Dive Brief:
- Joining other retailers seeking new brands, Michaels has launched an online marketplace with products from a curated selection of third-party sellers, the retailer announced on Monday.
- With the products from outside sellers, Michaels is increasing its product assortment from 250,000 to more than 1 million stock-keeping units. The retailer is accepting applications from sellers seeking to enter product categories like journaling, soap making, candles, arts and craft supplies, toys and yarn.
- The retailer has created a service portal for sellers to manage their small businesses and use integrations with other platforms like ChannelAdvisor and ShipStation, per the announcement.
Dive Insight:
As part of its digital transformation, Michaels has more than 750,000 curated, new items from sellers on its marketplace.
“By more than quadrupling our online assortment across categories including candle and soap making, leather work and more, Michaels will ensure every customer can find what they need to bring their creative dreams to life no matter their craft,” Heather Bennett, executive vice president of marketing and e-commerce at Michaels, said in a statement.
Instead of subscription or listing fees, sellers will have a standard commission rate.
Meanwhile, other retailers have been adding third-party sellers to their marketplaces. In March 2021, Hudson’s Bay announced plans to add more than 500 sellers to its marketplace, supplying products ranging from pets and tech to recreation and health. Later that year, Bed Bath & Beyond introduced a digital marketplace which sells products from third-party brand partners. Last September, Macy’s made a similar move when it launched its marketplace featuring more than 400 new brands.
