A website or app that supports buying from a variety of sources is known as an online marketplace. The marketplace's operator does not own any inventory; instead, their job is to show other people's goods to users and enable transactions.
Some online marketplaces cater to all types of purchasing, while others specialise on antiques, electronics, or even more specialist niches.
Because online marketplaces promote and highlight items from a diverse range of vendors, inventory is frequently available for users, and prices are usually competitive. This improves the consumer experience since people can usually buy what they see online without difficulty. This is precisely why online marketplaces are among the most popular and fastest-growing websites on the internet. In the world of ecommerce, an online marketplace may serve as a one-stop shop for online shoppers wishing to save time, money, and effort while searching for a service.
There are mainly 4 types of online marketplaces:
Vertical Marketplace: This marketplace offers a single type of goods or service from a variety of vendors. Vertical markets focus on a specialty to offer a certain product category, rather than offering a wide range of items and services.
Horizontal marketplaces: This marketplace sells a variety of items and services that are similar in nature. Horizontal marketplaces make it easier to meet the needs of a diverse group of clients from various industries. It is not primarily focused on a single type of goods to sell, but rather sells practically anything in order to reach a larger audience.
Global Marketplace: The phrase "global marketplace" refers to the unrestricted trade of products, ideas, and services beyond national borders.
Organizations may target and reach relevant consumer populations in a global marketplace regardless of their proximity.
Service Marketplace: A service marketplace is a website that allows private individuals, professionals, and businesses to advertise their services. Service marketplaces link service purchasers with a plethora of specialists from various disciplines and businesses.
A B2B marketplace is an eCommerce platform that connects B2B merchants and buyers online, allowing them to conduct business in one location. Companies sell their products (typically in bulk with B2B) and other value-added services in a B2B marketplace, but the sellers are brands, manufacturers, suppliers, and wholesalers, and the consumers are other businesses, just as they do in a B2C marketplace. These purchases are processed electronically by the marketplace operator.
Wholesalers and distributors are common B2B sellers. They have a steady stream of clients, most of whom are businesses who distribute to their own end consumers. Governmental entities can also be customers, as they may have yearly contracts for the delivery of certain items (such as office supplies). The B2B web shop may be used by such businesses to plan procurement, place orders for regularly scheduled delivery, monitor contract implementation, and so on.
The goal of an online B2B marketplace is to automate the selling and purchasing process, improve customer experience, and increase financial transparency.
- Blog written by Parv Jain