The battle to attract, acquire, and retain customers has never been fiercer, with millions of e-commerce websites across the world and online shopping continuing to grow, the white paper noted.

Dublin-based Luzern noted that while it may be relatively easy to set up an online store, brands face challenges in cultivating and managing an e-commerce site that can consistently drive sales, achieve high customer return rates, and deliver a profit.

The white paper suggested that to make the most of the online marketplace revolution companies should adapt to changing customer demands, use resources and budget to achieve digital transformation, build brand trust and expand into international markets.

In the last two years, sales from marketplaces accounted for 62 per cent of global e-commerce revenue and grew by 29 per cent—5 percentage points higher than over e-commerce growth.

However, expanding into new geographical markets has several challenges, including cultural nuances, localised regulations, taxes, currency considerations and data compliance, the white paper noted.

Online sites must be localised for language, preferred payment options and cultural awareness of what the shopping experience should be like region by region, it added.

Fibre2Fashion News Desk (DS)