Ecommerce & Marketplaces Newsletter – Sep 22nd, 2023
In the ever-changing digital commerce industry, it's fun to reflect on the predictions many of us made about the future only months ago. In the Fast Company Executive Board , Barry Fiske , CXO, Global Experience & Innovation at Merkle, Americas, looks at some of them to determine what we got right and wrong. And most importantly, how is generative AI already shaking up the future of digital commerce? Have you ever wondered what's driving the transactions of the marketplace and drop-shipping platforms? Digital Commerce 360 has some insights from a report published by Mirakl . The new report says that expanding brand awareness and reaching new customers are two critical strategies behind the rapid growth in online marketplace and drop-shipping activity. To develop this data, Mirakl analyzed the performance of 65,000 sellers and suppliers on Mirakl-powered marketplace and drop-shipping platforms for over two years. In the Forbes Business Council , Rob - partner at Artisan, an innovation consultancy supporting global leaders with technology strategy and solution services, talks about the four decisions that can help harness the power of unified commerce. While it may be easy to identify the ideal future state of your digital commerce framework, there are plenty of unique challenges each organization will face to make the shift. Technology leaders should consider and weigh several critical factors related to their current situation to drive a successful digital commerce transformation. Accion brief looks at what makes a successful B2B marketplace. It identifies top-level metrics to help founders and investors gauge the health of verticalized B2B marketplaces. The recommendations outlined serve as excellent high-level guidance for early-stage vertical B2B marketplaces. Read this and other great stories in this week's edition.
The digital commerce revolution rolls on. With so much change in the air, it’s almost comical to look back on the predictions many of us, myself included, made about the future of digital commerce only months ago. But let’s take a look. What did we get right? What did we get wrong? And most importantly, how is generative AI already shaking up the future of e-commerce?
Marketplace and drop-ship businesses grew 38% year over year in 2022. That’s six times the growth rate of overall ecommerce, marketplace technology provider Mirakl says in a new report. “Behind the growth of these businesses are millions of businesses selling through marketplace and drop-shipping platforms,” Mirakl says.
With digital commerce trends and customer expectations evolving rapidly, retailers today find themselves in a continual pattern of transformation. As customers’ preference for shopping on different devices increases, traditional e-commerce via a website on a desktop accounts for a shrinking size of the commerce pie.
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Inefficiencies breed innovations. With global supply chains seeking ways to diversify and reduce friction across stakeholders, verticalized and digital business-to-business (B2B) marketplaces have emerged as a promising solution that not only helps businesses flourish, but also drives economic development in emerging markets.
The Platform Canvas is a framework proposed by Marcel Allweins, Markus Proesch, and Ted Ladd, which leaned on Osterwalder and Pigneur’s Business Model Canvas. Other than the Business Model Canvas, which focuses on traditional businesses, the Platform Canvas is devoted to identifying and interpreting the unique elements of multi-sided platform companies and their network dynamics.
In September 2021, a mother started posting daily conversations with her two daughters on the Douyin platform (a sister app to TikTok, a ByteDance company). These included funny arguments and real conflicts, in the tone of conversations between a mother and a princess in the harem of an ancient Chinese emperor. The videos resonated with so many parents and children that they quickly amassed a lot of followers (now 2.5M on Douyin).
In today’s digital age almost all of us have experienced the thrill of clicking “add to cart” and the subsequent anticipation of our purchases arriving. Yet many of us may not reflect on the multitude of interactions and emotions that succeed that singular moment. Underlying these experiences is the invisible hand of artificial intelligence, steering our post-purchase journey.