As consumers flock to eCommerce in record numbers, enterprise marketplace operators are coming out on top, with marketplace growth tracking at twice the rate of overall eCommerce. Behind that disproportionate growth is a large (and expanding) base of experienced marketplace sellers, which provide shoppers with the expanded assortment, convenience, and quality customer service that shoppers have come to expect.
In our work with the 300+ leading enterprise marketplaces powered by Mirakl, we see a consistent trend: the most successful marketplaces are the ones that recognize the central role that sellers play in marketplace growth. Without a strong and growing foundation of trusted marketplace sellers, offering products and experiences aligned to your brand DNA, your marketplace will not scale.
Even so, for many retailers, marketplace sellers can feel like an unknown entity, with the question of who these sellers are – and what they can offer to shoppers – remaining unclear. In the face of headlines focusing on counterfeit products and quality control on the large digital-native marketplaces, this uncertainty can breed misperceptions about quality and a lack of trust — ultimately hindering marketplace adoption and scale, at a time when retailers need to consider every avenue to profitable growth.
To give current and prospective marketplace operators greater insight into this diverse spectrum of sellers supporting marketplace growth, we’ve launched the Enterprise Marketplace Seller Report: the first-ever comprehensive analysis of seller activity on Mirakl-powered Marketplaces around the world.
A companion to Mirakl’s Enterprise Marketplace Index, this inaugural report shows how third-party sellers fuel the growth of the enterprise marketplace model, helping retailers to strengthen their brand, accelerate time to value and outperform eCommerce customer service benchmarks. Drawing from a dataset representing more than 50,000 sellers, 60 million products, and billions of dollars in gross merchandise value (GMV), the Seller Report reveals the true profile of enterprise marketplace sellers – and how they support enterprise marketplace growth.
Here are just a few of the insights found in the report:
1. Retailers choose from a diverse range of sellers to create unique brand DNA and strategies.While large sellers accounted for 88% of marketplace GMV during the first quarter of 2021, small- and medium-sized sellers are quickly growing their GMV contribution. These smaller sellers have doubled their GMV contribution in that same period and tripled in the past year, and will continue to be a force in the coming years as retailers look for unique product selections. The pool of sellers is also increasing quickly, with more than a third (36%) of sellers joining enterprise marketplaces in just the last 15 months.
2. Sellers earn trust from customers and retailers through impeccable service.
According to shopper-generated ratings and reviews, marketplace sellers actually outperform overall eCommerce benchmarks for customer service and satisfaction, putting to rest the misperception that marketplace sellers do not offer high-quality experiences for shoppers. In fact, the most experienced sellers earn an impressive 4.5 out of 5 rating from shoppers. Marketplace sellers also have low refund rates and customer service inquiries per order.
3. Marketplace sellers onboard quickly, and rapidly grow GMV for retailers.
Time-to-value is accelerating for marketplace sellers. The average onboarding process for sellers took 22 calendar days, with catalog integration taking as little as a single day. A retention rate of 93% reflects a lasting relationship between seller and marketplace. The report also highlights that sellers tend to expand to additional marketplaces after succeeding on their first marketplace, leading to an environment where sellers are treated like marketplace customers.
Expanding your seller base, and working with your sellers to increase offers to customers, is central to the success of your enterprise marketplace strategy. In the Enterprise Marketplace Seller Report, you’ll discover the insights and data to understand who these marketplace sellers are, how they can serve your shoppers, and how they grow over time. Download it today at www.mirakl.com/seller-report.
Written by Jane Barge
VP Ecosystem, Mirakl