Marketplacer has been listed as an enterprise marketplace ‘Sample Vendor’ in Gartner’s 2020 Hype Cycle for Digital Commerce.
The Gartner Hype Cycle for digital commerce aims to provide an analysis of industry trends so as to help new and emerging businesses in this sector prioritise their investments.
According to the report, enterprise marketplaces experienced “increasing interest during COVID-19 as many organizations hastened to launch or expand digital commerce presence as sales from physical channels dried out.”
Classing the enterprise marketplace as a ‘high’ rating with estimated market penetration of up to 20 percent of the target audience, the report stated of enterprise marketplaces:
“When done right, organizations can enrich product offerings, reduce selling or procurement costs, test new items on categories before adding them to the product catalog, and improve the customer experience by making the process more transparent and efficient.”
Coronavirus has heightened and hurried the need for online marketplaces in order for business to stay afloat. However, the trend was on the rise well before lockdowns and social distancing measures were implemented across the globe.
Indeed, since launching just four years ago, Marketplacer has acquired more than 60 customers. These include some of the most recognised brands in retail today, including Myer, Bob Jane T-Marts, Jayco and Petstock. The rise of retailers adopting online marketplaces prompted in late 2019 a $20-million capital raise investment into Marketplacer.
It is true, however, that COVID-19 drew a very clear line in the sand. Faced with the prospect of no traditional trade, retailers needed to accelerate their online plans.
Marketplacer responded swiftly, implementing our own work-from-home processes and increasing resources so as to serve the industry around-the-clock. Not only did Marketplacer provide fast, easy, affordable full marketplaces, but also a headless offering through Unleash, a plug-and-play back-end only solution.
Some Marketplacer clients have experienced a growth in both a traffic and sales volume of up to 300 percent. Moreover, start-ups such as the phenomenally successful Providoor are an example of businesses creating a veritable lifeline for members of their industry. In fact, it could be argued that such case studies are examples of a survive-to-thrive journey.
Irrespective of where, when and how we all emerge from this new normal, observations from those such as the Gartner Hype Cycle suggest one thing is clear; online marketplaces are a monetisation model solution for now, and well into the future.
Contact our team today to find out how an online marketplace could help you to increase sales and future proof your business.