Online marketplace business is growing fast. Every day number of entrepreneurs are coming to this industry with their new and unique ideas. To be in the race and beat them, you have to embrace new trends and technologies for your business.
There is a reason for that. There are many technological transformations coming in eCommerce like Voice Search, Mobile Shopping, AI, and more. As an online marketplace owner, you must know the nearing trends and futuristic changes to keep yourself risk-free.
Keeping that in mind, in this blog, we'll discuss the top online marketplace trends for you. And how you can adopt these technical changes to elevate your business drastically. Keep reading!
Top 10 Online Marketplace Trends in 2024
This is the list of the top 10 online marketplace trends for 2024. First, take a quick look at the list:
- Brick and Click Policy
- Mobile Checkout
- ROPO Method
- Augmented Reality
- Voice Search
- Image Search
- Personalized Recommendation
- Recommerce Method
- AI Technology
- Omnichannel
Now let's get into the details!
01. The Rise of Brick and Click Policy
Physical stores and markets have not died out completely. A new type of retail store experience is recently taking effect, something that's rooted in and catalyzed by the digital world.
In-person and on-site interactions are becoming important for different reasons. Online vendors and merchants are now understanding the importance of both showrooming and webrooming experiences.
Things, such as events, product demos, in-store trials, and more are still deciding factors for a large number of consumers.
Online (“pureplay”) merchants will grow their physical footprint as consumers continue to place a premium on both the versatility and depth of online shopping and the convenience of buying, picking up and returning items locally. – 10 eCommerce Trends.com
By investing in distribution hubs and a physical retail presence, online merchants can improve customer service and engagement. Think of new store features and formats that your customers enjoy based on their experience and convenience, and begin rolling them out both in your retail stores and online marketplace.
Consumers, in effect, get the best of both – see the desired product in person but shop for it online or buy the product online and pick it up from the designated store.
02. Mobile Checkout Beats Desktop Checkout
As mobile payment technology becomes reliable, common, and more advanced, its convenience is expected to catch up with desktop checkouts. This is a phenomenal transformation taking place in the type of transactions with advanced-yet-simplified mobile technology.
Buying and renewing products and services while on the go or in-store will become common on mobile.
Online vendors should be working ahead to catch on to this new trend and make their sites mobile-safe for transactions. Now eCommerce's biggest challenge will become an unavoidable asset.
This will also increase mobile traffic on eCommerce sites. Moreover, it is also likely to become the preferred method of payment for retail purchases.
03. ROPO: A New Way to Measure Digital Success
Retailers, online merchants, and brands can now measure how much of their in-store sales are coming from their digital ads and if the investments they are making are worthy.
In other words, they will be able to calculate exactly how much of their retail store sales are attributable to online ad campaigns. This new model for measurement is known as ROPO Ratios (Research Online, Purchase Offline).
82% of mobile users search for a local business and 18% of local searches lead to a sale within 24 hours.
The ROPO system will let sellers and marketers combine mobile devices with various media, such as, payment, social media, mobile location tracking, inventory, ERP, CRM, and POS systems, and find out which ads, listings, and site visits led to in-store visits and purchases.
04. Augmented Reality will be the Next Best Thing
AR is expected to be huge in 2024 as brands worldwide have already started taking advantage of it. This new thing will let consumers experience straight from their phones what it would be like to have the items of their choice in their home, office, or anywhere else. This includes even plus-sized items, like furniture.
This visualization is powerful: it lets consumers visualize before purchasing how a certain product would look like when placed in that exact spot they like.
From simple imagination to visualization, shoppers can now better understand if they should go for a product. This leads to a faster and more satisfied customer experience.
It can also help to reduce returns, which is one of the greatest problems in online shopping.
05. Voice Searching to Look for Products & Services
Marketers may not have to rely on traditional SEO anymore. Voice searching is expected to change the search engine landscape drastically.
Just like Apple's Siri, this feature is anticipated to be big as consumers learn to interact one-on-one with voice with their mobile devices when they shop like never before.
