Adrien Nussenbaum, CEO and Founder, Mirakl, a French startup helping e-commerce platforms add marketplaces of third-party sellers, joined Cheddar to discuss e-commerce and marketplace trends in Europe.
Adrien Nussenbaum, CEO and Founder, Mirakl, a French startup helping e-commerce platforms add marketplaces of third-party sellers, joined Cheddar to discuss e-commerce and marketplace trends in Europe.
Silverback.ai, the leading AI-driven marketplace performance engine, announced today a deeper partnership with Mirakl, the leading global marketplace platform solutions provider, which will bring more sophisticated artificial intelligence capabilities to Mirakl customers.
Through its partnership with Silverback.ai, Mirakl will be able to provide its customers with the ability to make automated data-driven decisions at scale to ensure a constant competitive offering (best sellers, best products, best prices) and to optimise promotions to rapidly accelerate growth.
Online retail is becoming more competitive, and marketplaces have come to understand the need to evolve and automate their work, particularly decision-making around product assortment, pricing, and promotions, in order to stay ahead and avoid losing time and thus leaving money on the table. By shifting from manual work to an automated, real-time, data-driven decision-making process, marketplace leaders and merchants are able to consistently offer better products, more competitive pricing, and optimised promotions, which are key to gaining a greater share of revenue. Automation eliminates slow and random decision-making and arms marketplaces with the tools to move faster, work more efficiently, and boost their bottom line.
This partnership between Mirakl and Silverback.ai speaks to the increasing role and importance of AI and automation in online retail and will give Mirakl’s over 200 customers spread across more than 40 countries the ability to not only stay ahead, but also to see real results.
“We look forward to empowering Mirakl’s customers to stay ahead of the competition, lead their businesses into the future, and drive real, bottom-line results, and we’re excited about the additional opportunities that this partnership with Mirakl will bring,” said Boaz Cohen, CEO and Co-founder of Silverback.ai.
“Mirakl’s mission is to equip our customers with everything they need to launch online marketplaces that win in the platform economy. With our unique position at the heart of the marketplace ecosystem, we know that the number of sellers and the range of products and services is crucial to the success of a marketplace strategy. We partnered with Silverback because they help our retailers, manufacturers, and distributors make data-driven decisions to broaden range and accelerate marketplace growth,” said Philippe Corrot, CEO and Co-founder of Mirakl.
About Silverback.ai: Silverback is an AI-driven sales decisions hub that empowers online retailers to offer the best product assortment at the most competitive prices and optimise promotions to be ahead of the game. Using sophisticated AI and predictive analytics, Silverback.ai makes it possible for retailers to outsmart their competition, through an updated catalog adequately stocked with top-selling products; win-win seller relationships; seamless recruitment and onboarding of new suppliers; competitive offers and pricing; and optimised promotions.
For more information: www.silverback.ai
About Mirakl: Mirakl is powering the platform economy by providing the technology, expertise, and partner ecosystem needed to launch an eCommerce marketplace. With the Mirakl Marketplace Platform, both B2B and B2C businesses can offer more, learn more and sell more: increase the number of products available for buyers, grow the lifetime value of customers, and anticipate buyer needs and preferences. Committed to ease of use, The Mirakl Marketplace Platform is a turn-key solution that’s easy to integrate into any eCommerce platform and Mirakl Catalog Manager makes managing product data quality simple at marketplace scale. Mirakl’s unmatched marketplace expertise is key to customers’ success. Mirakl employs a team of 60+ marketplace experts who help clients adopt best practices and client success provides critical long-term strategic guidance. Over 200 customers in 40 countries trust Mirakl’s proven technology and expertise including Urban Outfitters, Hewlett Packard Enterprise, Best Buy Canada, Carrefour, Siemens, Toyota Material Handling USA, Inc. and Walmart Mexico.
For more information: www.mirakl.com
Silverback have announced a deeper partnership with the Mirakl marketplace platform, which will offer more sophisticated artificial intelligence capabilities to Mirakl customers.
