When someone says they’ve experienced a miracle, it means they believe an unusual event was caused by supernatural forces. When a consumer or business-to-business brand experiences Mirakl marketplace integration, on the other hand, they quickly come to believe in the power of leveraging a strong platform to boost revenue and growth.
Usually brands begin a search for marketplace solutions when they encounter some of the most common roadblocks in trying to create one on their own. While there can be huge opportunities in enhancing the customer experience by curating a range of online sellers, marketplaces require skill to develop and considerable efforts to manage.
Establishing a viable proprietary marketplace means having the ability to easily integrate with a wide range of other company’s product catalogs and data. Customer service expectations can be high, whether you’re providing products to consumers or other businesses. Disjointed order management and failure to keep up with shipping policies are just a few of the pitfalls marketplace owners can encounter.
The Mirakl marketplace platform solves for all of these potential challenges, and more.
What you should know about the Mirakl marketplace platform
Headquartered in Paris with offices in Boston and London, Mirakl describes itself as a provider of software-as-a-service (SaaS) solutions to manage eCommerce marketplaces and drop shipping businesses.
As of 2023, Mirakl powers more than 350 marketplaces around the world. Over the past year it has continued to invest in its platform and features, including the launch of retail media ad solutions, SEO tools driven by artificial intelligence (AI) and a globally compliant payout tool.
Overall, Mirakl estimates that approximately $6 billion was transacted across its marketplace and dropship solutions in 2022, an increase of more than 43% from the year before.
Deciding upon Mirakl as a marketplace platform solution is only the first step, of course. You also have to consider the fastest and simplest way to connect your product and inventory data, which is where Highstreet.io comes in.
How Highstreet.io Mirakl integration works
Depending on the number of sellers you’re working with, a proprietary marketplace could be offering consumers or B2B customers thousands of products. Each one of those items is surrounded by a sea of critical data, from product category and specifications to pricing. All of this data needs to be synchronized with a marketplace in “real time” – which can be defined by as little as half an hour or even every 15 minutes.
Highstreet.io. can optimize product information in multiple formats through a SaaS data feed platform, coupled with highly technical integration services and a proven track record of experience with the Mirakl marketplace platform.
The process at a high level then looks like this:
- A customer makes an order on your proprietary marketplace.
- The seller receives the order through Highstreet.io via an application programming interface (API) endpoint, which allows them to take action on the order. They download the order and accept or reject it.
- HighStreet.io synchronizes this information with the marketplace, along with any other subsequent actions such as fulfillment. This includes specific instructions, such as when a customer selects express shipping, for example.
- If a product needs to be returned, the seller can apply a refund, at which point a request is sent to the marketplace, which processes the transaction with the seller’s customer.
Marketplaces running via Mirakl integration to date
Whether you’re selling luxury goods to fashionable consumers or enterprise products and services to corporate customers, the Mirakl marketplace platform can help further a variety of business objectives. These include not only web site traffic and increased brand awareness but an additional revenue stream that can scale based on demand. Access to insightful and valuable data.
Here are just a few of the consumer brands that have already shifted to a marketplace approach based on Mirakl integration:
- Yoox
- Globus
- Saks
- LaRinascente
- HarveyNichols
- Mango
- HBC
Mirakl B2B marketplaces, meanwhile, include Toyota Material Handling, which connects its customers to sellers of industrial equipment, Hewlett-Packard Enterprise (HPE) and others.
Assess your Mirakl marketplace readiness
Once you’re ready to explore Mirakl integration, take the time to evaluate the existing technology and data you have in place today, as well as the talent that would be necessary to develop and maintain your marketplace. You’ll also want to weigh the capital investment that may be required, as well as the costs associated with logistics and supply chain management.
Consider some of the following factors as well:
- Are you serving one or more niches where a marketplace offering could stand out to your target audience?
- What kind of value-added services, if any, can you provide in addition to offering the marketplace itself?
- What kind of regulatory or legislative issues need to be addressed as part of your expansion?
- How will you measure the success of your marketplace and the vendors with whom you partner?
Finally, ensure your plan incorporates the power of automation, which not only streamlines operational processes and delivers a better customer experience, but can lower overhead. Opportunities to harness automation as part of a marketplace strategy include:
- Integrating with stock systems to ensure accurate and up to date availability of products
- Order management to reduce errors and maximize selling potential
- Synthesizing sales, tax, and shipping data to eliminate manual and time-intensive work.
If you want to super-charge your business growth today, don’t wait for a miracle. Contact us and reach millions of potential customers through Mirakl marketplace integration instead.