The search results will be super narrow. Products will need to have in-depth information and be optimized for voice search to be easily found and make store inventory available in real-time.
06. Searching Identical or Similar Merchandise by Image
Like voice search, image-based searches are also expected to become bigger in 2024. This feature is already in use by some devices.
Online merchants can start to make use of this new feature in mobile devices. Because the language will no longer be an obstacle to discovery. Shoppers will be able to click photos of objects and search for it or similar items online.
Merchants who integrate this capability into their digital strategy will be richly rewarded.
Online vendors who adopt this digital capability into their product and marketing strategy will reap significant benefits. This includes new levels of ROI and entry into new markets. And it is based on the quality and multiplicity of images they provide of their offerings.
07. Marketplaces are Becoming more Narrowly Focused & Local
Digital commerce marketplaces are now getting narrower in their propositions and the kind of users and customers they serve. In essence, they are becoming more vertical and catering to more niche target groups both locally and globally.
For example, Staymarta is essentially Airbnb but for Christian-friendly accommodations and adventures. On the other hand, Go-Jek is a transport company like Uber but for Indonesia only. Also, Bikroy takes its proposition Craigslist but hyper-localized for the Bangladeshi audience.
The good thing about this is that it enables these new players to serve these customer groups based on their unique needs and demands. And also according to their unique cultural and local values and requirements.
08. The Introduction of Recommerce
There is a new chain of reusing products considering sustainability and environmental health. Western countries are also reusing their furniture, clothes, and other accessories. This trend is known as eCommerce which is growing day by day.
Recommerce has started the trend of buying things that are previously owned. On top of that, people looking for vintage stuff are grabbing this chain.
Since the influencers don't wear their clothes more than once, they are adding supplies to this chain. However, people are getting things at a cheaper rate. This is the future of eCommerce.
09. AI Technology to Ensure Constant Service
Day by day, AI is taking control over everything. The online marketplace is no different. Chatbots are being used as a moderator on platforms to provide continuous customer service.
In terms of a human moderator, chatbots are ready to give you 24/7 support. In addition, these are instantly responsive. Retailers are investing millions of dollars in AI to make their businesses more reachable and user-friendly.
Also, the rise of Chatgpt and Google Bard along with several other AI technologies will change the management of managing the marketplace.
10. OmniChannel is the New Trend
Google states that around 85% percent of online buyers start their journey on one platform and end it up on another. Like they begin shopping from a Facebook advertisement and end up at a physical store. This dispatch that customers are aligning online and offline sales channel that is known as Omni-channel.
By definition, Omnichannel is a multichannel approach to retailing that desires to deliver shoppers with a flawless buying experience, no matter from where they are purchasing.
Right now, mobile devices, vast social platforms, and different eCommerce technologies have changed the environment of retailing. Individuals now have the chance to take considerable marketing or product choosing strategies. The traders face challenges while supplying personalized experiences for customers.
In the current circumstance, Omnichannel has realized people require hyper-personalization while buying. Now, satisfying the customer and making that person a loyal customer is the main motto of Omnichannel.
Top Upcoming Technology in Online Marketplaces
The virtual sector is constantly changing through new inclusions. Latest technologies are making this sector smart and accessible to the user. It's bringing the world to your home. Few technologies are on the row to change the concept of the virtual marketplace.
I. Internet of Things to Ensure Granular Customer Service
The Internet of Things (IoT) is a new addition to this marketplace to ensure premium customer service. With this technology, the platforms can gather holistic data of individuals to ensure granular customer service.
II. Facial Recognition for a Faster Shopping Experience
The limitation of the virtual world is it offers so many options. It becomes harder to choose. To make it more convenient, facial recognition will help the store identify your personality and preferences. As a result, the user will see the option that matches their choice.
So it will make your shopping faster in this sense. eCommerce experts are predicting there could be some game-changing trends in the future of online business.
