Friday, March 29, 2024
HomeDigitalOnline Marketplace: Your Own Digital Space

Online Marketplace: Your Own Digital Space

Aren’t our lives have become faster and easier than it was a decade ago? Indeed, it has become faster and easier because of technological advancements. Technological advancements then and technological advancements now are so different and revolutionized. Similarly, reaching out to our daily needs or any other things like clothes, shoes, jewelry, and many more are available online. ‘Are available online’ what does this exactly mean? And how they are made available? Let’s know the answers to these.

Online Marketplace, this term itself somewhat describes it working or the actual meaning. The online marketplace is a website or application that is available for sellers to sell and for customers to buy the desired products online. The owner of the online marketplace doesn’t hold any kind of catalog but they assist the sellers or the merchants to sell through the marketplace to make it a seamless selling experience. The best examples anyone can give for online markets are none other than Amazon, Flipkart, or eBay. The online marketplaces are becoming more competitive day-by-day and this is because of the wide customer base that these online marketplaces serve. The online marketplaces aggregate products from a huge list of sellers, the selections from the customer’s side become wider. Every seller or provider strives hard to stand out in the competition, to get their product highlighted, and to improve their sales.

There are also types of online marketplaces and mainly they are divided into three types. They are:

  • Vertical: A vertical online marketplace sells products from different sellers or providers but they all belong to one specific product type. For example, ShoeCarnival.com is an online marketplace that is totally dedicated to the online selling of shoes, from different brands.
  • Horizontal: The horizontal online marketplace sells different products by have similar characteristics. For example, Greenobazaar.com sells different products but they all are organic.
  • Global: The marketplace that sells everything from groceries to electronic appliances is known as global marketplaces. For example, Amazon and eBay.

As every good side has a bad side and vice versa, the same is with the online marketplace. Let us have a glance at the pros and cons of an online marketplace!

Pros:

  • Sales: If you are planning to sell on Amazon, you certainly have to act as per their rules and regulations. But this is nowhere harming your sales. Amazon’s wide database of customers will always assist you with better positioning when it comes to sales, visualize huge benefits with immense exposure. Your customers will never doubt you as a seller if you are selling on Amazon!
  • International Reach: Amazon is a global, trusted brand. There are chances that your customer might belong to different geography, and with the services that Amazon provides, it is very much easy to reach out to them. This will give you a chance to move your business from a local scale to a global scale.

Cons:

  • Competition: It’s obvious that being such a huge marketplace, Amazon is giving opportunities to all the sellers across the globe. So as your customer reach is widening, so is your competition.
  • Lack of Control: Amazon and even other such huge online marketplaces have their own guidelines for the sellers to list their products and sell. You can never, as per your own wish, sell or advertise on such marketplaces.
  • Fees: As long as you are normally selling on Amazon, you only are facilitated by having your products listed on the marketplace. All the other things – order fulfillment, shipping, return management, etc. are to be done by the seller all by himself. For Amazon to take care of everything, you need to become an FBA (Fulfillment by Amazon) seller. This service comes with a fee, depending upon what sort of facilities you are expecting from Amazon.

Keep exploring...

The Tech Giants, Microsoft, to Announce the Next Generation of Windows

Microsoft, which is truly a tech giant, is holding a launch event on 24th June 2021. It is expected that they might announce the...

Software Updates for AirTags which were Released in April by Apple

AirTags were released by Apple in April to inform the users about their belongings. The concerns which were raised by the users of being...

Places to travel

Related Articles

Google apologizes for the uncertainty caused by the GA4 data migration.

Google Ads has apologized for the uncertainty caused by a recent account modification. Advertisers were...

Market Growth Statics for Website Builder Software, Top Companies, and Regional Revenue

Who is the world's largest maker of Website Builder Software?A Brief Overview of the...

Market Growth Statics for Real-Time Location System (RTLS), Top Companies, and Regional Revenue

Real-Time Location System (RTLS) Market Size is Expected to Reach USD 45134.26 Million by...

Size, Trends, and Forecast of the B2B Market through 2030

Each competitor's B2B market information includes: company profile, main business information, SWOT analysis, price...

A Groundbreaking Innovation with New High-Growth Market Sectors is the GSM Tower Market.

Our in-depth analysis of the global GSM tower market provides a comprehensive grasp of...

Size, Forecasted Share, and Scope of the Virtual IT Labs Software Market for 2023-2030

The research study contains profiles of the following key firms in the Virtual IT...

Spreadsheet Software Market: A Game-Changing Innovation with New High-Growth Markets

Our comprehensive analysis of the Global Spreadsheet Software Market provides a comprehensive insight of...

Neeraj Chopra is the first Indian to win a gold medal at the World Athletics Championships, defeating Pakistan’s Arshad Nadeem in a close fight.

Neeraj Chopra, the golden boy of Indian athletics, is a world champion now. At...