Mirakl, a leading global marketplace solutions provider, has announced the launch of its Department Store and Mall Marketplace solution. This new solution enables department store and shopping mall retailers to extend their digital floor space with richer and deeper product assortments, add more brands to their catalogue and provide a unified omnichannel customer journey with no logistics or inventory overhead, the company claims.
Today’s retailers are racing to keep up with the pace of consumers who are digitally empowered and in control. At the forefront is the desire for an omni-channel experience where shoppers can purchase goods across every channel and device—online or offline. Mirakl’s new marketplace offering is reported to give department stores and shopping malls the ability to deliver a robust, customer-focused omni-channel experience by expanding their overall offerings through an online marketplace, allowing extended omni-channel features such as click and collect or return in store. Galeries Lafayette and El Corte Ingles already trust Mirakl to deliver more value to their customers.
Bringing convergence between the physical and the digital worlds
“In the physical world, department stores bring together shoppers and brands, relying heavily on concessions operated directly by brands,” said Adrien Nussenbaum, US CEO and co-founder, Mirakl. “The online marketplace business model is the natural replication of the department store model which is to federate brands to create a unique shopping experience. This leads to a unified and truly omnichannel relationship between the department store and the brands, online and offline, without disrupting the traditional business model.”
Mirakl said its solution helps department stores and shopping malls overcome their limited physical floor space by opening digital concessions for new and adjacent product categories, reach new customers with the ability to go even beyond their regional location and operate internationally, removing any fulfillment challenges they might experience.
Department stores that have included the marketplace model into their strategy are able to reduce lost sales, sell more products overall and increase store visits, Mirakl reports. Marketplaces allow this by providing:
- Framework to curate the products that are appropriate for customers
- More product choice for buyers without increasing the physical footprint, eliminating expansion costs
- More digital floor space to partner brands
- International operations with no additional logistics or inventory
- Stronger relationship between the retailer and the brand
Simplified marketplace deployment and management
Mirakl enables marketplace deployment and management by including the full spectrum of functionalities that are required to efficiently onboard third-party brands to the retailer’s marketplace. Mirakl enables retailers to manage each brand at scale, ensuring that catalogue imports and product structures are all consistent through the Mirakl Catalog Integrator feature, giving department stores and malls full control over how they merchandise products to their shoppers, helping them to easily onboard new brands with qualitative and unified product data.
Additionally, through the Mirakl Quality Control feature, retailers can set rules for vendors, follow customer reviews, and solidify their role as a trusted third-party between vendors and customers. Mirakl’s marketplace solution integrates with the existing online experience allowing shoppers to create a single shopping cart to purchase multiple products from a variety of departments and sellers without multiple transactions. The marketplace solution then provides the appropriate details to each seller that is participating in the sale and ensures their responses are timely, consistent and respectful of the quality rules that the department store or mall is enforcing.
“Brands with a strong physical presence are constrained by the fact that buyers lack visibility into 100% of the product range,” said Nussenbaum. “Having a marketplace where department stores and malls can give brands an extended digital floor space that they control in terms of assortment, pricing and messaging, provides a strategic win for everyone.”
Creating a unified omni-channel customer experience
In addition to providing department stores and malls with expanded operational benefits, Mirakl’s marketplace solution provides these retailers with the ability to gain a 360-degree view of their customers, the company said. The customer journey that used to be dictated by the brand has become more complex as shoppers have developed an omnichannel approach to engagement. Customers have seized control of the relationships they have with their favourite brands and service providers. Mirakl’s marketplace facilitates a three-way communication between the brand, the retailer and the customer.
Mirakl’s Department Store and Mall Marketplace solution is platform agnostic and integrates seamlessly with all the front-end commerce solutions of the market. As a result, retailers can easily deploy the Mirakl Department Store and Mall solution as a complementary solution and be up and running in a short time.