From Farfetch to Amazon, online marketplaces allow users to easily browse a range of products from different sellers and eliminates the need of finding individual websites. Sonia Sharma finds out more about the universal appeal that marketplaces offer
Farfetch expanded its online marketplace offering into beauty
The rise of beauty marketplaces has grown exponentially. Amazon is one of four online giants that will account for 65% of the global health and beauty e-commerce market by 2025, with the retail sector itself expected to grow at 15% annually (OC&C).
Superdrug and Boots expanded into the sector this year, meanwhile, Farfetch took its fashion marketplace model into beauty in the spring.
Online marketplaces allow brands to expand their customer base, reaching a wider audience. It also presents an accessible and low-risk way for small businesses looking to venture into the world of online retailing to take the first step, without the pressure of setting up their own ecommerce ‘stores’.
Marketplaces have also grown over the last two years due to the Covid-19 pandemic, when brick-and-mortar stores had to close and saw revenues plummet.
But the rise in marketplaces was a culmination of several reasons...
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