Leverage third-party marketplaces to enhance customers’ shopping experience

New Ideas in MarketingEssential news for marketers, summarised by YouGov
September 24, 2021, 4:37 PM GMT+0

A Salesforce study found that customer experience is as important as the product or service among around 80% of customers.

A Forrester study found customer experience leaders outperformed those lagging in CX on the S&P 500 index by nearly 80%. Satisfied customers are also seven times more likely to return to the company, eight times more likely to try other products or services offers and 15 times more likely to spread positive word of mouth.  Simultaneously, another study found that 68% of CX experts strongly believe that customer expectations are rising.

Brands can implement third-party marketplaces where third-party suppliers fulfil goods to support customer experience goals and meet consumers’ evolving expectations. Third-party seller-driven marketplaces allow brands to connect with an intent-driven audience, where retailers can use their website to curate unique experiences around specific topics or interests.

Many established global retailers like Michaels and Walmart are already reaping the benefits of third-party marketplaces in the areas of ecommerce strategies, first-party data sets and customer satisfaction. Even smaller brands can create experience-driven shopping with third-party marketplaces to bring together a wide range of product categories into an experience-driven event.

Third-party marketplaces also offer some financial benefits. For instance, larger shopping carts lead to increased sales. Additionally, companies can cultivate deeper brand loyalty among customers by delivering important, value-added services to customers.

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