Macy’s, Inc. is once again redefining the retail shopping experience. Having already developed a tailored, digitally led omnichannel experience for its millions of customers, the iconic brand is now ready to take the next step forward in the future of retail with its newly-announced plans to launch an online marketplace, powered by Mirakl.
eCommerce is in the midst of unparalleled growth - propelled forward by online marketplaces. There is perhaps no better reflection of this trend than to look at the upcoming holiday shopping season. Mirakl’s own 2021 Holiday Shopping Snapshot found, in 2020 online holiday shopping saw 50% growth over the previous year. In 2021 that unprecedented rise has held steady, even as storefronts reopened. Marketplaces are driving this growth: According to the same survey, 94% of global shoppers plan to maintain or increase their frequency of shopping on online marketplaces.
Expanding the iconic Macy’s, Inc. shopping experience
Macy’s, Inc. continues to chart the course in enhancing the digital customer journey. The retailer’s Mirakl-powered Marketplace, expected to launch in the second half of 2022, will offer new ways to meet the needs of its evolving customer base. By carefully choosing third-party merchants that uphold the Macy’s, Inc. brand and experience, the retailer will both expand its assortment of existing categories and brands and introduce new categories on macys.com and bloomingdales.com.
“Today’s announcement is an exciting next chapter in our digital evolution. The marketplace platform will further accelerate our Polaris strategy and unlock new opportunities for sustainable and profitable growth. Our digital business is targeted to generate $10 billion in sales by 2023, and we expect the new marketplace platform to produce incremental revenue on top of that target,” said Matt Baer, chief digital and customer officer at Macy’s, Inc. “The marketplace platform will enable us to expand our assortment at a low incremental cost, while giving Macy’s customers easy access to even more product selection to meet their diverse needs.”
Becoming a marketplace leader
Enterprise marketplaces have demonstrated the ability to further transform the eCommerce shopping experience. They allow businesses across all industries to imagine beyond ordinary catalog expansion and embark on new opportunities and projects.
When launched, Mirakl’s dynamic marketplace platform capabilities will seamlessly integrate into Macy’s, Inc.’s existing architecture: allowing them to quickly experiment with, and scale, new strategies over time. The platform will also provide flexibility, agility, and variety — everything needed to support a premium digital shopping experience. Mirakl’s best-in-class seller tools will also allow trusted third-party sellers to easily monitor, operate and grow their businesses, enabling a marketplace experience that offers true curation at scale.
Their forthcoming marketplace is an exciting next chapter for the Macy’s, Inc. legacy.