Understanding the pulse of the consumer base is paramount for the year’s biggest season, and so we have unveiled a comprehensive study Peak Season Report 2023: Building a risk-resistant ecommerce strategy with crafted research that delves into the global retail landscape, consumer preferences, and offers strategies to fortify your position against competitors.
At the heart of this valuable report lies a crucial revelation for online retail success in 2023 – the undeniable importance of knowing which are the best selling platforms and how to utilise them to grow your business. Our research uncovers impressive numbers and expected results, suggesting billions in ecommerce marketplace sales during the holiday season. This shift undeniably signifies a notable change in consumer behaviour. So as you read along and discover more about what the season holds, this blog will equip you with invaluable insights and strategies that are critical for steering your ecommerce venture towards success in the golden quarter.
Why Best Selling Platforms Matter
In the mass of online retail strategies out there, one beacon shines brighter than the rest – the leveraging of best selling platforms. Mastering the ins and outs of top performing channels is a necessity for online merchants eyeing success to close out the year.
A staggering 88% of global shoppers intend to conduct their holiday shopping on ecommerce marketplaces this year. Adding to this momentum, leading retailers from across North America and Europe, including Macy’s, H&M, Decathlon, and B&Q, have recently launched marketplace propositions. By opening up their online storefronts to third parties, these retailers aim to attract shoppers and build brand loyalty.
Research shows that roughly one in every two online orders during the holiday season will happen via a marketplace. This includes not only the industry giants like Amazon and eBay but also specialised platforms like Etsy. Selling on marketplaces continues to boom, as the platforms are projected to account for almost £202 billion in sales over the peak season, outpacing the broader ecommerce market, according to Retail Economics. Notably, North America is set to claim the lion’s share, with £145.9 billion in sales, led by industry giants like Amazon, Walmart, and eBay which are among the largest marketplaces worldwide. The EU is also set to make a significant mark with £35.1 billion.
What’s Behind the Marketplace Growth for Consumers
Best selling platforms redefine the shopping experience through a harmonious blend of choice and convenience. According to our research, consumers identify 5 top benefits of shopping with online marketplaces. First, they offer a diverse array of products from many sellers, which simplifies the decision-making process for time-sensitive shoppers. Moreover, these platforms excel in delivering competitive pricing by capitalising on their extensive scale and promoting healthy seller competition. For those looking for even greater savings, specific platforms offer memberships encompassing perks like complimentary delivery and exclusive deals. We break down in detail these dynamic offerings and more that are pushing shopping trends so you can explore your options amongst the best selling platforms and make enlightened decisions.
Curious to know the other two top reasons why consumers are such avid users of marketplaces? Head to our Peak Season Report 2023 where you’ll find a more in-depth analysis and actionable strategies that will equip your business for a successful high season.
Revolutionise Your Approach
Marketplace growth results in heightened consumer expectations. Offering a wide array of products and competitive pricing isn’t enough, with delivery experience being a critical factor. 50% of shoppers expect an online purchase to arrive in under two days during peak season. Marketplaces must offer various delivery options and elevate their delivery experience to match consumer expectations, as well as retailers utilising them to grow their business. Outsourcing is a great way to build robust shipping functionality with less time and resources.
In this dynamic digital environment, tools like ShipEngine are pivotal in streamlining operations as it integrates seamlessly with 100+ carriers globally, simplifying label generation, pickups, and compliance. Ultimately, this reduces manual effort and enhances accuracy, ensuring a reliable shipping experience. With an overwhelming majority of global shoppers gravitating towards these online hubs for an extensive array of benefits, coupled with the growing popularity of second-hand marketplaces, this creates an ecosystem that caters to a diverse spectrum of shoppers who need a variety of shipping needs. Notably, there is ample room for growth and expansion, as over half (57%) of shoppers express a desire for their favourite brands and products to be more widely available on online marketplaces. This statistic highlights the significant potential for further growth and dominance of selling on marketplaces in the online retail landscape.
So, are you ready to take on the 2023 Peak Season? Dive deep into the complete report, Peak Season Report 2023: Building a risk-resistant ecommerce strategy. It offers practical, actionable advice on seamlessly integrating best selling platforms into your peak season strategy. From leveraging the power of choice and convenience to competitive prices and membership incentives, our guidelines are made to bolster your ecommerce journey.