Through its partnership with Silverback, Mirakl will be able to provide its customers with the ability to make automated data-driven decisions at scale to ensure a constant competitive offering (best sellers, best products, best prices) and to optimise promotions to rapidly accelerate growth.
Retailers running marketplaces have come to understand the need to evolve and automate their work, particularly decision-making around product assortment, pricing, and promotions, in order to stay ahead and avoid losing time and thus leaving money on the table. By shifting from manual work to an automated, real-time, data-driven decision-making process, marketplace leaders and merchants are able to consistently offer better products, more competitive pricing, and optimised promotions, which are key to gaining a greater share of revenue. Automation eliminates slow and random decision-making and arms marketplaces with the tools to move faster, work more efficiently, and boost their bottom line.
“Mirakl’s mission is to equip our customers with everything they need to launch online marketplaces that win in the platform economy. With our unique position at the heart of the marketplace ecosystem, we know that the number of sellers and the range of products and services is crucial to the success of a marketplace strategy. We partnered with Silverback because they help our retailers, manufacturers, and distributors make data-driven decisions to broaden range and accelerate marketplace growth.”
– Philippe Corrot, CEO and Co-founder, Mirakl
This partnership between Mirakl and Silverback speaks to the increasing role and importance of AI and automation in online retail and will give Mirakl’s over 200 customers spread across more than 40 countries the ability to not only stay ahead, but also to see real results.
“We look forward to empowering Mirakl’s customers to stay ahead of the competition, lead their businesses into the future, and drive real, bottom-line results, and we’re excited about the additional opportunities that this partnership with Mirakl will bring.”
– Boaz Cohen, CEO and Co-founder, Silverback
Bunnings is about to embark on a massive growth phase, as the hardware giant prepares to enter the world of “marketplace” retailing.
One of the world’s fastest-growing retail concepts, “marketplace” is the model whereby a retailer or operator sells products supplied by third parties, but holds no stock of those products itself.
Think the likes of Amazon, eBay and China’s Alibaba, which offer millions of products but hold few to no items themselves, and either take a commission on each sale or charge suppliers a subscription fee – or both.
It’s one of the hottest things in retail right now, with many of the world’s leading companies either beefing up their current platforms, or gearing up to launch their own marketplace offering.
Bunnings is aiming to launch its marketplace platform, MarketLink, in November.
While it is tight-lipped about what specific suppliers or products will be on offer, managing director Mike Schneider earlier this month referred vaguely to “indoor furniture, whitegoods and kitchen appliances, home entertainment, kitchenware and homeware” as just some examples.
But as Mr Schneider put it, the retailer is ultimately aiming to offer “everything from the front gate to the back fence”.
Tzipi Avioz, a senior executive with Mirakl, the company providing the technology and market know-how for Bunnings’ MarketLink, told The New Daily that while an e-commerce retailer can typically stock around 40,000 items within a conventional online platform, a marketplace can accommodate more like two million products.
Bunnings will begin with a modest 8000 lines, but Amazon offers about 12 million, according to US retail trade magazine Retail Touchpoints.
Ms Avioz said the growth in marketplace has been – and will continue to be – sizeable, with marketplace sales as a percentage of total digital sales globally having doubled in the past nine years.
In 2018, online marketplaces accounted for 52 per cent of global e-commerce sales and sold more merchandise than all stand-alone retail websites combined, she pointed out.
Ms Avioz added that global research firm Gartner has predicted that more than half the world’s online sellers will adopt marketplaces or include third-party sales in their e-commerce platforms by 2020, and overall, a staggering one in five companies will be a marketplace operator within the next five years.
While online sales totalled $28.6 billion in 2018, that’s expected to grow to $35.2 billion by 2021, with much of that growth originating from the marketplace sector, Ms Avioz said. And Australia is part of that picture.
She singled out online retailer Catch.com.au as an example.
“Catch Group launched a Mirakl marketplace in June 2017 and has since become Australia’s third-largest online retailer, with nearly $200 million in sales,” she noted.
