Fintech News Desk
New FastTrack Onboarding and Seller Matching in Mirakl Connect allows online marketplaces to easily add thousands of relevant, curated, high quality third-party sellers in minutes
Mirakl, the industry’s first and most advanced enterprise marketplace SaaS platform, announced the acquisition of eCommerce personalization vendor Target2Sell, accelerating online marketplace growth by making it easier for customers to discover and purchase the products they want from automatically vetted and curated third-party sellers. Mirakl has also announced Payout, a new solution for enterprise marketplaces that dramatically simplifies the financial complexity of international expansion, to be released with early access in the second half of 2022. The new solutions will broaden Mirakl’s unmatched ability to provide online marketplaces the technology and expertise necessary to scale without limits.
In addition, Mirakl is introducing new Marketplace Platform capabilities, including new AI-powered Product Data Mapping and Customer Care Intelligence, that take the quality of marketplace customer experience to the next level. Mirakl is also announcing FastTrack Onboarding to accelerate the activation of sellers and the integration of their catalogs in Mirakl Connect. And with the introduction of One Creditor, a new platform business model, Mirakl customers will be able to meet the needs of large corporate buyers with a single transaction.
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Unlocking Curation at Scale with Target2Sell
The marketplace model makes it possible for digital commerce businesses to deliver increased value to their customers through vastly expanded assortments reaching more than 100 million products, competitive prices, and an exceptional buying experience. However, one of the most common challenges for new marketplaces is maintaining brand identity and personalized customer experiences while dramatically scaling those assortments. Marketplace success depends on the ability to propose the right products to the right customers at the right time, leading to increased conversions and improved customer satisfaction.
Target2Sell has developed an innovative, AI-driven suite of products, complemented with deep expertise, that enable eCommerce operators to immediately offer advanced personalization capabilities. Target2Sell’s products are trusted by more than 100 enterprise customers worldwide. With the acquisition of Target2Sell, Mirakl-powered Marketplaces will gain new solutions to expand their assortment easily and exponentially to meet the changing needs of a much wider customer base. Target2Sell’s AI-driven products ensure that customers are presented with relevant, personalized experiences proven to drive as much as 15% higher conversion rates through a tailored shopping experience. The integration of Target2Sell into Mirakl’s industry-leading enterprise marketplace platform will open new revenue streams for Mirakl and drive immediate and tangible performance increases for customers through the ability to instantly achieve curation at scale.
“Mirakl’s vision has always been to make it easy and fast for our customers to launch and scale the world’s leading online marketplaces. The acquisition of Target2Sell and our new platform innovations represent the next step in providing Mirakl-powered Marketplaces with the technology, ecosystem and expertise to scale without limits, all while maintaining their unique brand DNA,” said Adrien Nussenbaum, co-founder and co-CEO, Mirakl. “By expanding our suite of industry-leading marketplace solutions, only Mirakl can provide businesses with everything they need to take full advantage of the marketplace economy.”
“Target2Sell’s technology is designed in a way that allows business users to make the most of the embedded AI by implementing their custom objectives while delivering real business outcomes, making it a perfect match for Mirakl’s industry-leading marketplace solution,” said Johan Lambert, CEO, Target2Sell. “By joining the Mirakl team, we’re looking forward to raising the bar for the platform model and solidifying Mirakl’s position as the only marketplace solution that enables enterprises to deliver the highest quality, most profitable interactions with buyers and sellers at scale. In the months ahead, we will also collaborate to develop the next wave of innovative products to ensure Mirakl customers continue to grow without limits and operate the world’s most successful enterprise marketplaces.”
Payout Simplifies International Marketplace Expansion
In a highly competitive eCommerce environment, online marketplaces must stay ahead by attracting and retaining the highest quality sellers regardless of their location. Integrating international sellers presents new challenges with regard to financial complexity, regulatory compliance and licensing, foreign exchange and other nuances that vary from market to market. Payout, the new global payout solution from Mirakl, streamlines marketplace payment activities to meet the needs of marketplace operators and sellers. Unlike current fintech solutions, Mirakl’s new payout tool is tailored to meet the specific needs of marketplace operators and sellers and will be seamlessly integrated into the Mirakl Marketplace Platform and workflow, increasing operational efficiencies.
