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GMI shows small businesses keep their physical stores open thanks to online marketplaces
Global Marketplace Index (GMI) was recently launched to measure the impact of online marketplaces like eBay in creating economic opportunities that empower small business owners and entrepreneurs. In the full report 75 small business owners were interviewed in the United States, South Korea, Australia, Germany, and the United Kingdom.
An interesting finding showed how selling through online marketplaces enables small business to keep their physical stores open, helping to keep high street retail throughout local communities booming. Its fascinating to see how online marketplaces could actually be helping the rise of smaller, more localised high street shops and the report finds show that physical store owners in the U.S. are the most effected by the benefits of selling through online marketplaces. In a previous post, Matthew Robertson, Co-CEO at NetDespatch looked at how do we go about reinvigorating the high street and focused on the implementations businesses could use to pick themselves back up and through the GMI report we can see how the physical stores of smaller businesses find more success when they also have an online marketplace presence.
The report also found that Marketplaces are allies in helping small business owners grow and sustain their business. The vast majority of sellers agree that marketplaces are providing them with the tools and support they need to run a successful business.
What the GMI findings say for the UK
- 92% claim selling through online marketplaces gives them freedom or flexibility
- 85% claim selling through online marketplaces gives them confidence or control
- 74% agree the income from building an online business gives them financial security
- 64% claim their current annual income is higher than before selling through online marketplaces
- 55% claim their current sales from online marketplaces is higher than last year
- 84% agree marketplaces provide tools and support they need to succeed
- 70% agree the economic conditions in their country are favorable to their online business
- 71% agree the regulatory conditions in their country are favorable to their online business
Find the full report here. If you’re a smaller business selling via online marketplaces and a physical store, do you feel these results accurately represent you?