The 2022 State of Online Marketplace Adoption, a comprehensive survey of consumer eCommerce and marketplace preferences, reveals key shifts in consumer behavior
Mirakl, the industry’s first and most advanced enterprise marketplace SaaS platform, today announced the release of The 2022 State of Online Marketplace Adoption, a global survey of 9,000 consumers that explores the ways in which online shoppers are shaping the marketplace economy. According to the findings, the eCommerce landscape has shifted in response to rising consumer expectations around rapid delivery, product quality and variety, and lower pricing. Two-thirds of consumers surveyed globally prefer eCommerce sites with online marketplaces, and 70% say online marketplaces are the most convenient way to shop. The report also found that “power shoppers” — the most frequent, highest-value online shoppers — are leading the way with greater adoption of online marketplaces.
“This first global study on consumer preferences for marketplaces offers important insights for retailers as they evolve their eCommerce strategies for a post-pandemic economy,” said Adrien Nussenbaum, co-founder and co-CEO of Mirakl. “The survey results clearly indicate that consumers want more of their favorite retailers to launch online marketplaces with third-party sellers. In today’s ‘always-on’ retail economy, shoppers prize the competitive prices, increased variety and faster shipping times that only online marketplaces can deliver. Moreover, this preference is strongest among retailers’ most valuable shoppers.”
U.S. consumer preferences shift toward marketplaces
Mirakl’s research found consumer adoption of marketplaces to be anything but temporary. Following significant gains from the early days of the COVID-19 pandemic, marketplace use has maintained its increased position in the eCommerce landscape. In 2019, 47% of U.S. consumers said they shopped exclusively on or a lot on marketplaces; this number rose to 52% in 2020 and held steady at 51% in 2021. On average, U.S. survey respondents said that 43% of their online shopping now happens on marketplaces, with 40% saying that activity has increased in the past 12 months, while 54% say it has remained consistent, despite the reopening of traditional retail options. Looking ahead, the vast majority (92%) of consumers in the U.S. expect to use marketplaces at the same rate or more.
Convenience reigns supreme for consumers, especially high-volume “power shoppers”
According to the survey, consumers find marketplaces better able to meet their needs than conventional eCommerce sites which only offer products from a single retailer. A significant majority (71%) of U.S. consumers assert online marketplaces are the most convenient way to shop today.
The report also found as consumers shop more frequently online, marketplaces make up a higher percentage of their overall spending. That is due to a combination of convenience and trust, according to “power shoppers”, high-value customers who make purchases online once per week or more. The vast majority (83%) of power shoppers in the U.S. believe that online marketplaces are the most convenient way to shop. On average, U.S. power shoppers conduct 50% of their online shopping through marketplaces, versus 43% for the average U.S. consumer. Most notably, power shoppers want to do even more shopping through online marketplaces: three-quarters (75%) of U.S. respondents said they would like more of their favorite retailers to have online marketplaces.
Other key findings from The 2022 State of Online Marketplace Adoption include:
- Despite supply chain issues, fast delivery is still expected: 88% of U.S. consumers expect their packages to arrive in 3-5 days or less, including 46% who expect delivery within just 1-2 days.
- Seller reviews matter: When buying products from third-party sellers, most U.S. respondents (59%) will research a seller before making a purchase, with 72% checking reviews. Roughly half (51%) are more likely to make a purchase if the third-party seller is working with a retailer they trust.
- Most consumers prefer to buy for a cause: Over half (56%) of U.S. respondents are more likely to shop online with a company that offers products tied to causes they care about, and nearly four in 10 (38%) are likely to pay a higher price for a product that is tied to a social cause.