“By comparison, Amazon Australia is the 15th largest. And 40 per cent of Catch’s sales are driven by its marketplace, which has grown from 35,000 products to two million … and [it has] doubled its customer base in just two years.”
Ms Avioz explains marketplace as essentially “building a business within a business … to grow their reach and number of products and services they are selling from other suppliers” that can deliver massive growth to established companies.
That’s particularly the case for Bunnings, whose digital offering has lagged the market, until it flagged a major revamp of its digital sales platform, with 55,000 products scheduled to go online before Christmas.
Ms Avioz said the marketplace model had also been found to not only add to the size of orders by 15 per cent, but also boost a company’s in-store sales by 7 per cent.
Online retail commentator Colin Barnard said the advantages of the marketplace model were undisputed. At least for the retailer, and for many “mom and pop” suppliers who might find it harder to access the market.
Mr Barnard, who works with online advertising company Criteo, said the mass and volume of a marketplace platform enabled companies to “get to know the customers better” because it increased the frequency of their visits to a site, more so than in the case of a specialised or single-category retailer.
That allowed a retailer to gather a huge amount of data about a consumer’s behaviour, which in turn enabled them to target customers more specifically and entice them into return visits and purchases.
“The marketplace brings a lot of benefits in that ‘customer relationship management’, whereby a buyer can be prompted with an ‘other customers also bought this’ messages, for example,” Mr Barnard said.
Certainly, Ms Avioz said that research on some marketplace platforms found that they boosted an average online sale by 15 per cent and in-store sales by 7 per cent.
But Mr Barnard said there was also a concern that the growth of marketplace might lead to an unhealthy rationalisation of the online market that could ultimately see the bulk of the world’s online transactions concentrated among a handful of players.
And in the case of high-selling lines, there was also the risk that the platform operator could begin manufacturing those products themselves, effectively cutting out suppliers or manufacturers.
Finding the main marketplaces to sell on is relatively easy in the UK – there’s eBay and Amazon, some specialist sites like Etsy, NotOnTheHighStreet and Yumbles, and some newcomers such as OnBuy and Flubit and Fruugo. What’s harder is finding marketplaces run by retailers as they are not so highly promoted and in many cases aren’t known for running a marketplace. To solve this problem for the marketplaces that they power, Mirakl have launched Mirakl Connect.
The aim of Mirakl Connect is to be a global marketplace ecosystem bringing together the Marketplace community. It is the first professional networking platform where Marketplaces and Sellers can meet and start doing business together. By joining Mirakl’s global marketplace community, Sellers can quickly search, contact and register on Mirakl-powered Marketplaces. Mirakl Connect is free to join and use for Sellers with three main aims:
Since launch in June, 38 registered marketplaces shipping to Europe and North America have signed up with 550 registered sellers looking for new opportunities. This has resulted in 850 connections between Sellers and Marketplaces.
We’ve taken a look at some of the categories and marketplaces on Mirakl Connect to give you a flavour of the opportunities for your products. The first table shows the number of marketplace opportunities for each category and the second lists some of the marketplaces you may wish to connect with.
|Home & Garden||27||Luggage & Bags||26|
|Toys & Games||24||Furniture||23|
|Electronics||23||Apparel & Accessories||20|
|Health & Beauty||18||Baby & Toddler||18|
|Sporting Goods||16||Cameras & Optics||16|
|Animals & Pet Supplies||13||Arts & Entertainment||12|
|Darty||fonQ||Galeries Lafayette||Go Sport|
|HARVEY NICHOLS||J.Crew||METRO||Nature & Découvertes|
|PcComponentes||Phone House||Urban Outfitters||Worten|
You can sign up for a free seller account on Mirakl Connect here.
Mirakl, a SaaS marketplace platform has launched Mirakl Connect, a global marketplace ecosystem. The marketplace is a digital platform connecting marketplace operators with sellers and partners to support the launch and growth of new platform strategies.
