What are online marketplaces?
Websites such as eBay, Amazon and AliExpress took the bull by the horns and created online stores filled with products from retailers around the world. At The heart of their business is simply the connection between the retailer and the shopper. Using algorithms to provide the best quality matches between a product search and a results page, marketplaces are able to provide the highest quality of products in an instant.
An online marketplace is by its very definition a virtual, labyrinthine market featuring millions of stalls selling every item you could possibly imagine, from Christmas trinkets to luxury SUVs. The sheer volume of traffic these websites receive puts pressure on retailers to show their products in online marketplaces.
Many businesses would prefer to manage their own sales through their native channels, but the reality is that shopping is changing and retailers need to follow the behaviour of 21st century shoppers.
Online purchases now make up 13.4% of worldwide retail
The GDP from online retail worldwide will reach $4.8 trillion by 2021
In 2021, there will be 2.1bn digital shoppers worldwide
How to connect your business to online marketplaces
Though businesses understand the importance of digital transformation, many are yet to implement the right strategies to make sure that the same fluidity that existed in the past is transferred to their modern retail practices. Having bi-directional connections to online marketplaces streamlines the process of maintaining product information across multiple channels, and provides the security you need, allowing only the right people access to the core information of your business.
There are now hundreds of marketplaces across the world, and the number will continue to grow. Each marketplace has its own way of defining the information required for every type of product, and each one has its own information templates. For businesses to manage the upkeep and delivery of this information takes a huge effort. PIM provides a tech solution that can connect multiple versions from a single source of truth to fit the exact fields each marketplace demands.
Once complete, any changes made to the core silo of product information is reflected across all of the connected sales channels automatically.
Here’s how PIM software can supercharge your marketplace strategy
Sync your products directly to your sales channels
Benefit from secure, shareable product information
Control the visibility of your products in your marketplaces
Customize your entire catalog specifically for each marketplace
Maintain all of your product information with a Single Source of Truth (SSoT)