A marketplace differs from a traditional B2B or B2C ecommerce platform as a marketplace allows for multiple retailers and buyers to share a single portal. This creates a secure ecosystem that facilitates transactions and encourages commercial activities. Buyers can search for listings across multiple sellers in order to find their desired products or services. Popular examples of marketplaces include Amazon, Lazada and Qoo10.
Marketplaces give you the opportunity to own an ecosystem that connects buyers with sellers. If you see yourself providing multiple services or reaching out to different groups, marketplaces are adept in bridging buyers and sellers as one stop centres.
Apart from facilitating the trade of products, marketplaces also act as a platform for connecting service providers and potential customers. You can customize your marketplace to cater for property agents, pet sitting services or even cleaning solutions.
A great marketplace will allow for a range of categories that broadens the pool of sellers and buyers, providing you with more avenues to increase volume and potential customers. Whetheryou’re sel ling products or services, it’s vital that your marketplace be customized to suit your offerings. Each feature, function and field is deliberately designed to bring value to your users and you.
Apart from these benefits, a good marketplace creates opportunities and capitalizes on benefits for both buyers and sellers.
Single account with access to multiple seller and easy price comparison
Increased trust and security with marketplace acting as a middleman
Hold function and splitting of payments to reduce risk
Messaging and chat options to reach seller
Little experience required to set up an account
Integration with multiple
Reach a wider group of customers with an established marketplace
Intelligent shopping cart system that increases conversion and retention
As with all custom web applications, the possibilities are limitless. Whether you’d like a marketplace with live auctions, settings for different languages and currencies or the ability for 3rd Party Logistics (3PL) integration, you can build a marketplace that’s uniquely yours. With complete customization, you get to align your virtual marketplace to your marketing strategy.
Want to make your marketplace stand out and achieve a greater return on your investment? Get in touch with our friendly consultants and they’ll work with you to create a marketplace that’s built on your business goals.
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