At Balance Internet, we have seen how marketplaces today are radically changing the way that businesses of all sizes sell products and services online. Businesses and online merchants are looking at gaining niche market advantages through marketplaces, reaching new customers and opportunities.
Emergence of marketplaces
The emergence of marketplaces began from the mid-nineties with major advancements in the commercial use of the internet including the launch of Amazon in 1994 and eBay in 1995. It’s hard to believe that Amazon started as an online bookstore, growing steadily over twenty-five years to have a current projected sales forecast of $20billion in 10 years according to the Australian Financial Review (AFR 2019).
Major players in the marketplace industry have gained prominence in Australian markets with leaders including Amazon, eBay, Catch, Kogan, MyDeal, GraysOnline, Etsy, Redbubble and Alibaba to name a few. Launched in 2006, Catch.com.au now reports an enormous four million customers and a whopping two million parcels shipped over the last 12 months. Catch has approximately 20,000 new members every week, with one item sold every 2.4 seconds, marking its place as a marketplace powerhouse (source: www.catch.com.au 2020). Giant Alibaba, reports 13,626,298 active buyers globally, 317,536 product inquiries daily and 190+ countries and regions reached, making co-founder Jack Ma one of the richest people on the planet (source: www.alibaba.com 2020).
But it’s not all about these major market players, today many B2C and B2B newcomers are functioning alongside the giants with great success.
First hand experience
Through our position as an eCommerce agency, we have the benefit of working with leading Australian brands and retailers. We’ve experienced first hand the evolution of marketplaces such as eBay, Amazon, Catch and the 100’s of others who have become popular across APAC throughout the years. At Balance Internet, we’ve had a front-row seat to the individual and varied experiences our clients have had and continue to have as they evolve alongside emerging technologies.
This whitepaper has been written to assist B2B and B2C merchants as they navigate the changing eCommerce landscape and growth of marketplaces.
Download our Free Marketplace Whitepaper to learn more about:
- What are marketplaces
- Differences between B2C and B2B marketplaces
- Three approaches to participation
- Benefits and challenges of marketplaces
- Selling on marketplaces
- Building a marketplace
- The hybrid approach
- Choosing the right model for your business
As well as, key insights from leading industry experts.