Everything About Online Marketplaces
Websites or apps that are makes shopping from different sources easier is referred as an online marketplace. The operator of the marketplace does not own inventory, the business however is focused on showing the inventory of other people and facilitates the transaction. There are many online marketplaces today that you probably are well aware of to which in fact some you’re using to buy and sell stuff.
Since they are offering great convenience to consumers, for the past few years, it is not really a surprise that for the figure of these marketplaces exploded. Assuming that you are about to make a department store nowadays, then it will not be called as one rather, an online marketplace or department store 2.0. Since users can easily access the inventory of the suppliers digitally and that the marketplace does not need to own it before making offers to consumers, all products are sold by suppliers are available to the consumers and there’s real time info about the number of supplies for products sold on the online marketplace’s app or site.
Only a handful of consumers will stick with a single app provided by single retailer. What buyers want is just a single platform or app that can offer everything they need from different shops. That is one of the biggest appeals of such marketplace.
On the other hand, you need to know that there are some downsides to this form of shopping as well. To give you an example, because the products offered come from varied sellers, don’t expect that there is uniform speed in delivery and that the information is not comparable too. Actually, there are many people who are shocked after learning about this. Streamlining things for consumers while pulling in numerous suppliers is something that is hard to do, which is required to make the marketplace work flawlessly.
Fact is, there are three types of marketplaces nowadays namely vertical, horizontal and global. In the next lines, you’ll learn a quick overview of each type.
Vertical – a marketplace is considered vertical if it is selling products from multiple sources but all are of one type.
Horizontal – this is a type of online marketplace that sells products of varying types but shares a characteristic.
Global – as what the name implies, it is a marketplace that sells just about everything.
There are so many hybrid marketplaces over the internet and numerous companies big or small let users to offer their own products in these said marketplaces that are surfacing on ecommerce websites. Assuming that they function well, that marketplace adjunct to ecommerce page that then offers myriad of products and increased traffic.