Amazon paved the way, and now over 64% of online spending happens on marketplaces. With many different types – auction (eBay), rental (AirBnB), retail (Nike), publishing (Country Life), Social (Tik Tok), services (Upwork) – new revenue streams and customer groups are seen everywhere.
Online marketplace shopping set to hit $8.7 trillion by 2025
(Forrester) A historic event will cause a massive shift in the online shopping industry.
“This is a direct result of 2020” notes Cortney Hope, the founder of MyMarketplaceBuilder, a leading marketplace SaaS platform.
Hope is pointing to a huge change in the way companies will need to do business in 2022.
It will affect everyone from Google to solo entrepreneurs.
Cortney used to be a solo entrepreneur, and now her company works with some of the biggest brands in the world.
In a past life, she owned a surf shop and even went on to become Texas Wake Surf Champion. Seeing how customers behave in-store led her to build an online marketplace in 2016. As it took off, so did offers from companies to buy her platform. Being a self-described “not techie person at all” Cortney made for herself something everybody wanted, a marketplace builder your grandma could use.
“With consumers flocking to marketplaces, businesses have seen the gold rush” she goes on “and the opportunity for everyone from large businesses to one-man bands to launch a marketplace of their own will be gone by 2025.”
That’s when consolidation will happen. Meaning the largest online marketplaces will buy up as many others as they can. Without your own marketplace, you’ll be forced to go through them for the majority of your online sales.
“Right now that window is still wide open”
But it won’t be in just 3 years.
The technology has gotten better and cheaper every year too, making right now the best time in history to start a digital marketplace.
The best way to prepare your company is to simply get the facts for yourself and see what’s coming.
If there is availability on the below calendar, schedule a call with us to discuss the possibilities of your marketplace idea.