Mirakl, the only marketplace SaaS platform that empowers both B2B and B2C organizations to launch and grow an enterprise marketplace at scale, announced its recognition in Gartner’s Hype Cycle for Digital Commerce, 2020 as a Sample Vendor within the Enterprise Marketplace category.
McKinsey & Company has predicted that digital ecosystems could account for more than $60 trillion in revenues by 2025, or more than 30% of global corporate revenues. By enabling businesses to create digital ecosystems of their own, enterprise marketplaces are a critical accelerant for businesses in 2020, as the COVID-19 pandemic has brought fragmented supply chains, dramatic shifts in buyer behavior, and unprecedented acceleration of eCommerce. In just a few months, the way we do business has changed permanently, accelerating the adoption of the marketplace model across industries. In the Hype Cycle for Digital Commerce, 2020, Gartner reports, “Enterprise marketplaces saw increasing interest during COVID-19 as many organizations hastened to launch or expand digital commerce presence as sales from physical channels dried out.”
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Online marketplaces have sustained businesses whose normal operations and supply chains have been disrupted by the COVID-19 crisis. A platform business model provides the critical agility to adapt supply during crisis time, and a scalable and profitable revenue driver throughout the recovery and beyond. Enterprise Marketplaces technology received a “high” benefit rating in the Hype Cycle for Digital Commerce, 2020.
The report adds, “Enterprise marketplaces allow organizations to shift their business model from linear digital commerce where they sell directly to end customers to a platform business where they facilitate transactions between sellers and buyers. When done right, organizations can enrich product offerings, reduce selling or procurement costs, test new items or categories before adding them to the product catalog, and improve the customer experience by making the process more transparent and efficient. When marketplaces become more sophisticated by connecting a large number of ecosystem partners, organizations can smoothly transition into digital business by owning their digital ecosystem and creating digital revenue.”
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While the benefits of the marketplace model were popularized by retail, and made clear by the COVID pandemic, these types of digital ecosystems are also becoming a critical driver for the next era of B2B leaders. The agility, flexibility and scale of enterprise marketplaces are critical for manufacturers, distributors, and procurement organizations across the globe, enabling them to evolve and digitize their business models.
In the first half of 2020, Mirakl achieved record-breaking growth, reporting 111% GMV growth and over $1.2 billion GMV generated by Mirakl-powered Marketplaces in less than 6 months. With 25 new customers on board, including numerous Fortune 500 firms, and 18 new marketplaces launched in just six months, the company is on track to far surpass its 2019 annual growth and customer-generated GMV, even as the COVID-19 pandemic has tempered the global economy. The exceptional performance of the company and its customers underscores the resiliency of the marketplace model to drive business growth despite economic uncertainty. We believe this demonstrates the real-world impact behind the “high” benefits rating of Enterprise Marketplaces.
“By launching enterprise marketplaces, both B2B and B2C organizations create digital ecosystems that bring greater agility, flexibility, and speed into their businesses,” said Adrien Nussenbaum, co-founder and U.S. CEO, Mirakl. “The incredible growth of Mirakl customers even in the midst of a global pandemic is proof of the remarkable benefits that enterprise marketplaces deliver. We’re thrilled to see Enterprise Marketplaces technology receive a ‘high’ benefit rating, and to once again be named as a Sample Vendor in Gartner’s Hype Cycle for Digital Commerce, 2020. “
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