Why Do Consumers Love Marketplaces?

• What is an Online Marketplace? An online marketplace is a kind of e-commerce platform wherein various third-party sellers provide a diverse range of services and products to buyers. Typically, online marketplaces connect buyers and sellers via the platform. They act as a middleman bringing together buyers and sellers to make transactions online. Popular websites like Amazon, eBay and Etsy are perfect examples of online marketplaces.
• Why Do Consumers Love Marketplaces? The latest survey by Mirakl reveals that 43% of consumers in the USA shop online via marketplaces. In the future, a whopping 92% of consumers in the USA expect to rely on marketplaces at the same rate or more. It’s not just that even other countries such as Brazil witnessed a 71% increase in consumer usage of marketplaces and Singapore saw 54%. So, let’s now deep dive into the reasons why consumers turn to online marketplaces for online shopping:
• Competitive Pricing Today, many domestic and international brands are striving hard to win more and more customers with high-quality products/services at competitive pricing. With online marketplaces, buyers get the option to browse a wide range of options via a single platform and choose what’s best for them at an affordable price range.
• Convenience Convenience is one of the primary reasons more and more online consumers are turning to online marketplaces. Marketplaces are wowing the customers whether it is the great ease that they provide to consumers for availing products/services while on the go, various payment options to choose from or fast delivery at their doorstep.
• Trust Online marketplaces take the responsibility to verify sellers before they can sell to buyers via the platform. Due to this, buyers feel more comfortable browsing and buying products and services from sellers via an online marketplace
• Great Online Marketplace Ideas for Entrepreneurs An online marketplace is a sort of e-commerce platform wherein customers can purchase items from different sellers in one place. This convenience to compare products and prices from a single source is what truly drives consumers toward marketplaces. When entrepreneurs decide to launch an online marketplace platform, the biggest challenge they face is to come up with a great idea. If you’re one of them, then below is the list of some of the best online marketplace ideas you can think of launching.
• E-learning Marketplace Did you know that according to GlobeNewswire, the worldwide e-learning market is anticipated to reach $374.3 billion by 2026 from $144 billion in 2019? E-learning platforms like Udemy and Coursera have witnessed significant growth due to the convenience they provide learners to engage in online courses anytime and anywhere. Thus, you can also think of launching an online e-learning platform like Udemy wherein you can provide online courses to learners around the world.
• Online Service Marketplace When it comes to the top online marketplace or startup app ideas, this one can’t be missed. Online service marketplace platforms are the ones that enable the buying and selling of services between seekers and service providers. The leading examples are UpWork i.e. the biggest freelance marketplace platform that connects businesses with independent professionals and UrbanClap and TaskRabiti.e. an online marketplace for local services. You can take inspiration from the UrbanClap/TaskRabbit business model and launch your own service marketplace platform with the niches you want to cover such as plumbing, and salon services.
• B2B Marketplaces As its name suggests, B2B (business-to-business) marketplaces facilitate transactions between businesses. As per findings by Digital Commerce 360, online sales on B2B marketplaces, e-commerce websites, and log-in portals increased 17.8% in 2021. It’s pretty clear that B2B e-commerce is booming and so you can also think of launching your own B2B marketplace. When it comes to taking inspiration, we have key players such as Alibaba and Amazon Business to look at. However, you should know that many marketplaces today are hybrids of B2C and B2B and a great example is Amazon and Etsy.
• Conclusion With this, you now know some of the trending online marketplace ideas you can think of launching this year. After you decide on an online marketplace idea you want to launch, the next important thing is to find a software development partner who can help you turn your vision into a reality. You can either outsource complete development to a software development company or hire dedicated remote developers. Outsourcing is risky as it restricts your control over development, which can result in low-quality service. On the other hand, if you hire pre-vetted remote developers from a software development company, then you can expect full control over the team and development. And you don’t need to invest your time in screening & training candidates and infrastructure. Moreover, your vendor will manage the administrative part as well such as payroll and compliance of your remote developers, enabling you to fully focus on turning your marketplace app vision into a reality.

Share your opinion about this list of online marketplace ideas in the comments section below. Source Cerfy

Any opinions expressed are those of the authors.

Published by #NHGBe 2022-10-07 - CEST 09:30 AM 

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