The Hype Cycle for Digital Commerce, 20201 was released earlier this month, and Mirakl is pleased to be included as a Sample Vendor in the enterprise marketplaces category for the fourth year in a row. Once again, enterprise marketplaces has also received a “high” benefit rating in this year’s report.
The value of the enterprise marketplace model has never been clearer. In 2020, the COVID-19 pandemic has led to fragmented supply chains, dramatic shifts in buyer behavior, and unprecedented acceleration of eCommerce for industries and regions spanning the globe. The need for organizations to transition away from traditional “analog” business models and accelerate digitization has become even stronger, and marketplaces offer a clear opportunity.
In the Hype Cycle for Digital Commerce, 2020, Gartner reports, “Enterprise marketplaces saw increasing interest during COVID-19 as many organizations hastened to launch or expand digital commerce presence as sales from physical channels dried out.”
Ultimately, the COVID-19 crisis is shining a bright light on the importance of having a scalable, agile, and flexible business model. Online marketplaces have sustained businesses whose normal operations and supply chains have been disrupted by COVID. In many cases, they’ve driven unprecedented growth: Mirakl reported 111% GMV growth and over $1.2 billion GMV generated by Mirakl-powered Marketplaces in the first half of 2020.
These numbers are far more than a temporary trend: even before the beginnings of the COVID-19 crisis, McKinsey & Company predicted that digital ecosystems could account for more than $60 trillion in revenues by 2025, or more than 30% of global corporate revenues. By giving businesses the tools they need to build digital ecosystems of their own, enterprise marketplaces are a critical accelerant, manufacturers, distributors and procurement providers alike to scale their digital businesses.
In Hype Cycle for Digital Commerce, 2020, Gartner states:
Enterprise marketplaces allow organizations to shift their business model from linear digital commerce where they sell directly to end customers to a platform business where they facilitate transactions between sellers and buyers. When done right, organizations can enrich product offerings, reduce selling or procurement costs, test new items or categories before adding them to the product catalog, and improve the customer experience by making the process more transparent and efficient. When marketplaces become more sophisticated by connecting a large number of ecosystem partners, organizations can smoothly transition into digital business by owning their digital ecosystem and creating digital revenue.
Recognizing these benefits, an ever-expanding group of industry leaders are launching enterprise marketplaces. In the first half of the year, Mirakl brought 25 new customers on board, including numerous Fortune 500 firms and marquee global brands like Avnet, Campadre Scandinavia, Galeria Inno, Leroy Merlin South Africa, Musgrave, and Verishop. We’ve also seen nearly two dozen new B2B and B2C platforms launch since January as businesses including Carrefour France, Changi Airport, Food Service Exchange, La Poste, Tetra Pak, H&M Home, and Maykers double down on their marketplace strategies.
To learn more about the power of the enterprise marketplace model and discover the connections, strategies, and tools you need to seize the platform opportunity, register for the Platform Pioneer Summit on September 9, 2020.
1Gartner, Hype Cycle for Digital Commerce, 2020, Sandy Shen, 3 August 2020 (Gartner subscribers may access the report)
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Written by Maya Pattison
VP, Corporate Marketing at Mirakl