Target taps Shopify to add sellers to its third-party marketplace

- Target is partnering with Shopify to add new brands to its website - Target Plus, Target's third-party marketplace, will now allow companies working with Shopify to apply - Shopify will help Target discover trending items and make them available online - Target is striving for sales growth as it lags behind competitors like Walmart in online sales - Target Plus now has over 1,200 sellers and 2 million products - Revenue from third-party marketplace still relatively small compared to other sources - Target Plus is one of the fastest growing parts of Target's business - Third-party marketplaces are profitable for retailers as they shift risks to sellers - Walmart is expanding its marketplace to rival Amazon *Note: The post quoted information from the CNBC article at the source provided. - Target has partnered with Shopify to add new and trendier brands to its third-party marketplace - This partnership will help Target discover popular items quickly and make them available online - Target's third-party marketplace, Target Plus, is one of the fastest growing parts of the company's business - By adding items from Shopify sellers, Target aims to drive online traffic and boost sales growth - The marketplace business model is lucrative for retailers, as they receive a cut of sellers' profits - Target Plus has more than doubled its seller and product count over the past year - Target's third-party marketplace revenue is included in the "other revenue" category and its recent quarter generated $388 million in revenue - Marketplace sellers on Target Plus can also become customers of Target's advertising business, Roundel - Third-party marketplaces, like Target Plus, offer retailers the opportunity to generate higher profits through seller partnerships - Other companies like Walmart are also focusing on expanding their marketplace efforts to compete with Amazon and drive e-commerce growth