An online marketplace brings third-party sellers together into a single eCommerce platform. This allows consumers to shop from multiple sellers through a single portal with a unified checkout. The model is quickly gaining user attention. Forrester data shows that marketplace sales already account for more than 50% of online transactions. Forrester’s research suggests the growth trend is on track to reach nearly 70% by 2022.
Marketplaces have taken an increasing share of online retail sales: 56% of B2C online retail spend came from marketplaces in 2017. This report used the Forrester Analytics Online Marketplace Tracker methodology to examine 11 marketplaces across 16 countries. it aimed to understand their share of the B2C eCommerce market and their growth trends from 2015 to 2018. The Forrester report also looked at marketplace expansion and brick-and-mortar stores’ increasing investment in and sales through marketplaces.
According to Gartner by 2023, the majority of online sellers will list their products with marketplaces.
However, achieving success in the global marketplace ecosystem depends upon first having an effective technology as a foundation. In addition, it is important to find and connect with the right partners and sellers. This is where Mirakl Connect comes in. Bringing together, in a single platform, a global marketplace community of:
According to Antonio Parisi, Marketplace Director at UBALDI, “Mirakl is leading the marketplace revolution. Essentially it is giving any online business the ability to leverage the same strategy and technology that turned Amazon into the world’s biggest online retailer.”
Parisi added, “With Mirakl Connect, they’re making it even easier for companies to accelerate. By effectively removing the biggest barrier to entry and growth. Essentially, finding the right partners that meet our marketplace requirements in terms of product categories and geography.”
Based in France, ULBADI is a digital network and a real network of specialised physical stores, at the forefront of technology based.
Mirakl Connect accelerates interactions between marketplace players, allowing them to:
Mirakl Connect is free and provides key features that help platform members accelerate and succeed in their marketplace business, including:
“Mirakl Connect is bridging the gap between operators, sellers and third-party partners. This enables the kind of partnerships that allow everyone to capitalise on the huge marketplace business opportunity,” said Mirakl US CEO and co-founder Adrien Nussenbaum.
According to international analyst groups, businesses must re-imagine their digital commerce strategies by using emerging technologies and business models. According to Gartner, new business models – marketplaces will enable sellers to generate revenue streams and focus on customer outcomes.
Gartner predicts that “By 2023, 15% of medium-to high-GMV digital commerce organisations will have deployed their own marketplaces. Thereby creating a digital ecosystem on their path to digital business.” Gartner identifies the emerging technologies and business models that are resulting in success for innovative digital commerce organisations.
For businesses, and retailers in particular, keeping all your options open is the sensible course in this extremely competitive marketplace. Whether you’re just getting started or looking to expand your current marketplace, businesses have to explore these platform options. They provide an opportunity to connect business with the right suppliers. Connecting to the right partners, is an essential ingredient required by organisations to achieving growth goals or revenue targets.
Mirakl is launching a new product called Mirakl Connect. As the name suggests, this central dashboard lets you control which marketplace you’re working with, and which seller you want to list on your marketplace.
Mirakl is a French startup that recently raised a $70 million funding round. The company works with e-commerce platforms so that they can add a marketplace of third-party sellers in addition to their own inventory.
Marketplaces are increasingly popular on e-commerce websites, and Mirakl powers the marketplaces for Darty, Office Depot, Best Buy in Canada, etc. The company also powers B2B marketplaces.
But now that marketplaces are booming, it becomes increasingly complicated for sellers to list their products on different marketplaces and reach as many clients as possible.
Thanks to Mirakl Connect, sellers can create a company profile and promote products on multiple marketplaces at once. On the other side, e-commerce platforms that are just starting can find third-party sellers more easily.
If you’re running a small e-commerce website, third-party sellers don’t want to waste time and efforts to list products if it doesn’t lead to a lot of sales. By minimizing efforts, it should boost smaller marketplaces.
Sellers and marketplace owners can discuss together on Mirakl Connect with a built-in chat feature. Yes, Mirakl Connect sounds a bit like a marketplace of marketplaces — double marketplaces all the way.
