There is no doubt that eCommerce continues to thrive in the digital world. With the industry constantly moving forward, customer expectations and behaviours are forever evolving.
How do marketplaces come into play? The latest report from Channel X World suggests that marketplaces are more significant in the online retail world than you might have thought. We decided to share some key statistics from the 2023 European Marketplaces Report and what this means for marketplace teams within eCommerce businesses.
The 2023 European Marketplaces Report - what was revealed?
The report clearly shows that marketplaces have come to define a new direction for eCommerce, with a huge 85% of online retail visits taking place on marketplaces. Furthermore, 35% of online purchases made globally now take place on a marketplace.
While this growth has been slow and steady, there is no denying how pivotal these platforms have become. Customers are drawn to these due to convenience, competitive pricing and a much wider variety of products they might not discover with their usual retailers.
Looking at the bigger marketplaces, such as Amazon and AliExpress, the dominance in the customer landscape is plain to see. Retailers cannot ignore their impact and must consider how the multitude of platforms will play a part in their sales success.
Opportunities for marketplace professionals
These statistics speak volumes about how much more connected customers are to retailers through these marketplaces. The options for sellers have clearly grown significantly. So, does this mean eCommerce companies should be investing more in a solid team of marketplace professionals?
Quite simply, yes they should. Of course, every product offering is different. A certain type of product might sell more than another on different platforms. So, a marketplace manager will be able to identify which platforms are right for your products.
Furthermore, it's a great avenue for customer experience experts to explore. Marketplaces are all about improving and expanding the customer experience, especially in an omnichannel world. For more details about what a marketplace manager can offer, read our blog: What does a marketplace manager do?
In our 2023 eCommerce salary survey, we revealed the latest salary benchmarks for marketplace roles. It's a good indication for professionals to understand their worth, while companies can use them to attract the very best marketplace talent. (Figures shown are from the August 2023 update.)
- Marketplace Executive: £38,000 - £42,000
- Marketplace Manager: £45,000 - £65,000
- Head of Marketplace: £80,000 - £95,000
- Marketplace Director: £100,000 - £125,000
Hiring eCommerce Marketplace Managers?
At Cranberry Panda, we work with a huge network of marketplace professionals. If this is an area you are building within your team, click below to get in touch!