Color Your Way to Online Marketplace Success: The Power of Branding and Emotions

As a marketing expert, let's dive into the world of e-commerce and its skyrocketing growth. With 2.14 billion online shoppers globally, e-commerce has reached unprecedented heights. According to Grand View Research, this growth trend will continue to scale at a compound annual growth rate of 14.7% until 2027, averaging as much as $7.4 trillion in profit by 2025. Out of these sales, 47% were made through online marketplaces such as Amazon, Alibaba, and eBay.

So, what makes these towering marketplaces so successful? Today, we'll explore the importance of branding in an online marketplace.

Firstly, branding sets a product or service apart from others through the intentional use of themes such as colors, logos, design, and mission statements. It's no surprise that 87% of consumers consider consistent branding across traditional platforms integral to their experience, and Forbes says that consistent branding can positively impact revenue by 23%.

One of the most famous examples of successful branding is Coca-Cola. The brand's iconic logo was first conceptualized in its signature flowing handwriting in 1893 and trademarked by the US Patent Office. Since then, it has undergone several iterations that made it relevant to the time it was redesigned. Today, anyone can recognize Coke's logo without even reading the words.

Another example is the Apple logo. Steve Jobs wanted something that would communicate a modern feel, and the very first iteration of the current logo was born, featuring rainbow colors and the word "apple." Seven years later, the logo lost the text, and in 1998, it lost the rainbow colors. Finally, the Apple logo was changed to the iconic monochrome bitten apple that we have all come to associate with the brand's commitment to providing high-quality, simple, and secure devices and technologies.

But branding isn't just about logos and designs; it's also about color. Colors evoke emotions and can make a lasting impression on people, particularly when it comes to brand recognition. Most established brands in the world are recognizable specifically by the colors of their logos.

For example, think red and yellow, and you automatically see the golden arches of McDonald's, or blue and white, which are the signature colors of Facebook. Using a signature color for your online marketplace can increase brand recognition among your target audience by as much as 80%. And consistent use of colors can increase brand visibility by 3.5 times compared to those that use inconsistent branding.

So, what do these colors communicate? Red stimulates the appetite while creating a sense of urgency and has been found to increase heart rate and even blood pressure. Blue is associated with security and trustworthiness and is present in 33% of logos of the top 100 brands in the world. Yellow evokes positive emotions like optimism, hope, and happiness, as well as haste and urgency. Green, the color of nature, represents health, growth, and peace, making it ideal for brands associated with relaxation and living the good life, such as Holiday Inn and Whole Foods. Purple, the color of royalty, is associated with femininity, creativity, and indulgence. And finally, orange communicates boldness and grabs attention, making it a practical accent for call-to-action buttons.

In conclusion, branding is a critical component of any successful online marketplace. By intentionally using themes such as colors, logos, design, and mission statements, you can set your product or service apart from others, increase brand recognition, and positively impact revenue. So, take the time to carefully consider your branding strategy and choose colors that will evoke the emotions you want to communicate.