How to Boost Profitability with Digital Marketplace Capabilities

Nearly every company sells their goods and services online, whether it’s direct-to-consumer or to assist with B2B sales. But until recently, only a few companies could afford to run a digital marketplace — an experience that connects third-party sellers with buyers either alongside or in addition to a company’s own products and services. In the past, digital marketplaces required large investments in business and technology to develop and maintain. But now, game-changing technology gives businesses agility and significantly lowers the cost (and the risk) of creating their own marketplaces.

And the timing couldn’t be better. In the throes of a snarled global supply chain and rising inflation, marketplaces offer plenty of shelter from the proverbial storm. That’s why more than one-third of commerce professionals — across industries and business sizes — are prioritizing adding marketplace capabilities to their existing ecommerce experience.

Marketplaces make it easy (and fast) to diversify revenue streams, reduce inventory risk, and win customer loyalty. Think your business is ready to take the leap? Here’s everything you need to know about marketplaces.