Amidst ongoing political uncertainty in the UK, many British brands and retailers are increasingly looking overseas to reach new customers. Marketplaces offer a relatively low-risk way to test the waters in new markets, along with myriad other benefits – from brand building opportunities, to access to a ready customer base, to the chance to clear existing stock.
China, for example, is a key target market for many international brands and retailers, particularly given the growing interest of Chinese consumers in western brands and products. Established online Chinese marketplaces such as Tmall and JD.com offer access to these shoppers, with leading brands such as Clarins, Mars and Nestlé already capitalising on the opportunity.
There is also continued consolidation across the marketplace sector, with Alibaba, for instance, acquiring a controlling stake in the Lazada marketplace, which operates in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, in 2016. With similar moves likely over the coming years – both organically and through acquisitions - the marketplace landscape is constantly changing. It is therefore vital for brands and retailers to keep up to date with the latest developments, and to properly assess potential markets and marketplaces before designing and implementing a strategy.
We have therefore put together a guide to some of the key leading and up-and-coming marketplaces globally, to provide you with an overview of the key players you may want to consider when formulating your marketplace strategy. Check out our interactive map below - simply click on the map to navigate to a specific marketplace, or browse all marketplaces using the arrow.