The world is becoming one big marketplace — even if the marketplace doesn’t always look like one. That’s not some ancient riddle updated for these roaring days of digital commerce and payments, but informed knowledge passed along by Adrien Nussenbaum, CEO and co-founder of Mirakl, during the latest edition of the PYMNTS Matchmakers interview series.
In that recent discussion with Karen Webster, Nussenbaum talked about how his company is bringing back-end marketplace services — which include merchandising and fulfillment tasks — to a host of retailers and brands in a variety of retail niches. The deeper foundation of the talk, however, was about how such digital technology is making it easier for sellers, brands and consumers to connect with each other — and how eCommerce, in one sense, is becoming a battle of various marketplaces, services and ecosystems (and not just because of the requirements of surviving and thriving in a world dominated by Amazon).
The story of Mirakl — a French startup that recently raised $70 million in a funding round led by Bain Capital — began some 13 years ago, when Nussenbaum and the company’s other co-founder launched an online marketplace “for everything related to video games,” he told Webster. “We felt that marketplaces would become the dominant business model,” in large part, because such operations constructed “a network effect that created critical mass” for the products and sellers. Those marketplace benefits, along with the strength of the back-end technology used to power them, became even more apparent after Nussenbaum and his partner sold the operation to a European firm, and helped the operation grow toward $150 million in sales.
The new goal for the two entrepreneurs? That would be providing “turnkey marketplace technology” for retail and brand clients, technology that would enable them to work with sellers that range from manufacturers to distributors, to specialized resellers — for instance, the skateboarding lifestyle products sold by Urban Outfitters via its online retail site. With all retailers facing increasingly fierce competition, such marketplace services can, according to Nussenbaum, enable them to “offer greater choices, and greater convenience and prices, and be able to operate on a par with what Amazon can offer.”
Let’s pause for a minute and dig deeper into the concept of online marketplaces. When people hear the word “marketplace” used within the context of eCommerce, thoughts naturally turn to Amazon’s third-party marketplace — a source of significant growth for the company, and the reason why many smaller merchants are able to remain in business these days. However, there is much more to the marketplace concept than that, Nussenbaum said.
First of all, the term “marketplace” is more about a “business model” than a website with “a big red sign” on it, proclaiming its existence as a marketplace. Retailers can, do and — according to Nussenbaum — should sell products from other brands and sellers on their sites, but labeling such activity as a “marketplace” is not necessary if the back-end technology and tools are there. In turn, having that technology — which Nussenbaum said is similar to the tech that powers the Amazon marketplace — enables those retailers to easily scale their operations with additional, massive amounts of workers or too many logistical challenges.
The marketplace might not announce itself as such, but it’s basically operating as one, even without the specific label — and that’s going to increasingly be the case in the coming years, he said. After all, consumers want what they want, and they don’t want to waste too much time looking for it. So, having as much variety as possible — along with chances for shopper discovery and upsells — is vital to bringing nearly any retailer or brand into the future.
“Having a marketplace is the natural extension of any retailer,” Nussenbaum said.
What does that really mean, though? For starters, it means accountability and transparency — not only to provide a relatively easy, turnkey offering, but to build trust among all the marketplace participants, which is one of the most important tasks in eCommerce in 2019, as PYMNTS has regularly documented.
It means automated, preset shipping and fulfillment work, for instance, via the back-end Mirakl tool. “Any seller who receives an order has to go through a very defined workflow,” Nussenbaum said, with the software keeping track of time to delivery and other metrics that are vital to customer satisfaction, as well as to the reputation of the retailer or brand through which consumers are making those purchases. It also means focusing on other analytical points, such as how pricing impacts consumer behavior, and identifying top seller trends — all of which can help the clients on the other end improve their product mix and sales strategies.
According to Nussenbaum, such technology and services — that is, the larger move toward more online marketplaces, and the wider adoption of marketplace trends — appeal to a potentially lucrative type of digital shopper.
