commerce in 2021. They can be very beneficial for online marketplaces if applied to the point. You can think through and decide which trends discussed above will bring success to your e-commerce platform.
Need any help in online marketplace development? You can contact us to get a free quote or check our portfolio where we proudly share our delivered projects.
Do you want to learn more about online marketplace trends? Visit our comprehensive article: Top 10 Online Marketplace Trends to Watch out for in 2021.
