Market in: learn about the business model, advantages and challenges
E-commerce continues to grow. According to the 46th edition of the Webshoppers study, Brazilian e-commerce reached in the first half of 2022. R$ 118.6 billion in sales, which represents an increase of 6% compared to the previous semester, even with the continuation of face-to-face life. Around the world, the most valuable brands are creating digital ecosystems and operating in online sales, directly or indirectly.
In this scenario, the power of the market excels in bringing benefits to end customers, retailers and brands, forming a network of cooperation where everyone benefits.
For customers, there is the ease of shopping with convenience in an environment that inspires confidence. For brands, an option that has proven to be very attractive is a proprietary market or a market where they use their relationship with an existing base to offer products and even bundle their services in combination with items sold in their market.
Why invest in your own market?
The decision to create or become a Marketplace is based on the understanding that your visitors or your customer base are interested in purchasing other products through your channels, complementing and expanding the offerings of sellers outside of your core business.
In Brazil, in a massive way, we have giant retailers that integrate thousands of external sellers in their stores, such as Magalu, Americanas, Centauro and Beleza on the Web, but this has also been the path chosen by major brands in other industries.
In financial services we have a very successful example of Banco Inter, Nubank, Banco do Brasil; among the main players in telecommunications we also find initiatives, with brands such as Vivo and Claro.
But why have companies from such different sectors decided to enter the world of e-commerce? They are betting on this front, aiming not only to increase results by generating new revenues, but also to build valuable ecosystems for their client base.
In the case of banks, we also have the example of the recently launched Itaú Shop. With the aim of strengthening the relationship with its powerful customer base, Itaú has created its own e-commerce that will not only offer products and services from sellers like a traditional retailer, but also exclusive offers and benefits for its account holders, linking shopping in the mall with the use of the bank’s financial products . And the benefits will not only be in product discounts, it is also announced that in the future purchase data will be integrated into its iupp loyalty program, generating points and cashback in a virtuous circle in this consumption chain, strengthening this value relationship between the consumer and its brand , not to mention the possibility of attracting new account holders who will start a relationship with the bank.
But what are the challenges in developing the internal market?
Once you are convinced that the marketplace is the ideal way for your brand and your customers, prepare to manage an almost complete e-commerce, leaving out only the purchase of inventory, warehouse operations and transportation. I highlight 8 pillars of management and planning for your business plan:
1) Media and CRM plan with store traffic strategies
2) Qualified hunting and breeding dealer
3) Integration center between seller and platform (store)
4) Product catalog that adheres to the profile of your consumer
5) Advertising funds for campaign plans with exclusive channel offers
6) Operation of means of payment, management of commissions and transfers
7) Customer service channels
8) Monitoring of SLAs for orders and Backoffice (channel and sellers)
Finally, it should be emphasized that the indicators of management success are a Market IN should be measured not only by taking into account the volume of sales in the store, but a combination of results that permeate your entire company. Take the opportunity to get more data to get to know your customers more and better, expand touchpoints to strengthen your relationship rule, generate additional revenue by offering complementary services and, above all, create more loyalty mechanisms between your brand and your fans/consumers.
*Written by Cada Fogueral, Director of Omnichannel & Marketplace at Infracommerce