Hyperwallet has published a new report – The State of e-commerce marketplace selling in 2017: A study on the behaviours and preferences of ecommerce marketplace sellers – which, among other things, details the findings of a survey it conducted amongst 1,500 ecommerce marketplace sellers in the United States.
Online worker payout platform for financial institutions and marketplace companies Hyperwallet has published its report reviewing The State of Ecommerce Marketplace Selling in 2017. According to Hyperwallet, the modern workface is in a state of constant change. Increasingly, workers are demanding more flexible hours and supplementary sources of income outside their regular, full-time employment. For some, this may bring the gig economy to mind, such as driving a car for Uber or Lyft. Others choose to earn extra income by selling products on ecommerce marketplaces.
The report is intended to paint a picture of this modern workforce and its behaviours and habits around selling on digital marketplaces like Amazon or Etsy. In terms of ecommerce marketplace payments, the study aims to review areas of success, and areas that could use improvement. Notably, findings showed that the cross-border payments process is one of the main factors currently limiting sellers’ global reach. Although global ecommerce marketplaces potentially allow independent sellers to reach a wide range of customers in other geographic regions, many [in the US] are not taking advantage of this opportunity.
Another interesting finding of the survey was the growing demand for instant payments amongst ecommerce marketplace sellers, with more than half (53%) favouring the option to receive payments each time they sell a product. Especially in the U.S., the impact of delayed receipt of payments can be devastating for sellers, many of whom report living ‘paycheck-to-paycheck.’ Based on further findings, the report emphasises that marketplaces that do not dedicate attention to improving payments and customer service are at risk of losing sellers to competition. The speed and cost of payments both were reported to have the most influence on whether sellers remain loyal to certain ecommerce marketplaces.
To read or download the complete State of E-commerce Marketplace Selling in 2017 report by Hyperwallet, click here.