Step Up Your Business Development With These Marketplace Trends For 2020

E-Commerce marketplace development has been the hottest trend for web and app e-commerce in 2018. The reason? The vast popularity of marketplace e-commerce business model of companies like Etsy, Amazon, NewEgg, and eBay.

What exactly is Marketplace eCommerce?

In easy terms; Marketplaces allows third-party vendors to sell their products online. As a result, every small show owner doesn’t have to build an app or website for their digital presence.

The Benefits Of The Marketplace For Every Stakeholder:

Consumers

Consumers will get multiple options under one umbrella and can select from the options based on their requirement and budget.

Vendors

Small store owners can also gain visibility and establish their own presence without worrying much about the costing.

Business Operators/Admin

From a marketplace; business operators can earn from taking a commission on the products that vendors are selling. Along with that; they can ask for a charge to set up their account on the website or mobile app.

Now that we are aware of what exactly is a marketplace and why it is beneficial for everyone. Let’s check out what is going to trend in 2020:

Related Article >> Top 10 Emerging Digital Transformation Technology Trends of 2019

List of the Marketplace Trends of 2019:

1. Progressive Web Apps(PWAs)
2. Mobile Payments
3. Hyper-Personalization
4. Cross-border Expansion
5. Augmented Reality

Progressive Web Apps(PWAs)

There is no doubt that people are using mobile apps much more than websites. Hence; mobile-first design approach should be your priority while creating your marketplace.

Progressive web apps are going to be the app development marketplace trend this year. PWAs are the balanced combination of browser technology and mobile experience. Hence; you can serve the app experience to your customers without investing time and resources behind native or hybrid app development.

The major benefits are; PWAs are easier to develop and maintain, cost-effective and trendy.

Mobile Payments

With apps like Google pay and Apple pay mobile transactions have become easier and for everyone. And with technologies like blockchain mobile payment have become much secure.

Gone are the days of carrying cash or cards. In this era of digital everything; your customers prefer to pay online but in a secure way and without any long hassle.

On the other hand; the vendors can receive the payment anytime from anywhere directly into their bank accounts. As a result; Mobile payment apps are a win-win option for both; the customers and the vendors.

Hyper-Personalization

If you want to win the battle of best online marketplace websites then you need to connect with your customers.

If you are still following the generalization method for your eCommerce marketplace website then you might lose your customers to your competitors. Your customers need to know that you care for them and the best way to portray this is by adding the touch of hyper-personalization.

Hyper-personalization uses latest technologies like big data to deliver custom results, offers an experience to the consumers in real-time. Huge brands like Amazon and Starbucks are already leveraging the benefits of hyper-personalization for their consumers.

All you have to do is seek the help of big data and serve the results which are relevant to your customers or online store visitors.

Cross-border Expansion

Cross-border consumption is also trending this year. People around the world are always curious about other cultures and products. Hence; they looking for ways to buy products which are not available in their countries.

As a result; eCommerce marketplace websites are expanding their roots to cross-borders as well. Big brands are already selling the local products of their countries online but consumers prefer buying from local merchants.

Thus; Companies are trying to connect the customers with local vendors around the world. As a result; their target consumers are having better options for international products other than the big brands.

Augmented Reality

AR and VR are the hottest eCommerce trends and my personal favorite.

Augmented reality has transformed the way we shop online by offering the best and closest view of the products. The concept of visualizing the products in real-life scenarios helps the user in quick decision making.

Your customers can actually check how the new chair will look in the living room or how the new curtains will match the bedroom decor. Even in the garments scenario; your customers can try the dress virtually without even visiting the showroom.

Since; the customers will have the real-time knowledge of the product, this will even lead to a decrease in the case of returns and replacements of the products.

These were a few marketplace trends that are going to rock the eCommerce industry in 2020. Now that your marketplace website and app are completely updated its time to update your business development methods as well.

List of Business Development Trends For Successful Marketplace

1. Voice Search
2. Artificial Intelligence
3. Chatbots

Voice Search

With voice commands like; ” Hey, Alexa orders my groceries”, Voice search is invading in our daily lives. Especially for consumers with disabilities; they can simply search for their needs online by commanding the search engines.

Hence; to attract all your customers, you need to optimize your marketplace as per the voice search commands of your target consumers. Make sure to add the option of voice search in your e-commerce store to serve the most personalized experience to your customers.

Artificial Intelligence

Technology aspects like machine learning and intellectual figuring are feeding Artificial Intelligence to be the leading technology aspect for businesses.

The major benefits of AI in the eCommerce industry are;

1. Translation of items description,
2. categorization of products automatically and
3. personalized results.

Artificial intelligence helps the consumers in shopping online by recommending items as per the buyer search and previous choices.

Adding AI in your marketplace will help you to create a more personalized sales process, retarget the potential customers and create the customer-centric search for your target audience.

Further Read:

1. Top 10 AI Development Tools, Frameworks for 2020
2. 5 Best Application of Artificial Intelligence for an Effective Marketing Strategy

Chatbots

Chatbots are your all-time available sales representative to serve your customers 24/7 along with that; they are performing amazingly as personal assistants for customers.

It connect with the consumers effectively and assist them in shopping online by recommending them products based on their choices and needs. These bots can provide the purchase guidelines to help the customer understand what exactly they are going to buy.

Implementing these business development trends will help your business to reach the new e-commerce heights.

What’s Your Plan For Marketplace Upgrade?

The world is evolving at the highest pace ever; the competition is increasing among the eCommerce stores. The best way to win over this digital battle is my utilizing the trends which are leading the eCommerce industry.

Hence; it’s time for you to consider the upgrade of your market place by adding the marketplace trends and business development trends for 2020 into your business planning & strategies.

Why It’s Important To Hire The Right Business Technology Partner?

Understand the needs of your business and then consider the trend which you think is beneficial for you. But to integrate these trends you need to make sure that you are hiring the right technology partner.

Instead of looking for the capability of developing mobile apps or the years of experience; look out for their skills and experience in the trending technologies.

It is not necessary that the company which is building mobile apps or websites for years will have the resources for the trending technologies as well.

Check out for the company which has relevant resources in the trending technologies and discuss with them your requirements.

Wanna Build Your Own Marketplace?

If you are still having doubts about the marketplace trends for your business, then you can ask our experts.

We can assist you with our expertise resources of latest technologies.

At Samarpan Infotech; we have a team of business analysts who will perform the deep research on your business niche and will help you to figure out which business development trends are necessary for your digital growth.

Along with that; we have a team of developers with the skills on the latest technologies. Get in touch with a team of experts and dive into the online world today.