III. Lifting Gear For Better Maintenance
Thousands of robotic suppliers can help retailers port their products in warehouses in this digital era. Transporting a bulk of products can be a great problem to deal with. Lifting gear is making this much more manageable.
Why Online Marketplaces are Booming So Fast?
The digital marketplace is taking the place of our so-called marketing world. We have figured out the crucial points that make this business a blast.
a) Convenient to Reach for the Customers
The life of regular people is hectic and they always remain busy. So, everyone is searching for the most comfortable way to buy a product.
As a seller, you will choose something that is easily available. For example, if you take Amazon, it has spread like a spider web all over the world. People are buying stuff without going to the malls in person.
If search for any product on Google, the content will take you to Amazon. And, who won't get this home delivery option for everything?
b) Expanding Globally and Fast
Now you can expand your business globally. The digital marketplace has wiped out the boundary limitation. Also, you can target your specific customer over the region.
If you want to sell something to the Chinese people, you can choose a Chinese marketplace. But mark one thing, your product will reach to much more audience you think.
c) Rigid Marketplace Policy
Instead of offering a virtual dream, the prominent marketplaces now show a rigid stand on refund, authenticity, and delivery timeline.
Marketplaces such as eBay, and Amazon have shown their solid perspective on the delivery policy. From shipping to warehouses, they have rules for everything. That's why they are on top. It's another reason for people's faith in the online marketplace.
d) Lower Marketing Cost
Another breakthrough in the online marketplace is it has made branding cheaper. Simply hire a digital marketer who will rank your site on top. People will get your site everywhere they search for the product you are selling.
This scenario is different in the physical marketplace. To make proper branding a seller may wait for years. People now recognize or most of the time verify a shop online. Thus, marketing an online store is more affordable and faster.
e) Super Easy to Build Online Marketplace
Anyone can be an owner of an online store with a short amount of money. The most interesting fact is, the online marketplace is easy to manage and you are the only power of attorney.
The service provider of your marketplace will assist you to manufacture a store if you face any issues.
If you are familiar with WordPress then there could not be a better option than Dokan- The Best Multivendor Marketplace. It will help you to create a marketplace from scratch and the customization is very user-friendly.
Some Drawbacks of Online Marketplaces You Should Be Careful About
Though the online marketplace is growing, several drawbacks are trying to push it back. We have figured out the most concerning ones. Here goes:
i) Adding Extra Ghost Charges on Products
People go shopping online to get things reasonably priced, but some sites can impose ghost charges on their orders. Sometimes these charges are visible after placing the order. This is a major concern that is pushing your trusted customers back.
ii) Imposing Rules Over Service Charges
Some fraud sellers can take more giant hands in the virtual marketplace. This questions the credibility of the online market policy. However, some brands impose unfriendly rules on the user. These policies and common mistakes disappoint the user badly.
iii) Lack of Transparency
Another concern is the lack of transparency. On the Digital marketplace, some retailers show lucrative offers to grab the customer. But they deliver poor service. That's why people get skeptical about buying things online.
As an admin it's your duty to ensure your customer's journey is the most memorable and smooth.
Update Your Strategy For Recent Changes in The Marketplace
We are noticing a constant disruption in the way commerce has been traditionally conducted. As players in eCommerce try to catch up with the latest marketplace trends, there are some other developments that should be noted:
- The fading importance of middleman businesses
- Artificial intelligence and machine learning to improve trust and enhance the customer experience
- Growth of services around online marketplaces that improve buyer and seller experience
- The emergence of blockchain to improve trust and transparency of digital commerce
- The exponential growth of B2B purchases online as businesses embark on product discovery and buying online and mobile
Online businesses and commerce are set to flourish significantly in 2024 and will shape the way people buy and sell.
Want to use AI for your marketplace? Check our blog ChatGPT for eCommerce to get your job done. Also, if you want to write effective product descriptions for your products, check our step-by-step guide to write product descriptions to get more sales.
Do you have any further queries about digital marketplace trends? Or have any idea to share? Do share your views in the comment section below.