This editorial was first published in our Online Payments and Ecommerce Market Guide launched on 1 November 2017. The guide features several important thought leadership editorials from ecommerce and payments industry professionals, which makes it a top-reference source for anyone involved in the payments ecosystem.
The ecommerce competition landscape has changed dramatically over the past few years. No single market dominates global ecommerce because each market is, simultaneously, global and local. Nowadays, commerce requires every brand to increase their international exposure and their offers accordingly. Every niche market is today concerned with taking its piece of cake. Online marketplaces have established themselves as the new benchmark for distribution models. They boost sales, enrich product catalogues, reduce costs, and are likely to take over 39% of the retail market share within three years (E-Commerce Foundation).
For example, eMarketer announced that the B2C online market is projected to exceed USD 4,000 billion by 2020. Similarly, Accenture and Alibaba Group estimate, in a new study, that marketplaces are expected to reach USD 1 trillion worldwide by 2020. The marketplace phenomenon is undoubtedly fuelled by consumer and organisations’ demand for best possible prices and larger choice.