Platform Business Model

2021 Marked Record Growth for the Marketplace Category, Powered by Mirakl

Joe Sawyer
February 9, 2022
2021 Marked Record Growth for the Marketplace Category, Powered by Mirakl
Background
Back to blog

The great eCommerce acceleration has permanently changed buyer expectations. Today, two-thirds of consumers globally prefer online marketplaces over conventional eCommerce sites, guaranteeing their dominance for decades to come. In 2021, dozens of the world’s leading enterprises – the market movers and forward thinkers that set the pace for their industries – seized the opportunity with marketplace strategies of their own. Mirakl was proud to be at the forefront with these market leaders across every industry, among them Macy’s, the CMA CGM Group, Shop Apotheke, Decathlon, The Bay, Fanatics, and UNFI.

Our business reached new heights as well. Last year, through the power of the marketplace model and in partnership with hundreds of the world’s top enterprises, $4.3 billion was transacted on Mirakl-powered Marketplaces, setting the pace for the new world of commerce.

"It's our job to create the best experience for customers, no matter how their shopping behaviors change over time," said Matt Baer, Macy's, Inc. chief digital and customer officer. “As we thought about the evolution of our digital growth and the digital business, a natural next step was to build and launch a curated digital Marketplace to serve our customers. The Marketplace with our partner Mirakl will enable additional breadth and depth in our core categories, while also allowing us to more easily move into new or adjacent categories."

Mirakl extends online marketplace category leadership in 2021

2021 was a year of tremendous growth for Mirakl, and as we reflect on the year that was, we’re sharing some of the developments in our business that we are particularly proud of. Last year, Mirakl exceeded $100 million in annual recurring revenue, a critical milestone that marks a new level of scale for technology leaders, and closed $555 million in series E funding led by Silver Lake. This growth, and new round of funding, further validate Mirakl’s leadership in the online marketplace category. It also places Mirakl’s valuation over $3.5 billion – a 230% increase in a single year. Industry research firm Forrester also conducted a comprehensive evaluation of vendors and their marketplace solution offerings in 2021, based on the criteria that it knows is critical to operating a marketplace at scale. Mirakl was recognized as a leader in this first-ever report, The Forrester New Wave™: Marketplace Development Platforms Q4 2021 report. Forrester’s analysis found that The Mirakl Marketplace Platform received a differentiated rating – the highest score possible – in nine out of the 10 assessed criteria, including vision, market approach, roadmap, architecture, operations management, customer management, seller management, pricing and fee schedule, and physical product catalog. Mirakl was the only vendor to receive a differentiated rating in nine criteria, which we believe demonstrates the strength of the Mirakl Marketplace Platform.

Last year, we also completed our first acquisition, of the French startup Octobat, which specializes in invoice compliance for enterprises throughout the world. The acquisition will make it easier for Mirakl-powered Marketplace operators to manage local and global regulations as they expand and operate across multiple geographies.

568c3d3e-8b65-434f-886f-512eea9a5fb2.jpeg

Mirakl advanced its technical and product leadership with innovations in key areas

As the industry’s first and most advanced enterprise marketplace SaaS platform, in 2021, Mirakl continued to strengthen its technical and product leadership. These are just a few of our many key product enhancements from the past year, helping enterprises launch faster, grow bigger, and operate with confidence to scale and dominate their industries:

  • Sellers and operators are empowered with easier connectivity and management through Mirakl Connect, offering new customer care and catalog matching and the growth of the Shopify Connector to more than 2,000 users.

  • Categorization AI analyzes product catalogs and recommends improvements to categorization, helping marketplace operators grow their assortment faster with higher quality and less manual effort

  • Automated alerting and suspension rules help operators monitor and manage the performance of their sellers and ensure their customers receive the best possible experience You can learn more about the many product enhancements that Mirakl made in 2021 in the complete announcement.

Mirakl’s expansion continues with its team and its footprint across the globe

To support the company’s fast-accelerating growth, last year, Mirakl expanded its global team with 362 new hires, while announcing plans to hire 1,700 employees over the next 3 years. We also made key strategic hires across the organization and further bolstered the management team with the senior recruitments of Andy Barker, Isabelle Bénard, Sophie Marchessou, and Marc Teulières.

Our physical footprint has also grown over the past year. Mirakl opened new offices in New York and Singapore in 2021 and hired regional experts to support the rapid growth of its global footprints across EMEA and APAC.

With Mirakl, there’s no stopping the marketplace momentum

Embracing the marketplace model is critical to success in the new digital-first economy, with marketplace initiatives being recognized as strategic drivers of growth across board rooms and global financial markets. The marketplace momentum promises to continue in the new year – and Mirakl will be at the center of it.

As Mirakl co-founder and CEO Philippe Corrot put it, “2021 proved that there is no stopping the growth of the marketplace economy. As we look ahead to 2022, there’s no question that marketplaces will play an integral role in every business’ eCommerce strategy. Marketplaces will soon provide a 360-degree solution, and we see Mirakl at the center of that offering.”

Read the complete announcement to learn more about Mirakl’s achievements in 2021.

1552074774955.jpg
Written by
Joe Sawyer
Chief Marketing Officer at Mirakl

Get weekly insights and strategy for your online marketplace