This is the reality of an e-commerce marketplace - millions of sellers on the platform, a million more ready to join, and a short list of top sellers generating most sales. The chance of one of those new million sellers becoming one? Statistically very small.
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A decade ago Amazon made three long-term bets: Prime memberships, fulfillment consistency, and third-party sellers are going to be key. They were the right bets to make.
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Jet.com website traffic declined to 10.5 million visits in February, down from 35.5 million visits in February 2017. That's a decrease of 70% in a year.
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The products which outperform their peers are the ones which start with the customer, understand their wants and needs, and then execute accordingly via relevant channels. On marketplaces the customer is the marketplace.
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Devin Wenig, CEO of eBay, said "Nobody wants to go through 10,000 iPhones. Show me the four best options." eBay is correct that the way eBay functions today is not how most people shop.
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Customers spent $453.46 billion online in 2017, a 16% increase from the previous year. For the first time e-commerce sales represented more than 10% of total retail sales at 10.5%. Amazon accounted for 41% of online retail sales.
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Customers, and the media talk a big game about manufacturing ethics, and the pressure on local retailers. And then they want a $9.99 t-shirt. Ethical supply chain is good, fast shipping is better, low price is best.
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People do not shop the same on Amazon as on eBay, nor on eBay as in small websites, and neither in small websites as in retail shops. And so people do not buy exactly the same things on Amazon as they do elsewhere.
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The big news story today is eBay announcing that it will stop working with PayPal as its back-end payments service in 2020. Modern marketplaces are bundles of vertically integrated services, payments are a big part of it. eBay independent from PayPal will do better.
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eBay marketplace has tens of millions of sellers selling worldwide, but the majority of sales is done by a small pool of top sellers. We estimate that top 5,000 sellers account for 25% of worldwide GMV on eBay.
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