In today’s world, people do not visit departmental stores anymore. Since they spend most of their time online, it is only justifiable that they expect to purchase everything they need — online. Most of our generation browses and ends up buying products through the use of the internet. This is possible with the help of a marketplace.
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What is a Community Marketplace?
Community Marketplace is an online platform that connects buyers and sellers. It usually has profiles of multiple registered vendors as a part of its common shop. They facilitate shopping from a variety of sources.
Some common examples of such a community marketplace include Amazon and eBay.
Customers are more likely to visit a website that offers ranges when it comes to products. Online marketplaces are on the rise and the industry is only getting bigger.
The number of online marketplaces in the last few years has increased exponentially. They are highly popular with customers because of the convenience they provide. An online marketplace shelters different kinds of products and different brands. It is all inclusive.
Online Marketplaces work on the idea of ‘shared economy’, that is they aim to progress hand-in-hand. The more a vendor grows, the more the marketplace grows.
It is important for brands to note that marketplaces are trending. This fact cannot be ignored. Brands must decide to be a part of online marketplaces today to benefit themselves. Marketplaces are advantageous to everyone in general.
Below, we have listed some ways in which a community marketplace aids in promoting brands:
1. Value for Customers and Brands:
Marketplaces determine certain quality standards before allowing a vendor to establish their product online. This helps a customer understand that the vendors that are selling in an online marketplace like this are verified and trustworthy. It helps in boosting credibility of vendors.
For vendors, selling products online through a community marketplace is a part of their e-commerce strategy. Therefore, they have to choose the best possible marketplace that will suit their brand. By taking advantages of the services a marketplace provides, vendors ensure that they make the most of such a facility.
Marketplaces provide unmatchable value to both brands and customers.
2. Higher Engagement and Customer Satisfaction:
Engagement in the form of conversion rate is generally higher when it comes to online marketplaces. There is a higher chance of a potential user finding your brand on such a website instead of your brand’s website. Online marketplaces make it easier for brands to register with them and start selling products. When this process is made easier, brands can focus on other important aspects of their products and services. Marketplaces make operations easier.
The technology side of selling is taken care of by online marketplaces and therefore this gives way for brands to optimize their marketplace in the best possible way and fulfill their requirements. They can come up with various strategies to boost their sales online.
3. Digital Visibility:
With a marketplace, customers can find you online. They may stumble upon your brand while looking for a particular kind of product. Moreover, since you are a part of an online marketplace, customers can trust you. They can make a decision to buy your product based on the reviews of other customers. It helps provide a level of trust that you may not receive that easily with a standalone website. All in all, it makes you visible online.
A digital marketplace also facilitates repeat purchases from happy customers. It becomes easier for a potential customer to come across your products and after using them, they can come back for more.
4. Access to useful information:
Marketplaces like these can give its vendors crucial information related to their sales. Based on that, brands can change their policies and introduce newer and more improved versions of their products. Communities can help vendors know how customers search for a particular product. All this will lead to better decisions by the brand thereby leading to increased sales.
Vendors can also understand how other similar brands are performing on the marketplace and accordingly, they can change their tactics and strategies.
Online marketplaces are the new departmental stores. They are becoming online communities of customers that are highly satisfied with their purchases. Are you a part of an online marketplace? If not, you can easily make an online community today and collaborate with like-minded people! Start selling in the easiest possible way!