Identify the Best Selling Platforms to Boost your Peak Season Impact
Spotting best selling platforms and utilising them relevantly has emerged as a critical driver of success for retailers, especially during the bustling peak season. We’ve done the research for you, and data appoints marketplaces as the preferred channel to shop online, according to global consumers. Why? Among many reasons: they offer a breadth of products and sharp pricing that cater to the decisive, deal-seeking shopper.
Against this backdrop, our Peak Season Report 2023: Building a risk-resistant ecommerce strategy serves as a guide for businesses navigating the expansive retail environment. Full of global retail insights and analysis of consumer behaviour, the report equips businesses to harness these platforms effectively, spotlighting membership models with exclusive benefits, which gain momentum as financial pressures mount for consumers, particularly noted in Australia this season as our research shows consumers on the continent find themselves in a more financially strained situation compared to the previous Peak Season. By leveraging these insights, your business will be ready to solidify its market position with a better understanding of the opportunities that leveraging best selling platforms, among many other strategies, presents.
E-commerce is being revolutionised by online marketplaces, with a staggering 88% of global shoppers expected to make their holiday purchases through these platforms, including giants like Amazon and eBay, and specialists like Etsy. Retail giants such as Macy’s and H&M are actively expanding their digital presence to integrate third-party vendors, aiming to capture a wider consumer base and foster loyalty. This strategic shift reflects a deeper commitment to digital dominance, with North America’s online marketplace sales forecasted at AUS $281.8 billion, the EU at AUS $68.2 billion, and Australia at AUS $4.8 billion, contributing to AUS $389 billion total projected for the peak season. These figures highlight the central role of marketplaces in shaping the future of retail and consumer-brand relationships.
How did Marketplaces Become the Best Selling Platforms
As the digital marketplace evolves to offer everything under one digital roof, understanding exactly why consumers are drawn to marketplaces is key:
- Diverse Selection: Marketplaces provide a one-stop digital destination offering an extensive range of products, from global brands to niche offerings, catering to the many tastes of today’s consumers. Bigger caterings can often bring prices down, including on shipping, an important factor in Australia as our research shows that high shipping costs irk shoppers the most.
- Informed Decisions: They enable customers to make informed choices with ease by offering product comparisons, customer reviews, and detailed descriptions all in one place.
- Personalised Experience: Advanced algorithms deliver a customised shopping experience, recommending products aligned with consumers’ browsing and purchasing habits.
These factors are not the only ones making marketplaces attractive to consumers! If you want to know more about it, our Peak Season Report 2023 delves deeper into these behaviours, offering insights on how businesses can adapt their strategies to meet and exceed consumer expectations during the most crucial sales period of the year. Download your copy and discover the exhaustive list of benefits that marketplaces offer, according to consumers.
Marketplaces vs Direct Retail
The online marketplace model is certainly trending and customers are flocking to these converting them into the best selling platforms. But it’s important for retailers to understand how they differ from direct online retail models, as they present two distinct approaches to digital commerce, each with its unique advantages and operational methodologies.
The online marketplace model operates on a multi seller platform that curates a diverse array of products from various sellers. This model does not typically own inventory but instead acts as an intermediary that facilitates transactions between third-party sellers and buyers. One of the key advantages of this approach is the competitive pricing it offers, as sellers set their own prices and vie for consumer attention, often resulting in better deals for the customers. However, sellers may only receive limited customer information necessary for transaction processing and face the challenge of fulfilling orders to meet marketplace standards.
In contrast, direct online retailers adopt a single-seller model, offering products directly from their own inventory, sourced from suppliers or produced in-house. This model allows retailers to have full control over pricing and provides them with complete access to customer data, enabling personalised marketing and enhanced customer service. The direct control over inventory also extends to fulfilment processes, allowing retailers to ensure consistent quality, maintain branding coherence, and potentially offer more reliable delivery times.
Each model’s choice reflects a strategic decision in customer engagement, operational control, and market positioning, where online marketplaces offer vast selection and competitive pricing, and direct online retailers emphasise brand integrity and customer data utilisation.
Get the Strategic Edge
During peak season, the dynamic nature of online marketplaces caters to the rapid shift in consumer preferences, with 57% of shoppers eager to see more of their favourite brands online. This consumer behaviour provides a compelling case for retailers to utilise best selling platforms to their advantage. Complementing this marketplace agility, ShipStation offers a robust suite of shipping tools that streamline the fulfilment process – from efficient order processing and label creation to carrier comparisons and tracking – ensuring retailers can meet the high demands of the season effectively. Our integration with an extensive network of carriers and e-commerce systems further empowers businesses to manage global orders with precision. Insights and actionable steps provided in our Peak Season Report 2023 will equip your business to leverage these technologies, turning the peak season’s challenges into profitable opportunities.