New research reveals digital marketplaces are thriving and just how much this momentum continues to grow.
Ecommerce accelerator Pattern’s Marketplace Consumer Trends Report – 2023 has revealed that 88 percent of Australian shoppers are buying from a digital marketplace in the past year, and 92 percent of consumers plan to shop on marketplaces like eBay, Amazon and Catch in the year ahead.
“Digital marketplaces are this year on a continued growth path and are becoming increasingly accepted and adopted as a shopping channel of choice by Australian consumers,” said Merline McGregor, General Manager, Pattern Australia. “However, with cost of living pressures and an uncertain economic outlook, our report highlights how consumer behaviour is set to again evolve in the year ahead.”
The research shows that despite the cost of living crunch, 73 percent of consumers are set to spend more or the same online overall in 2023.
eBay holds its place as the most popular digital marketplace, with Amazon quickly gaining on the ecommerce giant as it is set to grow 12 percent in the year ahead. 62 percent of consumers bought from eBay, with 65 percent planning to buy from the platform in 2023. Pattern found Amazon was the second most popular digital marketplace among consumers behind eBay with 52 percent of consumers buying from Amazon over the past 12 months, 59 percent intending to buy from Amazon this year and 84 percent of consumers expected to spend more or the same on this platform in 2023.
“As consumer confidence increases on digital marketplaces, so does their desire to cross-shop and discover new categories. Likewise, as brands begin to include marketplaces in their growth strategy, consumers are met with more choice as the platforms add new products to cater towards a wider variety of consumer interests,” said Merline.
Power Retail’s own data shows that Amazon has increased in popularity as a customer research tool by 71 percent YoY which directly his compares to eBay who’s popularity has decreased by 17 percent over the same period.
The report identifies that marketplaces are increasingly becoming a product discovery hub for many online shoppers. Outside of Google, the next most popular channel to research products online is via digital marketplaces, where 23 percent of shoppers use platforms like eBay and Amazon to search for their goods.
“These findings demonstrate the ongoing appeal of marketplaces as product discovery platforms, whereby consumers are utilising the wide breadth of product diversity on marketplaces to fine-tune their search for particular items. Digital marketplaces appeal to shoppers trying new brands online through building purchaser trust through customer data, including real-world product reviews and informative answers to product page questions,” concluded Merline.
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