The world of online commerce continues to change after several progressions in recent years. First, most direct-to-consumer brands created an electronic storefront where they could sell products online. Next came the emergence of master marketplaces like Amazon, where customers could explore products and buy from a variety of brands in one place. Soon to follow was the onset of more comprehensive e-commerce where brands aren’t just selling products, they are selling a lifestyle or add-on experiences that supplement products.  

Now we are beginning the next wave of e-commerce: Marketplaces. Traditional D2C e-commerce sites today typically only sell that brand's specific products. And if that site sells other products, those products might be featured as part of an upsell opportunity. In a marketplace experience, a brand could curate what other brands appear on the marketplace, but all products are given equal footing. When this ecosystem of brands comes together, they sell not just as a package, but in the same place. 

When customers buy from a connected ecosystem of brands, they cut through the clutter of overwhelming choices and feel confident that the products they choose will work together with products from other parts of their ecosystem. Businesses gain access to the lifeblood of consumer experiences: data. 

Use an existing platform

There are solutions that productize and operationalize many of the unique business requirements of a marketplace model. Using this approach allows a business to scale with purpose-built functionality and reduce time-to-value without creating unnecessary risk. There may, however, be an access fee and the platform may charge a scaled percentage commission for each transaction.

Extend commerce solutions 

Many ecosystem players have deployed e-commerce platforms, but have not maximized their potential. Platforms such as SAP Hybris, IBM WebSphere or Oracle ATG have features and related business processes that can enable a marketplace. These solutions will require more work to build than a “bolt on” marketplace platform.

Go custom

Developing a bespoke solution from the ground up is possible, but there may be implications across commerce, supply chain, finance and customer service teams. These solutions are also costly and more time-consuming to get up and running. 

The opportunity is clear. The technology is available. And customers are eager for the reliability, pricing, and convenience marketplaces can afford. So, what are you waiting for?