Recently, in Dreamforce 2022, Salesforce announced the general availability of the Commerce Marketplace. The Commerce Marketplace is a solution by Salesforce that empowers businesses to create, manage and scale a digital marketplace on Commerce Cloud. With the solution, businesses can unlock new revenue channels by enabling shoppers to find and discover their preferred products quickly by associating with partners. In addition to that, the newly announced Commerce Cloud Genie brings the power of real-time data to help businesses adapt quickly to increase sales and reduce costs. Looking back at the history, Salesforce acquired Atonit, a marketplace management solution in March 2022. And following the acquisition, Salesforce has now made the Commerce Marketplace generally available to its users.
Significance of the news
According to Salesforce’s State of the Commerce Report, almost 37% of commerce businesses are looking to launch their own marketplace in the next two years. This trend is seen not only in retail and consumer goods but also extends to 45% of insurance and finance businesses. But Why there is a sudden need to launch one’s own marketplace?
Marketplaces offer online businesses a chance to collect first-party data, deliver highly personalized digital experiences and offer new products to their customers.
Also, a recent report reveals that globally 50% of online retail purchases are done through marketplaces. The convenience of one-stop shopping for a slew of products at a competitive price drives customers towards online marketplaces. So, Salesforce Commerce Marketplace offers solutions for businesses to build a one-stop shop to maintain relevance with their customers and find new avenues to boost revenue.
Here are some of the benefits of leveraging the Commerce Marketplace.
Commerce marketplace benefits
Custom create your own marketplace and jumpstart your sales with these key features
- Sellers Registration and Onboarding
Commerce businesses can recruit sellers quickly with recruiting tools offered by the marketplace solution. The new sellers can get onboard faster with self-registration. In addition to that, sellers can create seller pages and manage catalog details.
- Lessen inventory Risk
With the Commerce Marketplace Solution, businesses can reduce inventory risks and expand their product catalogs. Sellers can deal with inventory shortages owing to supply chain disruptions by showcasing a similar line of products from third-party sellers.
- Boost profit with diverse revenue streams
Collaborating with third-party sellers opens up new revenue channels without overhead manufacturing costs. Thus, you can boost profitability by earning commissions from these third-party sellers on their marketplace channel.
- Achieve Customer Loyalty with first-party data
Salesforce marketplace solution helps you gather the first-party data from search and shopping behaviors of customers on newly-offered products and services. Thus, businesses can win customer loyalty by delivering personalized experiences by having a single view of their customers across the enterprise.
Wrap Up
Summing up, Salesforce Commerce Marketplace, which empowers businesses to scale the power of their brand, both for customers and partners, is now live for all users.
If you need help implementing the solution for your commerce business, schedule a demo call with Commerce Cloud experts at HIC Global Solutions today!
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