“Marketplace buyers are more mature [than] non-marketplace buyers,” he told Webster. “These are people who have experience buying from third parties, and have no anxiety about eCommerce.”
That may be true, but, as Webster pointed out, it’s probably not always clear to many consumers — even the most sophisticated online shoppers — that what they are doing is buying via the marketplace model. Nussenbaum agreed, though, in the end, it might not matter. It’s the sales that count, after all. To get those sales, he predicted that even more retail operations will adopt the marketplace model in the coming years, even if only the back end.
“If you look out 10 years from now, no business still alive will be without some form of marketplace business integration,” he said, “though it won’t always be called a marketplace.”
It seems that a marketplace, by any other name, might turn out to be just as sweet and lucrative.
By Charlie Wood
Silicon Valley. A mecca for tech startups. Home to the most influential companies in the world. The breeding ground for 32 new unicorns in 2018. But not, it would seem, to everyone’s tastes.
Adrien Nussenbaum, the cofounder of hot French tech startup, Mirakl, which raised $70 million in February, has strong views on why California’s tech haven does not have everything right.
Speaking to Business Insider over the phone, he laid out a stunning critique of work culture in the Valley, contrasting it with the spirit he has attempted to establish at his Paris-based company, which helps brands like Walmart offer products from third-party sellers on their websites.
Nussenbaum’s views are not all-encompassing. He recognises that Silicon Valley is full of “passionate” and “bold” people, and that it remains unrivalled as a destination for raising finance. Indeed, some $168 billion flowed into the Bay Area from VCs between 2010 and 2018, The Economist reports.
But Nussenbaum says this fountain of cash comes at a price.
He thinks that tech giants like Google wring every drop of value out of their staff members by creating cultures that keep people in the office. Ping-pong tables, free food, and nap rooms might seem like attractive benefits, he suggests, but they hide a more sinister motive.
He explains: “When I visited Google’s headquarters, an employee told me that staffers are obliged to be no more than 25 yards from food… For Google, you are an asset, and Google will feed you up so you produce. They’re like chickens laying eggs in factories.”
Nussenbaum is not the first to touch on this issue. Reddit founder Alexis Ohanian talked about the fetishization of extremely long working hours last year, pointing out that it’s terrible for people’s physical and mental health.
“This is one of the most toxic, dangerous things in tech right now,” Ohanian said. “This idea that unless you are suffering, grinding working every hour of every day, you’re not working hard enough. It’s such bulls—.”
Nussenbaum contrasts this with his view on Europe: “Silicon Valley is full of passionate people, but here in Europe, we like debating; we like life outside of work. We have joie de vivre.”
On the culture he has attempted to create at Mirakl, he continues: “Our teams are obliged to eat away from their desks. They eat at a communal area. We have team lunches once a week, with a talk from a guest speaker.
“We offer yoga classes and language lessons. We also encourage everyone to teach their own hobbies to each other. For example, once a week, an employee who is into photography will teach everyone photography, the following week, an employee who is a keen mixologist will teach everyone mixology, and so on.”
Nussenbaum says Silicon Valley’s pursuit of the next big thing, of big backing, of unicorn status does not always draw out the best qualities in people and company culture.
“People envy one another. People are always open to being poached by rival companies. The people there don’t admit how central money is to their motivations,” he says.
“Silicon Valley has a ‘fail fast and move on’ culture. But that’s not Mirakl’s culture. At Mirakl, we refuse to fail. This results in more debate and more discussion [than there is in Silicon Valley].
“In terms of [Mirakl’s] funding, we’ve been very selective with our investors. Burning, burning, burning has never been our culture. Once a year, we take one-and-a-half days just to discuss strategy with our board. The talks are always hosted at one of the investors’ houses. Our investors are part of our family; they come to our Christmas parties.”
Since launching in 2011, Mirakl has grown to more than 200 employees and has raised a total of $100 million from backers including Bain Capital. As well as its Paris headquarters, it has offices in London, Munich, and Boston, a US city that Nussenbaum thinks has a healthier “approach to risk and reward” than San Francisco.
