An online marketplace is an e-commerce site that connects sellers with buyers. It’s often known as an electronic marketplace and all transactions are managed by the website owner.
Companies use online marketplaces to reach customers who want to purchase their products and services. Examples of online marketplaces include Amazon, eBay, and Craigslist.
WHAT ARE THE BENEFITS OF AN ONLINE MARKETPLACE?
1. It provides an additional channel to market and sell your products.
2. The platform offers reduced marketing costs compared to other sales channels.
3. It allows new opportunities for overseas sales. There has been noted online marketplace growth in the categories of homeware, pets, fashion and sporting goods.
4. They are popular with customers and offer a convenient way to compare prices and products from a single source.
5. Being part of an established online marketplace provides a level of trust between you and the buyer.
6. Impartial reviews of your products and service may give new customers the confidence to buy.
7. They offer opportunities to establish new trading partnerships with traders and suppliers, either within your supply chain or across supply chains.
8. They provide greater transparency – availability, prices and stock levels are accessible in an open environment.
9. It is possible to operate a round-the-clock – time constraints and problems with varying international trading hours are removed.
Analysts predicted that worldwide marketplaces would account for 40% of the global online retail market in 2020. 75% of U.S. marketing experts say that by placing your business where your customers want to buy from will benefit your company’s revenue from selling via online marketplaces.
Therefore, the future of your business’ success on online marketplaces is to focus on your niche and giving all customers that come via online marketplaces superb customer experiences.
HOW FUTAOrders AS A MARKETPLACE CAN BE OF BENEFIT TO FUTARIANS
1️⃣ FUTAorders cuts marketing costs.
2️⃣ FUTAorders allows sellers internationalize their business.
3️⃣ FUTAorders creates transparency in availability, stock levels, and prices of goods.
4️⃣ FUTAorders allows sellers function 24/7, i.e goods will be made available 24/7 whereby buying and selling can be done anytime in the day.
5️⃣ FUTAorders builds trust between sellers and customers.