Even though the marketplace is one of the oldest vendor concepts, and its core offering of multiple vendors catering to a broad and diverse audience hasn’t changed, the technology supporting the marketplace ecosystem has changed. That expanded reach has been a boon to consumers but has introduced new complexities for retailers trying to survive in a world whose competitiveness has been rapidly accelerated by COVID-19.
The truth is, data has become the hottest commodity across the landscape of modern commerce. Knowing as much as possible about consumer behavior will help you in planning your marketing efforts, so that once you’ve engaged and converted a customer, you’re equipped to provide them with the optimal journey — all the way through fulfillment.
That can only happen with a unified, transparent look into the who/what/where driving all your sales — whether it’s on your site, Amazon or multiple other channels. This is where many retailers become stymied. They’re either trying to analyze marketing, sales and fulfillment data with limited resources to bring their insights together into one picture, or they’re examining each area in silos, using different partners who may be specialized but aren’t collaborating on the big picture.
This is where WBX Commerce differentiates itself from other providers. Our modern commerce platform is connected to every relevant marketplace, giving brands a full-picture view and marketplace insights to fuel data-driven decisions. By showing you not just what’s happening on one channel at one point in time, but across multiple channels from the beginning to the end of your customer’s journey, we can make recommendations to aid your channel selection and where you can best invest your resources to boost your margin.
It bears repeating: modern commerce is complex for brands. It’s an ever-changing ecosystem with a growing number of marketplaces and ecommerce channels. On top of that, there seems to be no stopping rising consumer expectations and demand for still more choice and fast and accurate delivery. But gaining a better understanding of the marketplace ecosystem and how customers move through it will help your brand not just navigate this dynamic landscape, but also find your way to thrive.
WBX Commerce CEO Marcus Startzel talks more about the challenges and opportunities of the modern marketplace in his latest Forbes article. You can read the full text here.