Marketplaces

How to create the perfect marketplace strategy

Jun 22, 2021

We were delighted to host a session recently at Mirakl’s fantastic global Marketplace Summit, and to gain some insights from the experts creating some of the best online marketplaces today.

For anyone devising their own marketplace strategy, here are some of our favourite tips:

Focus on curation

It was abundantly clear that one of the best ways for niche marketplaces to prosper was to focus on curation. Handpick great sellers and products, and offer your customers an exclusive selection of industry insiders – rather than anything and everything.

Attract sellers with more than sales

According to our experts, sellers often know they’ll sell more on Amazon, but they feel their brands can grow more within niche marketplaces. Use this to your advantage, and seek out sellers with a promise to boost their brand love – rather than simply product sales.

Read between the lines when looking for marketplace demand

If you go looking for customers asking for you to create an industry-specific marketplace, you’re unlikely to find it. But that doesn’t mean it isn’t the right idea.

In reality, customers aren’t asking for marketplaces specifically, but they are often looking for what they offer – i.e. a broader selection of quality, trusted products and brands.

The answers lie in your own customer data – from products consistently selling out, to glaring supply and demand challenges.

The benefits outweigh the risks when it comes to ‘cannibalization’

Don’t let the idea of product cannibalization hold back your marketplace plans.

The experts were agreed on this point: the benefits outweigh the risks, because marketplaces bring in new customers and deliver a better experience.

Ultimately, the best marketplaces offer an abundance of choice. So be bold about extending your product ranges.

What does your marketplace strategy look like?

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We have helped companies start selling on both big and small marketplaces, and establish customer-unique marketplaces of their own. If you don't have a vision or a strategy in place, we can help you gain the knowledge and the structure you need to be able to use marketplaces to optimise your business, short term and long term.

Learn more and contact us today