Online Marketplace Trends

At Pairi, we’re working hard to bring the service economy online. While this means building complex technical solutions, this also means understanding our users and the type of marketplace experience they’re trying to provide for their users. By having insightful conversations with business owners, not only are we understanding their current situation, but we’re also anticipating needs that may come with evolving their business in the future. Here are a couple of trends we’re noticing with the online marketplace experience.

Shift to mobile experience.
By 2021, mobile ecommerce sales are expected to account for 54% of total ecommerce sales. However, 88% consumers still find the mobile web experience to be incredibly inconvenient. As more and more businesses are brought online, optimizing for the mobile user is key for success in the coming years. This may mean lightweight Apps or taking advantage of new mobile friendly features: text message updates, QR code sharing, contactless or in-app purchases, location-based services, and mobile marketing.

Instant Payments.
Why should anyone have to wait two weeks, or even a month for their next paycheck to come in? In a world of instant coffee, instant quotes, and instant food, it is truly ridiculous that one should have to wait so long to access their wages. With secure online payment infrastructure from Stripe or Square, marketplaces should empower freelancers with the freedom to take control of their own money as soon as it’s theirs.

Great customer service never goes out of style, and long wait times to talk to get help from support is really ugly. Tools like Intercom and even Facebook Messenger allow merchants and owners to automate common customer support asks. With easy drag and drop buttons, you can now create a bot that can answer common questions, collect feedback, and even process refunds in minutes.

Powerful Search.
Amazon, not Google (or Bing) is the most used search engine for products. This is because Amazon’s marketplace search gets the consumer closer to what the user really wants: to buy something. Don’t underestimate the power of a great search, as new AI and recommendation algorithms are quickly becoming imperative to getting your guest to checkout ASAP. Image-based search is also set to grow more popular in the coming year. Especially as more users migrate to a mobile experience, searching for identical products by image.

Insightful Analytics.
Smart business owners like to make data-driven decisions. Only with comprehensive access to KPIs are they able to get a sense of how their business is doing. Pre-populating personalized KPIs and an omniscient marketplace dashboard are features that our customers repeatedly require.