Online market place and online marketing are concepts that have become more common and prominent in the business environment. For the customers the shopping district has just shifted onto your smart phone and they can shop from anywhere. For the business owners, it has given a far better outreach than the earlier conventional mode of selling.
What is an online marketplace?
Have you heard of the shopping district or the shopping community from the yesteryears? Just imagine the same being held online and you will know what an online marketplace is. As for the definition it is a website which provides a platform for the sellers and the buyers to meet and strike a deal. The best example would be Zomato, Yelp and the biggest online retailer of all, Amazon.
Benefits for a business owner
- Cost saver: Unlike the other marketing options where there is a need for renting the place to sell the wares and transport the wares from one place to another, online market place gives you an option to sell directly from your warehouse.
- Better reach globally: You can reach customers in different countries across multiple time zones. Your sale is not restricted to the locality or the country anymore. You can easily gain customers and build a brand in the international market.
- Better and new partnerships: You get the opportunity to meet with multiple new traders and also to know how your competition is faring in the market. It will give you an insight on the product pricing by other companies and adjust your market position accordingly.
- Customer satisfaction: We live in a fast paced world with customers who want everything on a click of a button. Online market place gives them the freedom to choose and if you position your product wisely, you will catch their attention and grow a loyal community of customers. This will further improve your brand value.
Benefits for customers
- Range of options: As for the customers the ultimate benefit in using the online market place is the multiple options to shop from. They have the same product from different brands available at the same place for them to compare and decide which will work better for them.
- Better deals: With every brand trying to get your attention, as a customer you will find yourself getting more offers and a better price than when you shop offline. There is always a special deal to reap rewards in these online marketplaces.
- Better comparison value: With all the products lined up next to each other, you can easily compare not just the price but also the features and make an informed decision on what you want to buy. You also have a transparent access to the products.
- Ease of availability: All the online marketplaces are easily available through multiple apps and websites which can be accessed through smart phones. You can easily access them anytime you want and from anywhere you want.
With more benefits for both business owners and customers, it is not surprising to see the online marketplaces gaining importance with each passing day.