Ecommerce & Marketplaces Newsletter – May 5th, 2023
In this edition, Forbes provides a perspective on how retailers are embracing sustainability with circular initiatives. Algolia looks at the ROI of keyword and AI site search for digital commerce. Entrepreneur Media posits the five ways AI can help e-commerce. Reforge lists the four fundamental concepts product managers need to know about the marketplace. Read this and more in this week’s edition.
With shoppers becoming increasingly mindful of their consumption choices, businesses are facing heightened scrutiny and pressure to meet new sustainability standards and adapt to evolving shopping habits. This is driving retailers to rethink their business models to make circularity part of their mindset and operations.?
Did you know that the tiny search bar at the top of many ecommerce sites can offer an outsized return on investment (ROI)? According to Econsultancy, about 30% of ecommerce consumers use on-site search. It can be much higher for marketplace search.?
Open AI's ChatGPT has created a buzz about the current "AI Revolution," but it isn't a revolution for everyone. This is a time of innovators slowly handing off AI applications to early adopters. The early majority is still waiting on the sidelines, waiting for that AI Revolution to reach their industry or market.
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Amazon, Etsy, OpenTable, Thumbtack, Uber, Instacart, Airbnb — the rise of successful marketplaces is upon us. Marketplaces are different from other businesses because the focus is not on the product or service that a consumer buys, but on the platform that facilitates the transaction.?
A marketplace is a platform where buyers and sellers interact and transact. The platform acts as a marketplace that will generate revenues in fees from one or all the parties involved in the transaction. Usually, marketplaces can be classified in several ways, like those selling services vs. products or those connecting buyers and sellers at B2B, B2C, or C2C level.?
Let’s say you’re an independent software vendor and you’ve had the innovative foresight to create an evergreen digital footprint in one of the big cloud marketplaces—Microsoft, Google Cloud, or AWS, to name three. Perhaps you worked with a third-party platform such as Tackle to streamline and expedite this complex process, or perhaps your team redirected product roadmaps and invested the dedicated development cycles required for a marketplace launch.?
Although we’re taught that it’s not polite to talk about money, many people can’t resist crowing about what a great bargain they got by buying via resale. (Some are just as eager to tell you how much they sold a used item for.) But for those companies in the business of resale, money can be a touchy subject.?