Innovator Intelligence: Market Beyond — With Opaque and Fragmented E-Commerce Markets, Retailers and Brands Need a Clearer Picture of Their Relative Online Positions
This report forms part of our Innovator Intelligence series, which focuses on emerging companies that are disrupting traditional retail and fueling innovation across the retail value chain.
Market Beyond provides retailers and brands insights about product-level performance and customer shopping behavior across all major e-commerce platforms. It uses artificial intelligence (AI), including machine learning software, to sort and analyze billions of unique shopper journeys. The company has access to millions of online shoppers with a variety of age and geographical demographics. Market Beyond can help retailers and brands understand their shoppers’ paths to purchase, provide e-tail insights and reveal a company’s true online market share.
- E-commerce continues to take greater portions of total retail sales. In the US, online retail made up about 13.7% of total retail in 2018, according to Euromonitor International, and is expected to make up 22.2% of total retail sales in the US by 2023.
- Many retailers and brands outsource e-commerce operations entirely. While these retailers and brands often see double-digit gains in online sales, few have real visibility into their competitive performance. While they might have solid sales growth, the companies may still be ceding online market share to competitors — include e-commerce giants such as Amazon, and any of the numerous smaller players that have can take advantage of e-commerce’s low barriers to entry. Market Beyond gives insights to companies down to the product level, allowing retailers and brands to optimize their competitive strategies.
- AI has been on the rise in retail, even if the retail industry has been slow to adopt the technology. The fragmented nature of e-commerce platforms and marketing campaigns, and the vast amount of recorded data about consumers online, makes it a ripe field for AI innovation. Market Beyond uses AI and machine learning software to sort through billions of shopper journeys to provide insights about companies’ products online.
Companies are pushing hard to go digital, and while many enjoy success in their online offerings, few have visibility into key customer metrics. We look at what companies can do to improve visibility.
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