1. Online sales growth due to the COVID-19 pandemic

The online marketplaces industry is flourishing. Undoubtedly, the coronavirus pandemic has become a catalyst for e-commerce. Quarantines, self-isolation, travel restrictions - these measures have led to increasing online sales influencing digital marketplace trends.

As a result, more and more brands started growing their businesses on the Internet and got involved in online marketplace development. Selling online can give you new opportunities for business growth.

For instance, Macy’s, a store chain, launched a curated digital marketplace in September 2022. It follows the model set by Amazon, Target, and other retailers that have successfully provided a platform for other sellers. Macy’s made this decision because digital sales continue to outperform in-store purchases.

Matt Baer, a chief digital and customer officer at Macy's, Inc, said that their e-business had been targeted to reach 10 billion in sales by 2024. It is a big step forward, as the company suffered heavy losses during the closure of the malls.

Another example is the company Walmart which has grown through online sales to near Amazon's level. Walmart adopted the online-sales trend in the marketplace domain properly.

According to Marketplace Pulse data, Walmart Marketplace reported $152.90 billion dollars of total retail sales in Q2 2022.

In the table below, you can see the continuous increase in e-commerce sales worldwide.

 

2. Mobile shopping

Let's consider the next current trend in the marketplace domain.

In recent years we have witnessed the rise of mobile commerce. Its rapid spurt was caused by the growing number of smartphone users globally. Current data shows that this marketplace trend is not going anywhere soon. Insider Intelligence predicts that mobile commerce will hit almost $620.97 billion, or 42.9% of e-commerce sales, by 2024.

So what should you do to please mobile shoppers and grow your profit? First, before you launch a marketplace, make sure that your future platform has a robust, responsive design. Smartphone owners should be able to find and purchase the required items just as fast and easily as desktop users.

Another option is to convert your existing ecommerce marketplace platform into a fast-loading progressive web app. This technology provides mobile shoppers with a native app-like experience. In simple terms, users can get push notifications and work offline.

 

5. New payment options

Online shopping can become a hassle for customers using an unfamiliar payment option. Hence, your task is to provide consumers with all popular payment gateways. Allow them to pay for your products and services the way they used to. This digital commerce tactic will help you improve the retention rate and get better chances of repeat purchases.

So what payment options should be added to your digital marketplace apart from traditional credit and debit cards? First of all, your online marketplace should accept payment services such as Google Pay, Apple Pay, and PayPal. High demand for these payment gateways is a noticeable marketplace trend.

Why is implementing eWallet systems so important?

When you aim to create a marketplace website to generate sales, you need to understand that the checkout process is the final stage of the user journey. It defines whether buyers will make a purchase, thus boosting your conversions or not. At this stage, they have already passed multiple steps, from brand awareness, product search, reviews analysis, and communication with a seller to finally deciding on buying an item.

However, if the checkout procedure provides troubles like taking much time or requiring to fill in long forms, it may still force the consumer to quit this process. It means that you can lose a potential customer.

Therefore, implementing e-wallets trends in the marketplace will definitely accelerate the purchasing process and buying experience of your customers, increasing your conversion rate.

You can also study payment methods policies applied by e-commerce leaders. Take a look at the payment gateways that are available for online marketplaces. For example, eBay allows users to pay for the items they buy through Adyen, Google Pay, or Apple Pay.

Blockchain

It would be a wise idea to start accepting cryptocurrencies as a payment method. What benefits will it bring to the marketplace industry? The key advantages include low transaction fees and zero reverse transactions.

Moreover, Blockchain technology makes digital payments even more secure and almost eliminates any risks connected to fund loss.

For example, Newegg, a huge e-commerce player specializing in electronics, has implemented Blockchain technology and accepts Bitcoin as payment now.

 

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