Meet the Consumers Powering the Marketplace Economy
Much has been written about the momentum of online marketplace sales, which now account for more than half – 62% – of all eCommerce worldwide as leading retailers like Macy’s, Decathlon, and The Kroger Co. launch marketplaces of their own. But missing from this data is the flesh and blood behind that expansion: the consumers who spend more and more of their money through these online platforms. Understanding who they are, what they want, and what they intend to do in the future is critical to any company’s continued eCommerce success.
Today, Mirakl is launching a brand-new global survey report that reveals the real marketplace perceptions, preferences and behaviors of today’s consumers. This first-of-its-kind survey represents 9,000 global consumers across nine countries: Australia, Brazil, France, Germany, Italy, Singapore, Spain, the United Kingdom, and the United States.
Together with Mirakl’s Enterprise Marketplace Index and Enterprise Marketplace Seller Report, The State of Online Marketplace Adoption by Mirakl completes the picture of today’s marketplace economy. It illustrates the permanent shifts in consumer preferences and behaviors around online marketplaces – and why marketplaces are the driving force behind eCommerce growth. Here are the headlines you need to know.
As marketplaces grow, consumers have adopted them at accelerated rates
Data from The State of Online Marketplace Adoption shows that marketplaces are no longer a new or novel concept for online shoppers. Globally, survey respondents report that 42% of their annual online shopping is now done through online marketplaces.
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Notably, marketplace adoption has held its gains from the early days of the pandemic. In 2019, 42% of consumers said they shopped exclusively on or a lot on marketplaces. That figure rose to 57% in 2020 and held steady at 57% in 2021 – showing that, even as lockdowns lifted and in-person shopping resumed, marketplaces continued to serve as an essential channel for consumers.
…But not all marketplaces are created equal
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Consumers aren’t just looking for the lowest price or fastest delivery time when they shop on marketplaces. They have high expectations for quality – and are willing to do their homework to get it. Nearly two thirds (63%) of consumers will research the seller before making a purchase on an online marketplace. 71% of those are doing so by checking the seller’s reviews, underscoring the importance of building a high-quality, trusted seller base. Consumers are also seeking marketplace options that support causes they believe in. 68% of respondents love to see products from local sellers on online marketplaces, and more than half (53%) of respondents want the option to purchase from vendors with sustainable business practices. Even more remarkably, nearly half (44%) are actually likely to pay a higher price for a product tied to a social cause.
eCommerce “power shoppers” are adopting marketplaces even faster than the average
The most valuable customers are those who return time and again to make frequent purchases. These “power shoppers” – those that shop online once a week or more – have proven to be some of the biggest adopters of online marketplaces.
The State of Online Marketplace Adoption found that the more frequently someone shops online, the more they are using marketplaces. Power shoppers conduct more of their online shopping through marketplaces — 50% — compared to the average consumer, who conducts 42% of their online shopping on marketplaces. Even more remarkable, this trend holds true across every single region surveyed. Why? Nearly 8 in 10 (79%) power shoppers globally, believe that online marketplaces are the most convenient way to shop.
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Furthermore, power shoppers want to do even more of their shopping through online marketplaces. Nearly three quarters (73%) said that they would like more of their favorite retailers to have online marketplaces.
For a complete look at consumers in the marketplace economy, get the full report
These are just a few of the discoveries waiting in The State of Online Marketplace Adoption – download the report and you’ll learn even more about the growing role of online marketplaces, the benefits customers expect, and what global “power shoppers” want most from retailers.
