According to Statista, - a German company specializing in market and consumer data - in 2020, retail e-commerce sales worldwide amounted to 4.28 trillion US dollars and e-retail revenues are projected to grow to almost 4 trillion pounds in 2022.
Online shopping is one of the most popular online activities worldwide, and as such Marketplaces are more popular than ever. Selling through them, not only provides a flexible business opportunity but also tends to come with relatively low start-up costs making it all the more attractive.
We have already touched on What a Marketplace actually is, in our previous blog as well as "What Dropshipping is and How it Works". Furthermore, we expanded on why "Marketplaces are the Bloodline for Local Businesses" so let's have a closer look at some of the main benefits of operating your own marketplace below.
An online marketplace is effectively a type of e-commerce web platform that helps sellers and potential buyers find each other online and then interact. It is basically a platform where vendors can come together to sell their products or services to a curated customer base. There is truly an endless list of benefits so we have chosen to list 5 of the most important advantages are summarised below:
GENERAL BUSINESS BENEFITS
1. Transparency: Marketplaces are uniquely placed. As such they can provide greater transparency in the buying process.
2. Convenience: Marketplaces can be operated anytime from anywhere, offering a high convenience model to both buyers and sellers.
BUYER BENEFITS
3. Availability: One of the key benefits of an online marketplace, is that it amalgamates all deals from different vendors or service providers, hence saving time and offering expanded availability.
4. Trust: The fact that marketplaces "vet" their vendors and build relationships with them, allows their customers to build trust with them a lot easier.
SELLER BENEFITS
5. Marketing: The ability to reach pre-existing customers becomes a lot easier, subsequently minimising marketing costs.
6. Sales Channel: It allows sellers to promote and even sell their products worldwide, a lot easier than never before.
The potential advantages to be enjoying by joining an e-marketplace, will vary between sectors and businesses, and indeed between sellers and buyers. However, it is more than clear that businesses and customers alike, are looking for ease and a reliability when it comes to selling or buying online. Marketplace platforms can cater to practically any niche and address any need, offering the above convenience and safety desired. Our Marketplace software has a plethora of features offering owners and businesses looking for ways to promote their products and services, an invaluable solution.
If you are also an active player in the industry, email our team now at Hello@MarketCube.io and let us help you scale-up in no-time whilst retaining full control, with www.MarketCube.io!
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