The Supremacy of Online Marketplaces in the Retail Industry

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New Companies On The Stock Market

Online Marketplace To Sell

As per the stats, one-third of the total customers begin their online journey from online marketplaces like Flipkart, Amazon, eBay, and the total sales on these popular marketplaces accounted for about 52 percent of the global retail sales. The customers, as well as the suppliers, now prefer to sell their products on online marketplaces – the rise in the number of merchants and suppliers at Amazon, Airbnb, Uber, etc. is the best evidence for this.

Why Online Marketplaces are World Favorite?

For everyone who is doing business in the marketplace, there is a win-win situation. The owners of marketplaces can earn a good amount of commission from advertisers and vendors thereby making the customers enjoy competitive pricing as well as good service while doing business. Sellers can sell their products on these marketplaces without having a website set up for it.

Along with popular marketplaces like Alibaba, Amazon, and eBay taking over the world, other marketplaces have grown over the years and these include Mudah, Carousel, and Rakuten that often serve the local regions.

Taking the growth of online marketplaces and new companies on the stock market into account, most of the aspiring entrepreneurs are looking forward to launching their online marketplaces.

What is the Kind of Online Marketplace you Can Build?

Listed below are some of the online marketplaces that you can look forward to building for yourself.

Marketplace for Online Consultation

The setup and use of such marketplaces are beneficial for people to connect with various professionals like doctors, advocates and other consultants for advice and services.

Marketplace for Online Services

This is a type of marketplace that allows customers to directly avail services like hotel booking, subscription services from sellers, and online tours and packages. Airbnb and Make My Trip are the top best examples of such online marketplaces.

Though different marketplaces can have different features, there would be certain features that are needed in all online marketplaces like spate vendor dashboard, multiple payment gateways, product catalog system, a system for product rating and review, advanced order management, ratings, and review system for sellers, and responsive website. Some of the other necessary features that are needed for a marketplace include SEO-friendly system, automated task processing, shipping methods, registration pages and mobile apps for admins, sellers and consumers, integration with POS systems and third-party tools, and data analytics and reporting for sellers and admins.