Practical and Helpful Tips: Shopping
Apr 23, 2018 // By:admin // No Comment
What is an Online Marketplace?
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. If you’re creating a department store in today’s time, it’d be an online marketplace or also called as department store 2.0. Because users can access supplier’s inventory easily via electronic means and that the marketplace doesn’t require to own it before they make offers to customers, all the products sold by the suppliers are available to consumers and that there is real time info on the number of supplies for the products sold on online marketplace’s website or application.
Only a handful of consumers will stick with a single app provided by single retailer. They are more interested to download an app that can provide all the products they want from various stores. The truth is, this is one of the most sought after feature of this marketplace.
You on the other hand need to know that there are drawbacks in this type of shopping too. Since the products are offered from various sellers, the information on it isn’t comparable and the delivery speed of the sellers isn’t uniform. That may surprise clients in a bad way actually. 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.
The truth is, vertical, horizontal and global are the three types of marketplaces used by various investors and businesses today. In the next lines, you’ll learn a quick overview of each type.
Vertical – if the marketplace sells one type of product but it is coming from multiple sources, then it’s considered as such.
Horizontal – this is a kind of online marketplace that is selling products of different types but sharing 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. Let’s assume that it is functioning well, the marketplace is adjuncts to the ecommerce page that is able to increase the amount of traffic by offering more and more product selection.