By Kate Isler, CEO/Co-Founder The WMarketplace Inc
Reflecting on the tumultuous journey through the business landscape of 2023, it’s akin to navigating a rollercoaster filled with unexpected twists and turns. For The WMarketplace, the year started on an unsettling note despite securing a successful round of funding in 2022. While sales on our online marketplace were strong in the US, there were gaps among our seller community, and many of them were struggling to keep their businesses going and profitable.
The number of online businesses skyrocketed during the pandemic, and many of them were women-owned. But in 2023, the perception that all you needed was a product and a website to create a successful business was beginning to fade. The reality of the challenges and the cost of selling online was taking a toll on many small businesses, and they needed support and help to find the right online sales channel, to position their products, and to attract the right buyers. Most of the help available was on-demand, “how to” videos that did little to answer specific questions or provide the support of a community.
From the early days of our business, we saw the struggles of many small businesses as they discovered the complexity and cost of selling online. We launched our first accelerator workshops to support the growing demand from women-owned businesses to start and improve their online sales. Over 150 businesses successfully completed our accelerator workshops, and the results were measurable increases in sales, better profitability, and more stable businesses.
In the early months of 2023, we started to see the results of the groundwork we laid in 2022 for our accelerator program. We forged new alliances, introduced proprietary intellectual property into the market, and found ourselves in a position to realign our objectives for the remainder of the year.
In June, we launched updated content that incorporated feedback from past participants and our own market research. This included extending the number of live, virtual, sessions from four to six and introducing a comprehensive channel analysis tool that enables businesses to select the right online channel at the right time to most effectively grow their sales.
September marked a pivotal and exhilarating period. Although we had initiated the sales cycle for our global accelerator program’s launch in Ukraine during a March 2023 event hosted by the US Department of Commerce, actualizing the pledged investments for Ukrainian women entrepreneurs proved challenging. Persistent engagement with the American Chamber of Commerce in Ukraine and trade specialists from the US Department of Commerce yielded promising outcomes. By early October, we secured a firm commitment to sponsor a pilot program.
The outcomes were swift, and the pilot program proved immensely successful. The participating entrepreneur not only provided glowing feedback about the content but also experienced a 15% surge in sales within the first month after completion. This growth allowed her to hire two additional positions and invest in inventory.
“Thank you so much, your accelerator is an enormous support for our business!!! The funding opportunity is undoubtedly fantastic, and the knowledge you share is also precious. We have participated in numerous trainings, webinars, and courses in Ukraine. But they did not offer as much specific, concrete, and targeted information that is tailored to what we need, as The WMarketplace accelerator. The opportunity to ask questions during the sessions and get feedback from the professionals on our specific issues is worth a lot! We have gotten so many insights and already are implementing some of them in our marketing activities.”
Anna Zmiievska, Anzy Home CEO
For WMarketplace, the success of the pilot in Ukraine narrates a larger story: a focused interest in supporting women entrepreneurs globally. Data has consistently shown that investing in women’s businesses yields tangible benefits for their families’ well-being, children’s education, and community economic prosperity. While barriers to women’s employment persist in many parts of the world, the advent of mobile phones and online sales has significantly altered this landscape, serving as a great equalizer for women in business. Through practical guidance, women can efficiently manage their businesses from anywhere, ensuring minimal disruption to their family routines or cultural obligations.
Moving ahead into 2024, a pivotal strategy for program expansion involves partnering with global multinationals and local in-country businesses to develop execution strategies that will enhance women-owned businesses’ capacity and knowledge of online selling. Leveraging a “train the trainer” model will be critical in recruiting women entrepreneurs and digital talent. This strategic partnership aims to empower local businesses, especially those led by women, by providing them with the tools and expertise needed to thrive in the digital marketplace. Through this collaborative approach, we aim to foster a network of empowered trainers who can, in turn, educate and support a wider community of aspiring women entrepreneurs, amplifying the impact of our program on a larger scale.
Addressing the gap between pledged support for women entrepreneurs and actual access to these funds has been a significant challenge. The WMarketplace Accelerator program has successfully devised a framework that demonstrates the efficacy of our model in addressing these complex challenges.
Closing 2023 on a high note, we step into 2024 with renewed vigor, confident in our ability to collaborate with others to expand upon the successes in Ukraine, engage in supporting women entrepreneurs worldwide, and establish sustainable partnerships that amplify our impact and ability to drive economic development innovative and effective ways.
