Marketplaces and small brands may have a bright future in the retail industry in 2021 and beyond.
It has become a cliche to say the pandemic has “changed everything” or “accelerated” the trend toward ecommerce. Nonetheless, shutdowns, contactless pickup, and an explosion in online sales are real, and these events offer a glimpse at what the future might hold for the industry.
Raj De Datta, CEO and co-founder at Bloomreach, a digital commerce experience platform, said it succinctly, “The future of retail is marketplaces which require scale, and that will be the case certainly for the big boys. But, the future of retail is also brands. The industry is seeing an explosion of small brands setting up shop online.”
In context, De Datta was addressing the impact of Covid-19 on small retail businesses.