By Daniel D’Ambrosio
If it’s good enough for Amazon, it’s good enough for Walmart, Best Buy, Urban Outfitters and more than 200 other companies, says Adrien Nussenbaum, CEO of Mirakl, a global firm with dual headquarters in Boston and Paris, plus offices in London, Munich, Barcelona, Stockholm and Sao Paulo.
Mirakl allows its clients to adopt the same marketplace platform that transformed Amazon from a bookseller into a seller of, well, nearly everything.
“What Amazon is doing is not rocket science,” Nussenbaum said in a recent interview from Mirakl’s Boston office. “I think Amazon has been able to take a fresher look at retail and the consumer experience and that has freed them from some of the blockers that incumbent retailers have.”
Key to Amazon’s success is an online marketplace of third party sellers – obvious to anyone who has been on the Amazon website. Mirakl brings that same capability to its clients, according to Nussenbaum.
“Simply put, Mirakl provides the technology and the partner ecosystem to launch an ecommerce marketplace,” he explains.
Take Best Buy Canada, for example. The company has stores across Canada and a website.
“They decided to find a way to quickly expand the product selection on their website and provide more choice and opportunity for customers,” Nussenbaum said.
To do that, Best Buy Canada turned to Mirakl technology, which allowed them to quickly partner with hundreds of third party sellers. Best Buy Canada was an “insignificant” player in baby products, Nussenbaum says. Through Mirakl, the company added thousands of baby products to its website through selected third party sellers, and within a year has become Canada’s number 1 seller of baby products online.
“That was very exciting to them,” Nussenbaum said. “It allowed them to very rapidly learn about this new cateogory, and ultimately identify two products they could also offer in their stores.”
J. Crew is another Mirakl client. It decided that on top of selling its own clothing label online, J. Crew customers would appreciate being able to buy “adjacent” products, like accessories and jewelry.
“Using Mirakl’s marketplace platform, J. Crew started partnering with hundreds of more niche brands, and now offers a selection of very nice items from emerging brands who are very interested in the opportunity,” Nussenbaum said. “J. Crew gives them the opportunity to surface their products on its website, which has a lot of traffic.”
Mirakl’s software takes care of all the complexities of a marketplace operation, Nussenbaum said, making it easy for partners to on-board their products.
“J. Crew may have very specific expectations about how products are described and categorized,” he said. “Mirakl ensures sellers provide content exactly as J. Crew wants it.”
Mirakl also takes care of order management when a customer buys multiple products on the Best Buy website coming from multiple sources, including Best Buy.
“Mirakl provides all the order management capacity in the background to direct the order to the right seller and makes sure the customer never sees that,” Nussenbaum said. “The customer only cares about getting the product in due time.”
And finally, Mirakl provides quality control, automatically surveying and supervising the performance of third-party sellers to make sure they ship within 24 hours, and tracking any customer dissatisfaction with their products.
Nussenbaum, who is French, launched Mirakl seven years ago in Paris with co-founder Philippe Corrot. Corrot remains in Paris, but Nussenbaum is in Boston.
“I’m an adopted New Englander now,” Nussenbaum says.
At the end of February, Mirakl announced it had raised $70 million, led by Bain Capital Ventures, bringing total capital raised to $100 million. In 2018, Mirakl said it had added 60 new customers and launched a record 37 marketplaces, achieving year-over-year revenue growth of 80 percent.
Until this latest $70 million capital raise, Nussenbaum said he and his partner owned a majority of the company.
“Now my partner and I are still very much active in the company and on the board,” Nussenbaum said. “We retain significant ownership of the company, but we have more financial partners supporting our vision.”
And now for the obvious question. Has he gotten a call from Jeff Bezos?
“I have not gotten any calls from Jeff Bezos, but he is definitely influencing the way companies think about selling,” Nussenbaum answers. “I’m sure that people at Amazon know of Mirakl. It’s true that we see ourselves as providing a very powerful instrument that helps businesses compete and survive in an Amazon age.”