In the ever-evolving landscape of modern commerce, the surge in online marketplace expenditure is nothing short of remarkable. In 2022, consumers worldwide funneled an astonishing 3.25+ trillion dollars through these digital domains, underscoring the profound influence wielded by these platforms in redefining business dynamics.
In this article, we will cast a spotlight on the pivotal advantages and disadvantages intrinsic to this strategy, so you can make an informed decision on entering or avoiding marketplaces.
Online marketplaces have become architects of consumer behavior, orchestrating a major shift in the art of buying and selling. 56% of online retailers have chosen the avenue of marketplaces to promote their products.
Moreover, a formidable 47% of all global digital transactions unfurl within the digital confines of online marketplaces. But among these digital platforms, one entity is known as the biggest marketplace —Amazon, a titan commanding 38.7% of total e-commerce sales in the United States during the annals of 2020.
The integration with online marketplaces presents a definitive transformative force, opening doors to unexplored opportunities and potential growth for the home improvement industry. The appeal lies in the unmatched global reach and accessibility of these virtual platforms, effectively breaking down geographical barriers. In contrast to the confines of physical stores and local distribution networks, the finishing material sector now has the freedom to connect with customers worldwide. The extensive outreach offered by online marketplaces far surpasses the limitations of traditional sales channels, reshaping the landscape of business possibilities.
Find out about the pros and cons of selling finishing materials on online marketplaces by reading the full article. Read on →