Marketplace eCommerce

Evolving Marketplaces: Keeping Up with Trends in 2024

Updated  |  7 min read

Key Points in this Article

  • Trends in the marketplace drive competition, and vice versa.
  • Analyze marketplace trends to anticipate what customers want.
  • Increase the competitiveness of your offering by specializing it.
  • Working with a software company will help you keep up with marketplace trends.
marketplace trends and competition
What are consumer trends

Marketplace Trends & Competition

Trends in the marketplace drive competition, and competition drives the market. Marketplace trends are a persistent, evolving force in the industry. This is true no matter what business model you may have, which will determine whether you need a B2B, B2C, C2C, or group buying platform.

Marketplace trends affect business operations and the materialization of the marketplace into the web and mobile applications.

It starts with having a vast array of items to choose from. There are countless choices as far as lead time on items, price range, quality, and categories for products. These factors are driven by the competitiveness in the market.

There are large players, like Amazon and Alibaba, that are driving the trends within the overall market. Then there are specialized peer-to-peer marketplaces that are driving trends within those individual markets.

Cumulatively, this is a consistent wave or trend of consumerism. Consumers are able to select from a lot of options, so they don’t have to settle for a lower standard of selection categories.

This also includes logistics, which involves the overhead to go through a checkout process, and get accurate information on shipping lead time, total cost, taxes, customs and duties, etc.

Analyze trends to know what customers want

Anticipate Marketplace Trends

There are a lot of options that some commoditized offerings with marketplaces are bringing to bear. This includes free delivery and options for same-day delivery at no additional cost, or a very low cost.

This type of service is popular among consumers. Amazon often supplies this service for their Prime members, who pay a yearly premium for extra perks like these.

This is why it’s critical to analyze consumer trends in the marketplace—to find out what your buyers want and expect from you.

Overall, you want to provide robust product descriptions, details, and high-quality imagery. A robust taxonomy or set of categories and tags also goes a long way towards helping you maximize the potential of your marketplace.

Self-service and robust search functionality within the site also speak to the quality of your eMarketplace platform. It’s also important to be able to execute on delivering the items and provide ongoing support and RMA processing when needed.

Make yourself more competitive

Specialize Your Marketplace Offerings

Specialize Your Marketplace Offerings

The commoditization needs to be something that from a business perspective can take advantage of some niche offerings in the marketplace. You can have a similar offering to Amazon or Alibaba, but better product value and subject matter expertise.

In this way, you can provide higher value because you’re focusing on a niche or particular segment, so you can allocate resources to that. You’ll be more competitive than other commoditized offerings. And as mentioned before, competitiveness is an important part of marketplace trends.

Working with a Software Company

Keeping Up with Marketplace Trends

To keep up with marketplace trends that are constantly evolving, we recommend working with a software company that has enterprise-level eCommerce marketplace software that can deliver scalability, customizability, and the ability to continuously upgrade using a SaaS model.

Upgrading Your Marketplace Platform

With Clarity’s eCommerce platform, we deliver a single tenancy SaaS model that allows clients to receive updates, get upgrades on demand, and have customized solutions. It also has enhanced security features.

This is a powerful model because you can benefit from the ongoing updates that this marketplace trend is driving within our business. We’re delivering on hundreds of eCommerce projects and constantly working on our product to meet or exceed the capabilities of popular marketplaces like Amazon or Alibaba.

Effectively Manage Data

Other important aspects for keeping up with trends in the marketplace include data gathering and logistics. These are also things you need to leverage within your business, and that’s another benefit you can get with Clarity Ventures.

We have external partners who can help manage data and do data cleansing. Data includes elements of your marketplace offerings, such as category and product data, product imagery, robust and rich product descriptions, etc.

We can also make sure you have a consistent presentation across your site with robust sets of data and solid catalog and product information.

A consistent presentation for your marketplace website and applications follows current and expected marketplace trends, because consumers trust consistent data and information.

Integrate with Logistics APIs

In addition, we partner with dozens of logistics providers with their own set of APIs that we can plug into to provide seamless, integrated, real-time quotes and lead time estimates for fully landing, shipping, etc.

We also partner directly with carriers like UPS, FedEx, USPS, DHL, TNT, all of the intermodal carriers, etc., and customs, duties, and tax estimators, and companies like Avalara, for example, who will directly integrate into your platform. These solutions may be slight different depending on whether it's a B2B, C2C, or B2C marketplace platform.

Marketplace trends support such integrations because consumers now expect to be able to see this information and choose different shipping options.

A Robust Solution to Keep Up with Marketplace Trends

These are examples of some of the marketplace trends that you can execute on with a software platform like Clarity eCommerce Framework™ and a software development partner like Clarity Ventures.

Ideally, you’ll find a partner that has both the software and the ability to implement it. A good analogy to keep in mind is, if you’re moving a multistory facility, such as a commercial facility or a large house, you won’t be able to move that in the back of a pickup truck, or even in the back of a U-Haul.

If you want to be competitive within marketplace trends, you need a robust solution rather than a generic or traditional marketplace offering.

You need a sizable truck with a lift gate, nice padding, and a plan to bring all of the items and decompose them and put them into the truck. You also need a team that can do all of that.

Is your internal team going to do that? Is your team going to do part of that? Who is going to do what? Do you have a group that can coordinate all of this?

A Robust Solution to Keep Up with Marketplace Trends

Well, that’s what Clarity does.

We do not only the actual software development, but we also work with your team and make sure that the full integration of the software and workflows are tied into the rest of your business.

And where there are gaps, we can make recommendations based on best practices that will help you to execute at a very high level against some major competitors that are driving these consumer trends in the marketplace.

If you’re interested in talking with our team, we offer a complimentary consultation. We enjoy getting to provide this value to potential clients, even if you don’t end up working with us.

 

Chat with eCommerce Marketplace Experts

We encourage you to chat with us at your convenience, and we’ll be happy to provide you and your team with information that can help you on your journey. If we end up partnering together, that’s even better.

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Autumn Spriggle is a Content Writer at Clarity Ventures who stays up to date on the latest trends in eCommerce, software development, and related topics to provide readers with the latest and greatest. She strives to help people like you realize the full potential for their eCommerce business.