In 2015, the big four U.S marketplaces, namely Amazon, eBay, Etsy and Jet, sold a total of over $100 billion worth of goods. And there’s no sign that these numbers will stop going upwards in the near future. According to the U.S Department of Commerce, online retail sales nearly quadrupled over the 10-year period from 2005 to 2015. Furthermore, this figure is projected to reach around $500 billion in 2018.
Online E-commerce Marketplace – The shopping destination of future
Traditional retailers have started to feel the impact of online marketplaces by making certain changes to adopt the growing trend of online shopping. Recently, Walmart has acquired Jet.com, tapping into the e-commerce competition, as they realized purchasing habits are gradually shifting from physical stores to online marketplaces.
That online e-commerce marketplace is rapidly booming and expected to become the new shopping destination can be broken down into multiple advantages it has over brick-and-mortar retailers. Millions of people shop at Amazon or eBay because of the extreme comfort these e-commerce platforms provide. With just a few clicks, while staying at home, consumers conveniently shop around the website, browse through a vast selection of items, read reviews from other customers, and compare prices before making the final buying decision.