Online marketplaces that deliver stellar recommendations are a staple of customers’ browsing habits worldwide. Each country may have its own favorites, but they all have the same basic structure: get goods from many sellers into the view of customers, in one central location. And while we traditionally think of ecommerce and used goods as being the primary uses for marketplaces, almost every industry and vertical have their own version of a marketplace, whether it’s mortgages and credit cards in financial services or baseball cards and beanie babies on auction sites. These sites are essentially huge databases filled with content and products, which can be difficult to sift through — that’s where recommendations come into play.
Marketplaces have incredible earning potential — the major marketplace players sold $2.03 trillion worth of goods in 2019, which made up 57% of global web sales for that year as well. These astounding numbers were possible in part to the (almost scarily) relevant recommendations the top marketplaces, like Amazon, serve up to customers. Our 2020 Benchmark Report found that campaigns using Predictive Recommendations are 116% more effective than those without. There’s no doubt that while marketplaces are a staple of online shopping today, a huge part of their success comes from their ability to deliver hyper-accurate recommendations throughout the customer journey. Here are just a few ways Blueshift customers in the online marketplace space are using recommendations successfully today.