Payout simplifies the global payout process for operators, allowing them to increase gross merchandise value (GMV) by adding more top global sellers without dealing with regulatory compliance bottlenecks and the burden of regional licensing and management. Payout efficiently handles seller onboarding and Know Your Customer (KYC) requirements, regulated escrow, currency exchange and refund reserve management, maintaining compliance regardless of the region of the operator or seller. Initial solution availability will begin in the fall of 2022 via an early access program.
Payout is the first product in a suite of future financial service products aimed to help marketplace operators and sellers run, scale and grow their businesses while producing additional durable revenue streams for Mirakl.
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New Capabilities Drive Rapid Marketplace Growth
Mirakl’s second annual Enterprise Marketplace Index showed that online marketplaces grew at twice the rate of traditional eCommerce, while the number of businesses that began selling on marketplaces increased by 46% from 2020 to 2021. To make it easier for organizations to build on this rapid growth, Mirakl is extending its core platform with the following must-have new capabilities:
Manage Data Quality and Customer Care at Scale
- Product Data Mapping AI: New artificial intelligence developed by Mirakl helps sellers cut product catalog data mapping time in half while improving the accuracy of product catalog data for online marketplaces. Product Data Mapping eases product discovery for customers: products are better categorized on marketplace front pages, reducing the time and complexity of onboarding third-party sellers’ catalogs. Built from Mirakl’s deep expertise in catalog management, Product Data Mapping has been enriched with a proprietary AI to detect syntax similarities and define characteristics from product descriptions. With these enhancements, the Mirakl platform will automatically map categories and subcategories for sellers while improving speed and accuracy during the critical seller onboarding process.
- Customer Care Intelligence: Mirakl’s new customer care tool empowers online marketplaces to deliver a high quality marketplace shopping experience at scale with powerful new AI to quickly identify escalating customer cases and intervene as needed to mitigate incidents before they arise. The new machine learning algorithms, developed by Mirakl, automatically distinguish between positive, negative and neutral sentiments within customer messages. Messages requiring immediate intervention are automatically flagged, allowing online marketplaces to manage a much larger seller base and volume of orders with fewer dedicated resources.
Both Product Data Mapping and Customer Care Intelligence enhancements will be available in May 2022 for existing customers to use.
Extend Marketplace Benefits to Large Corporate Buyers
- One Creditor: To bring the benefits of the marketplace model to large corporate buyers, Mirakl is introducing One Creditor, enabling businesses to act as the central creditor for all transactions. Coming soon to Mirakl’s B2B customers in the European Union, One Creditor simplifies vendor management and overall buying experiences to accommodate specialized supplier or client relationships while helping broaden their digital commerce business. Current B2B customers in the EU will receive access to the solution in the fall of 2022 with general availability to follow at a date to be announced later.
Accelerate the Onboarding Of Sellers and Their Catalogs
- FastTrack Onboarding: Online marketplaces can easily add hundreds of relevant, high-quality third-party sellers to their marketplace in minutes with FastTrack Onboarding, boosting assortment and meeting the evolving needs of customers. The new solution accelerates seller matching to relevant marketplaces, automates store creation, and creates offers for existing products in minutes. These enhancements allow Mirakl customers to deliver the differentiated assortment needed to satisfy customers and accelerate growth. Availability for FastTrack Onboarding is planned for Fall 2022 and will start with B2C customers.
These new capabilities build on recent company momentum including two significant financial milestones. In 2021, Mirakl exceeded $100 million in annual recurring revenue with more than $4.3 billion transacted on its marketplaces. In addition, in 2021, Mirakl closed $555 million in series E funding led by Silver Lake, placing the company’s valuation over $3.5 billion – a 230% increase in one year.
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