Crystal balls not
Macy’s new marketplace provides a glimpse into the future of e-commerce.
FUELING GROWTH VIA A FULLY INTEGRATED SHOPPING DESTINATION
How to compete in an age when iconic retail brands have continued to evolve and push forward the digital brand marketplace experience for customers—at breakneck speeds? And in the process provide a digital experience that meets multiple shopping needs? And support purpose-driven goals like featuring minority- and women-owned businesses?
This was the challenge faced by Macy’s, Inc. as it aimed to continue boosting its e-commerce capabilities. It needed a faster and more flexible way to add new products and categories to its website and capture trends without the lengthy process of sourcing, purchasing, stocking, and delivering.
The solution? With help from Deloitte Digital, Macy’s launched a new third-party marketplace on macys.com, creating a one-stop shopping experience for customers.
“The marketplace allows us to move into new and adjacent categories more quickly—without any risk from an inventory perspective—to test customer demand and continue to meet customer expectations,” said Matt Baer, Macy’s, Inc. chief digital and customer officer. “It enables us to create more-profitable customer relationships and to add styles and trends as they emerge,” he continued.
In creating its third-party seller online platform, Macy’s joins a growing number of retailers doing the same.
“We spent time talking to a lot of other retailers who had launched a marketplace before,” notes Laura Miller, Macy’s, Inc. chief information officer. “We listened to their lessons learned so we could get ours off the ground quickly and smoothly.”
ORCHESTRATING AN OMNICHANNEL RETAIL TRANSFORMATION
The new marketplace platform allows Macy’s to venture into new categories like electronics, video games, wellness, sports nutrition, and more. And because it is integrated into Macy’s existing site, shoppers can browse products from Macy’s and its partners all in one space. During the fall 2022 launch, as the marketplace scaled, it provided customers access to 400 unique brands and 20 product categories (eight of them new to Macy’s).
Implementing the marketplace into the existing Macy’s tech architecture enables rapid scaling without the associated supply chain costs to the retailer. It also helps Macy’s give voice to brands from underrepresented communities.
Do these challenges sound familiar?
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