Marketplace is a new online business model that has appeared and blossomed in recent years, any individual or business can do business through this form. In this article, we would like to introduce a marketplace website to help your business sell on it.
What is a marketplace website?
A marketplace website is an eCommerce website where products are displayed and sold on. There are some famous websites like: Amazon, Walmart, eBay, Alibaba, etc. This is also considered an intermediary eCommerce model, connecting sellers and buyers through an eCommerce exchange.
In essence, these sites will look like markets in a traditional environment. This is a place that allows sellers to rent a suitable location to promote activities such as displaying, introducing, buying and selling products. In other words, it is a “virtual market” where sellers and buyers have the same access to buy and sell goods.
Benefits of marketplace website
Marketplace websites will help your business first reach a large number of customers. More and more people are accessing eCommerce exchanges and this is an opportunity for products on the website to be more easily accessible to customers.
When using these websites for the selling process, sellers can save maximum costs such as marketing costs, management costs or logistics costs. As for marketing costs, the website that you build will be a useful advertising tool for your brand without spending too much on other types of advertising. In addition, if you do business in a physical store, you will lose some costs for items such as staff, inventory management. Meanwhile if switching to selling on marketplace, these costs can be minimized, because all management activities are through the categories on the website. Moreover, most eCommerce websites following the marketplace model support sellers in steps such as order processing, packaging, shipping, etc., so your business will save on logistics costs.
For customers, because these sites allow multiple sellers to offer goods or services, the selection is easier than retail company websites, which are popular with consumers. Customers can compare features, see reviews and ratings, and find the seller with the best deals. Moreover, they can get loyalty programs and bonuses from different merchants. In addition, marketplaces often contain many search filters to quickly find the product or information you need. As a result, users can more quickly make informed purchasing decisions.
Marketplace website will standardize your selling process
For marketplace sites, your products will be sorted and put into specific categories. All information such as product name, description, category will be provided when customers want to be interested in any product. The more you focus on this, the more likely you are to see your brand at the top of the search results in the marketplace.
When selling on these sites, processes such as sales, payment, and shipping are always logically shaped. As a result, your sales process will be standardized and effective.
As the appeal of department stores fades, marketplace sites seem to be one of the places to replace multi-brand retail stores. We are witnessing the explosion of many marketplaces today.
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