Ecommerce Initiatives Boost Walmart’s Business and The Future of Hybrid Online Marketplaces
Tophatter, the San Francisco based startup which has quietly been building a mobile ecommerce marketplace, says it profitable but declined to say by how much. It expects to make a $100 million in revenue this year. Founded in 2012, Tophatter has had flown under the radar compared to its contemporaries such as shopping app Wish or grocery delivery company Instacart.
Twiggle, a Tel-Aviv headquartered startup focused on making searching for products online more intuitive has raised $15 million by MizMaa Ventures and Korea Investment Partners. With this new round of funding it plans to add feature extraction from product images, in addition to textual content such as product descriptions and reviews, in order to improve its search results and product recommendations. The startup claims that it has increased relevance and click-through rates on search results by up to 30 percent and conversion rates by around 20 percent.
In digital commerce, we need to use technology so we can emulate the in-store salesperson who truly wants to help a customer or prospect solve their problems. Simply adding a product catalog to your ecommerce sites leave untapped opportunities to put customers and prospects into context. Why are they even on the site? What’s their history as a customer? Marketers who successfully combine the “who” and the SKU for the best offers will help build customer loyalty and ultimately lifetime value.
Walmart has a lot riding on, Marc Lore, founder and chief executive officer of e-commerce startup jet.com Inc. and he plans to extend Jet’s sensibility and business model to Walmart.com, the second biggest ecommerce destination in the US. He talks about they were assigned perhaps the most urgent rescue mission in business today: Repurpose Walmart’s historically underachieving internet operation to compete in the age of Amazon.
Bombinate is the brainchild of childhood friends Massimiliano Gritti and Elliott Aeschlimann and is a new online marketplace for men’s fashion and lifestyle focused on brining brands that offer craftsmanship, heritage and unique stories to new audience. Bombinate will showcase the brands on its site and tell their stories as well as offering opportunities to take advantage of wider benefits of being part of its ‘hive’ such as collaborations, cross promotions and influencer outreach.
There are many hybrid marketplaces. Numerous companies big and small, now including Walmart, the second largest ecommerce site in the country according to comScore, are allowing users to offer their own products in marketplaces that are springing up on various ecommerce websites. If they’re run well, the marketplace adjuncts to ecommerce sites bring increased traffic and a broader array of products that gives consumers more reasons to stay on a site and not wander.