It has been announced that Mirakl-powered Marketplace sales grew by 53% year-over-year globally during Cyber Week 2022. This dramatic growth proves that platforms are the model of the future and traditional retail rules no longer apply in today’s economy.
An analysis of hundreds of Mirakl-powered Marketplaces across the globe during Cyber Week (the 7-day period ending Monday, November 28) found that growth was seen consistently across markets, with sales in local currency increasing by 67% in North America and 44% in Europe.
Twin forces powered online marketplace growth during Cyber Week. First, there was a surge in the total number of marketplace and drop ship orders placed on Mirakl-powered Marketplaces, growing by 30% and reaching 2.3 million. At the same time, average order value on marketplaces increased significantly, jumping by close to 20% year-over-year. Personalization technologies further strengthened sales by making curated recommendations to help marketplace shoppers discover more of what they were looking for. 10% of orders placed with retailers using Mirakl Target2Sell’s recommendation engine contained recommended products.
The hundreds of retailers operating online marketplaces across the globe have recognized what the rest of the industry has been slower to acknowledge: marketplaces are the only way to meet customers’ need for selection, price and high quality of service, achieve consistent profitable growth, and not only survive but thrive in today’s economy, They have dramatically outperformed the market because of their willingness to transform and implement a more innovative and agile model. This year’s Cyber Week performance is a wake-up call to any business still debating when and how to implement their own marketplace strategy.– Adrien Nussenbaum, co-founder and co-CEO, Mirakl