Yes, the future is the result of things done in the present. At present, we are witnessing a great change in our market from offline to online. We prefer to order through online apps like big basket, blinkit, otipy, etc., and get things on our doorstep in a few minutes.
Digital marketplace boom during corona doom
We have been very busy with our work-from-home schedule since Corona times. It is not easy to get time in between our daily chores. Hence, it has been easier to get things on your work desk with instant digital payment.
Great benefit for business
If we talk about businesses, they have got a multi-vendor digital platform with proper consumer outreach and appropriate technology. They don’t even require a place for storing things and opening a store. It is just about coordinating with the vendors and managing the delivery persons well.
Though B2B Marketplace is the future, it is very much challenging to manage your business listing on various platforms. Also, reaching the top of the listing takes a lot of effort and time.
However, a digital store is a good way to reduce the expenses of managing a brick-and-mortar shop. It is a low-risk model for reaching a comparatively huge number of buyers.
Advantages of a Digital Marketplace
The challenges are the stepping stones to success. If you want to succeed, then learn to step up the challenges to reach on top. According to the statistics, the US E-Commerce market will surpass $1 trillion by the end of 2023. The e-commerce sales have accelerated from $30 billion in 2020 to $84 billion in 2021. Hence, there is a huge scope for growth in the digital marketplace.
Advantages you can count upon
- Comfort: This model has no entry restrictions for any kind of business reaching its consumers. You don’t require big investments for managing the stores as well as warehouses. Most of the marketplaces provide speedy onboarding and help to boost sales promotion.
- Worldwide reach: Online shops can sell their services as well as items all over the world. It’s easy to target a specific country or category of people too.
- Large customer base: You have the flexibility to be a one-stop solution for all kinds of users. A society market shop can not compete with the inventory of online shops, such as Flipkart and amazon.
- Ease of payment and logistics management: Your marketplace fulfills all the operational needs, such as payments, refunds, shipping, returns, or item pickups. This helps businesses to grow efficiently by focusing on core jobs.
- Measure the KPIs: Most digital marketplaces facilitate dashboards to help you with key performance monitoring indicators (KPIs) like revenue, reach, sales, and customer satisfaction. It is very difficult for most businesses to develop such infrastructure independently.
How is listing on various B2B marketplaces challenging?
- It is a superfast changing model, which needs frequent updation of products, prices, services, and creatives. And, doing it manually on variant platforms is not such an easy task.
- Keeping the terms and conditions as well as offering customer support is very difficult.
- If you don’t have backend technical support, then you can’t handle a large volume of work manually.
- It is hard to deal with and track fake suppliers plus products without proper technical support.
Marketplace management Industry trends
- Purchasing on the Mobile phone :
More than 70% of online shopping is done through cell phone apps. Henceforth, it is kind of mandatory to provide a very good shopping experience on smartphones and laptops.
- Vertical marketplace: It is now easy for enterprises to target a particular type of consumer. This is an ideal situation for getting high-end leads, easier to convert into sales. Thus, you can add more value to your core products and services.
- Voice commerce:
Smart devices respond to your voice and consumers are using this for online shopping. These devices enhance and optimize the search query and speed for a better experience.
- Artificial intelligence (AI):
ChatGpt is the latest example. They offer speedy answers to all customer queries. They are able to give personal attention to each customer and are improving their performance. You cannot give 24×7 support to worldwide consumers. Therefore, it is necessary to fill this gap with chatbots.
After going through the digital marketplace trends, we come to know that it is growing at a fast pace and has become a necessity nowadays. So, it is recommended to grow your business many folds with the help of digitalization.