5 Recent trends of marketplace development to improve your e-commerce business

The e-commerce environment is growing at a rapid rate. You can come across a myriad of leading online marketplaces emerging at a rapid rate while stimulating the overall growth of the market. As per the latest Statista research, the overall sales of the retail market are going to reach the value of around $6.54 trillion by the time of 2023. 

The given statistic implies that as an e-commerce business, you are expected to provide the end customers with unique offers every now & then for staying competitive and overcoming the respective market rivals. So, if you are looking forward to building a marketplace or growing or revamping your platform, then you should be aware of the latest e-commerce market development trends.

Here are some:

• Smart Speaker Integration & Voice Commerce: It is estimated that a huge population of the world now looks forward to upgrading its household with smart voice-controlled speakers. The given range of smart devices is in constant use when it comes to education, entertainment, and even online shopping. It is believed that the overall market for personal voice assistants is going to grow at a rapid rate in the near future. This is the reason why smart voice integration is going to be the hottest ecommerce marketplace trend. 
• AI-powered Chatbots: Chatbots are not something new to the ecommerce marketplace development projects. However, they are not as useful as they can be due to the overall lack of proper architecture for implementing the same. In most cases, the customers’ inquiries are misunderstood. This is the reason why most online purchases do not take place eventually. 

In this context, AI-powered chatbots are known to provide a different story. Studies reveal that around 85 percent of transactions in the coming era are going to occur without human interactions. AI chatbots are going to take up the given job. This is the reason why you can consider working on AI-enabled chatbots for improved customer interactions and conversions. 

Read also: How Much Would it Cost to Create a Multi-Vendor Marketplace Website?

• Dynamic Pricing: Another important marketplace trend for ecommerce marketplace development is introducing the concept of dynamic pricing. The given concept helps in providing the customers with the best possible costs at the given point of time. The value that is available tends to be based on several factors including market demand, competitor’s rates, and other predictions. The main advantage that is offered by this strategy is it helps you in boosting the overall profit margin while increasing the total volume of sales at the same time. At the same time, dynamic pricing is also known to allow you to remain competitive in the pricing aspect –irrespective of the current market conditions. 
• PWAs (Progressive Web Apps): The number of online platforms and mobile users is increasing on a daily basis. This is because mobile devices are increasingly having a major impact on the overall lives of people. As per a leading Statista research, it is believed that the total mobile e-commerce sales will be reaching around $3.56 trillion by the time of 2021. PWA (Progressive Web Apps) has become the latest online e-commerce marketplace development technology. It combines the concepts of the website & the native mobile app while delivering several benefits to the business owners. 

• Increase in the overall mobile traffic
• Increase in average conversions
• Increase in engagement rates
• Increase in average sessions

Conclusion There are several evolving trends related to the field of ecommerce marketplace development. Irrespective of the online marketplace trend that you choose to adopt, you can look forward to achieving increased engagement, profit growth, and conversions for delivering the best-ever user experiences.