Reflecting on the Global Online Marketplaces Summit 2023, we believe it delivered valuable insights into the future of online marketplaces and portals.
We recently had the privilege of attending the Global Online Marketplaces Summit in Miami, USA. The summit provided invaluable insights into the evolving landscape of online marketplaces and portals, an ecosystem that connects buyers and sellers across various industries. Mark Griffioen, CEO & Co-founder and Matthew Searle, our Head of Business Development, gained a deeper understanding of the trends shaping the industry.
In South Africa, well-established local online marketplaces and portals such as Cars.co.za, Junkmail, Private Property, Property24, AutoTrader, Careers24, and Facebook Marketplace play crucial roles. At the conference, we listened to how these businesses’ global counterparts in adopting powerful tech tools and harnessing emerging technologies, many of which could have huge impact if adopted by local players
The payments in the online marketplace sector are projected to reach USD $8.7 trillion by 2025, but the South African market, including our clients in real estate agencies and car dealerships, seems to be one to two years behind markets like Dubai. This disparity becomes even more apparent when it comes to utilising tools like customer relationship management (CRM) systems and innovative technologies like artificial intelligence (AI). Our belief is that these tools hold the key to gaining a competitive edge and meeting the evolving demands of consumers for personalised experiences. Instant messaging apps like WhatsApp also play a central role in conversational commerce, a trend observed among many international players.
The summit highlighted how online marketplaces and portal businesses worldwide are proactively adapting their strategies to stay ahead, expand their market reach, and remain relevant in the dynamic digital landscape. In this context, we would like to shed light on the most notable trends and opportunities that online marketplace and portal businesses should prioritise:
Reflecting on the Global Online Marketplaces Summit 2023, we believe it delivered valuable insights into the future of online marketplaces and portals. From recognising the value of proprietary information to exploring alternative revenue streams and embracing AI-driven technologies, the summit emphasised the need for adaptability and innovation. Contrasting local marketplaces and portals with their global counterparts highlighted the importance of pushing boundaries and addressing industry challenges.
In conclusion, South African online marketplaces and portals have a tremendous opportunity to evolve and thrive by embracing these trends and capitalising on the transformative power of technology. By adopting a forward-thinking mindset and staying at the forefront of innovation, online marketplace and portal businesses can secure their positions as industry leaders and shape the future of e-commerce in South Africa.