January 17, 2017

MediaPost

Online Marketplaces Engage Retailers With Customers

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Marketplaces provide a new way for retailers to interact and engage with customers, offering a broad assortment of products and services at competitive prices, and have quickly gained traction as an extension of retailers’ eCommerce pursuits.

According to a study reported by Internet Retailer, commissioned by Mirakl and ChannelAdvisor to Forrester Consulting, retailers are rethinking their eCommerce engagement strategy to respond to customers’ new shopping behaviors. The study found that marketplaces are likely to boost customer loyalty, increase average order values, and build trust.

To explore this, Forrester conducted a global survey of 2,520 consumers who have shopped on multiple online marketplaces in the US, the UK, France, or Germany. In addition, retailers were involved who had their own marketplace or were selling on marketplaces, including a marketplace manager, two marketplace category managers, an eCommerce manager, and a director of online retail. Each interviewee had influence on his or her organization’s marketplace strategy.

The report shows that a marketplace must meet or exceed customers’ expectations to be successful. Customers are comfortable shopping with familiar and even unfamiliar sellers in marketplaces, but they are not afraid to leave negative ratings or reviews if their needs aren’t met. Retailers’ marketplace platforms need to allow them to closely monitor and curate the right sellers. Retailers’ marketplaces need to deliver consistently high-quality service, says the report, or risk the wrath of online reviewers and potentially undermining the trust they have established with their customers.

Read more: http://www.mediapost.com/publications/article/292941/online-marketplaces-engage-retailers-with-custom.html