TechDogs-"Marketplace Optimism Remains High Despite Challenging Trading Environment for Retailers - Jitterbit Study Reveals"

Software Applications

Marketplace Optimism Remains High Despite Challenging Trading Environment for Retailers - Jitterbit Study Reveals

By Business Wire

Business Wire
Overall Rating
  • 88% of retailers are considering building their own marketplace, with one third benefiting from a sales boost as a result of marketplace trading
  • Despite much optimism, 78% of all retailers find trading on marketplaces challenging and cite manual processes as biggest hurdle to overcome
  • Over half (58%) of retailers admitted to having over 20 manual data processes in their marketplace tech stack, with one third having 31 or more

UTRECHT, the Netherlands--(BUSINESS WIRE)--#automation--Jitterbit, a global leader for empowering transformation through automation, has today revealed the results of its latest in-depth targeted study, 'eCommerce Marketplace Strategy: The Power of Hyperautomation' the first survey of its kind, revealing the views of European retailers across the UK, Spain, Germany and the Netherlands in executing and expanding their marketplace presence.

As one would expect, the majority of European retailers have wholly embraced marketplaces into their go-to-market strategies, with 95% already trading on at least one marketplace - Amazon (18%), eBay (14 %), Etsy (8%) and Wayfair (6%) are cited as the most popular.

What’s more, 88% of retailers said they were considering building their own marketplace, with one third benefiting from a sales boost due to marketplace trading. Despite widespread optimism, 78% of all retailers said they found trading on marketplaces challenging, with the top reasons being:

  • Hard to keep data accrued on a marketplace secure - 76%
  • Too many disparate systems used to trade on marketplaces - 88%
  • Challenging to get a complete picture of business activity when trading on marketplaces - 70%
  • Marketplace presence creates data silos within the company - 73%
  • Trading on marketplaces creates stockouts and inventory problems - 79%
  • Challenging to stay on top of fulfilment and refunds when trading on marketplaces - 89%

Alarmingly, 83% of retailers admitted to still having more than 10 manual data processes in their marketplace tech stack, with more than half (58%) having more than 20 and 31% having 31 or more. And 77% of retailers believe they are less competitive in the marketplace than other companies due to cumbersome and disparate systems creating data silos.

Joost De Bot, Vice President & General Manager EMEA at Jitterbit, said: "There’s no doubt marketplace momentum is here to stay. Successful commerce leaders of the future must act swiftly to adopt or optimise their strategy to stay ahead. Integration, specifically enabling hyperautomation by removing all manual processes, will undoubtedly play a crucial role in enabling marketplace players to overcome current trading challenges and remain competitive."

Yet optimism remains high, with 61% of retailers agreeing that although trading on marketplaces is challenging, it is also manageable. 100% of retailers in the study expect to continue trading on marketplaces within the next five years.

Retailers are making strides to overcome current challenges and know they need better integration and automation. 99% of respondents said they are already using one automation tool as part of their integration marketplace strategy. Looking ahead, 53% are likely to incorporate an integration solution into their marketplace strategy in the next five years.

Ends.

About the research
For this report on evolving marketplace strategies, we have commissioned third-party independent research company Vitreous World to survey 200 Commerce and retail leaders in the UK, Spain, Germany and the Netherlands to explore the opportunities and challenges they face in executing and expanding their marketplace presence.

About Jitterbit, Inc.
Jitterbit is a global technology business serving over 3,000 customers around the world. We are dedicated to empowering your business transformation through seamless, automated integration. Automating your business processes means accelerated, more informed decision-making and better customer experiences. Our Harmony platform combines API Management, business process optimisation and no-code app creation to help you remove all manual data processes from your business and achieve hyperautomation faster. Find out more about Harmony here at www.jitterbit.com or follow us on LinkedIn.

Download the full report here: https://www.jitterbit.com/report/what-are-european-retailers-thoughts-on-trading-on-marketplaces


Contacts

Media Contacts:
ThoughtLDR
Cat Lenheim
cat@thoughtldr.com
+44 7511117587

First published on Thu, May 25, 2023

Enjoyed what you've read so far? Great news - there's more to explore!

Stay up to date with the latest news, a vast collection of tech articles including introductory guides, product reviews, trends and more, thought-provoking interviews, hottest AI blogs and entertaining tech memes.

Plus, get access to branded insights such as informative white papers, intriguing case studies, in-depth reports, enlightening videos and exciting events and webinars from industry-leading global brands.

Dive into TechDogs' treasure trove today and Know Your World of technology!

Disclaimer - Reference to any specific product, software or entity does not constitute an endorsement or recommendation by TechDogs nor should any data or content published be relied upon. The views expressed by TechDogs' members and guests are their own and their appearance on our site does not imply an endorsement of them or any entity they represent. Views and opinions expressed by TechDogs' Authors are those of the Authors and do not necessarily reflect the view of TechDogs or any of its officials. All information / content found on TechDogs' site may not necessarily be reviewed by individuals with the expertise to validate its completeness, accuracy and reliability.

Join The Discussion

- Promoted By TechDogs -

IDC MarketScape: Worldwide Modern Endpoint Security for Midsize Businesses 2024 Vendor Assessment

Join Our Newsletter

Get weekly news, engaging articles, and career tips-all free!

By subscribing to our newsletter, you're cool with our terms and conditions and agree to our Privacy Policy.

  • Dark
  • Light