Delivering for The New Consumer: Digital One-Stop-Shops in Retail

The very nature of what it means to be a retailer has been completely transformed. Amazon and eBay have set ablaze the “everything retailer” era and created something that consumers didn’t know they needed, but now cannot live without. This retail shift has caused a change in today’s engaged consumer: with the freedom to buy anytime, from anywhere, in any way, they expect more from their brands than the simple purchase of a product. They expect digital one-stop-shops where all their consumer needs and desires can be met.

If you’d like to learn more about creating a digital one-stop-shop marketplace, book a free consultation with the Storesome team and learn how we can make your project a reality.

First of all, what is a digital one-stop shop in retail?

Put simply, a one-stop shop is a retailer that offers a multitude of products to its customers, all under one website or store. Compared to visiting a separate website for each area of need, the one-stop-shop saves the consumer a lot of time and effort, as well as shipping costs. In addition, one-stop shops create a stronger sense of the availability and assortment factors, which are increasingly crucial in helping retailer’s develop relationships with consumers.

Amazon’s ‘frequently bought together’ up-sell is a masterclass in how offering multiple products which compliment each other can offer great convenience to customers:

What do the statistics say about digital one-stop shops?

According to research by SimilarWeb, a digital insights firm, the top ten general merchandise websites attract nearly two-thirds of all online visits in the UK. These include eBay, Amazon, Argos, AliExpress and John Lewis. “In the UK, consumers gravitate towards sites selling the widest range of products,” said Pavel Tuchinsky, Digital Insights Manager at SimilarWeb. “These sites are outpacing more niche sectors for consistent growth.”

What can I learn from this as a retailer?

Not every retailer can or would like to be the next eBay or Amazon nor the next Argos or John Lewis. However, pure-play retailers can still act as digital one-stop shops by offering products that compliment their core assortment and meet their buyer’s related needs and interests. Let’s take Missguided as an example. Missguided is a pure-play retailer selling clothes aimed at 16–35 year old women. While they started out as a clothes retailer and this remains their core focus, they have since introduced phone accessories, as well as sports nutrition products, make-up, bath bombs along with other beauty and wellness products.

When you recognise that Missguided targets the same beauty-conscious, digitally-native and stylish demographic of 16–35 year old women targeted by nutrition brands such as Deliciously Ella, make-up marketplaces like Beautybay and bath art stores like Lush, it absolutely makes sense for Missguided to introduce these categories into their assortment, especially when you consider that Missguided runs their own variation on the Amazon Prime theme, their ‘VIP pass’ offers unlimited next-day delivery and free returns for a fixed annual fee.

It all adds up to an attractive offer for Missguided’s customers: you no longer need to shop with other stores for any of your sports nutrition, beauty and wellness needs, you can find your favourite products right here amongst our fashion goods that you’ve already come to love. Plus, you’ll benefit from free unlimited next-day delivery and returns as a VIP.

And a very attractive offer for Missguided themselves: by offering a wider assortment and granting customers the convenience of shopping under one store, the average order value (AOV) increases as does customer stickiness and loyalty.

How can I take advantage of this as a retailer?

A common misconception around digital one-stop-shops is that you’ll have to procure all the individual items yourself and absorb the costs and inventory risks involved. However, this does not have to be the case. 52% of all Amazon sales come from third-party sellers, a number which has risen steadily over the years, according to Statistica.

Third-party sellers can enable retailers to rapidly experiment with new product categories without taking on upfront risk: you don’t need to hold stock, real-time demand drives supply, your existing crowd can be commercialised, and suppliers deliver in a whole new way.

At Storesome, our team helps you build your own marketplace and connects you with our partner suppliers, lending expertise from being at the face of marketplaces for 10+ years.

By becoming a one-stop-shop and providing new products through your website, you will be able to offer your customers new promotions, increased choice and ultimately more satisfaction, knowing they will trust you as a brand to fulfil their needs.

If you’re ready to learn more about building a marketplace or becoming a one-stop-shop, our team wants to talk to you. From questions about which products you could authentically sell to discussions around the technological implementation of your marketplace, we’re here to help.

Book a free emergence session to begin making your project a reality.