Reviewing Key Components That Make Up a Marketplace
The convenience of quick delivery, availability of a wide range of products, and competitive pricing is driving the growth that online marketplaces are witnessing. The fact is that these marketplaces are reshaping the way of interaction between retailers and consumers and making it easy for buyers to purchase anything from anywhere, anytime. This presents new opportunities for retailers, as they can broaden their customer base and provide access to an extensive selection of products from a single platform. This post covers the basics of these marketplaces and reviews some common types and their benefits. WHAT IS AN ONLINE MARKETPLACE? An online marketplace is essentially a platform that connects buyers and sellers from various locations, serving as a centralised space for seamless transactions. These marketplaces are entirely different from e-commerce websites, as they host multiple third-party sellers offering their goods and services from a single platform. The structure is design...