The Benefits of Online Marketplaces for Buyers and SellersMarch 15, 2018 No Comments
Featured article by Tom Affleck, Tech writer and Digital Marketer for a UK-based technology company
The world of retail and commerce has evolved as rapidly as every other aspect of our lives in the internet age. In particular, it has brought unprecedented choice for buyers, and a broader market than ever for sellers.
Whether it is a pair of shoes, a movie or financial consultancy services, buyers have more sellers to choose from and sellers can reach out to a wider range of buyers than would have been imaginable 20 years ago.
With greater choice, wider reach and increased competition comes greater complexity. However, the rise of online marketplaces from companies like Probrand has made ecommerce quicker, simpler and more efficient for both buyers and sellers. Here’s how:
1) Unprecedented access
Sure, the internet breaks down geographical boundaries, and a seller in Australia can reach a buyer in the UK. But given the way search engines work, how likely are they to really find each other among the billions of websites that exist? An online marketplace puts the right buyers in touch with the right sellers with far better accuracy than a simple web search will ever achieve.
2) Great ROI for sellers
Most online marketplaces provide inexpensive annual membership deals. Where else can a company achieve that sort of reach for such a small investment? Compared to other types of business development activities, the ROI is absolutely breathtaking.
3) Simplified sales process
According to the old saying, there’s many a slip twixt cup and lip. A significant proportion of potential buyers are still nervous about committing to a financial transaction online, particularly when the payment platform is new to them. Using an online marketplace, they are in familiar territory.
4) Boost your SEO
Every business wants to improve its search rankings, and many invest heavily in time and money for limited returns. A recognised online marketplace will typically have done all the hard work already, and will be ranking well for the most competitive keywords. Having your site associated will give it a welcome boost in SEO.
5) Boost your branding
It is not just your SEO that will reap the benefits. Today, brand recognition and image are more important than ever, and with online marketplaces, new entrants running on a shoestring appear right alongside household names from the multinationals. What better way to get your company noticed?
6) Gathering market research data
The competitive nature of the 21st century business environment makes it more important than ever to have more than half an eye on your main competitors. An online marketplace gives you the perfect opportunity to compare and contrast what they are doing and how they are doing it.
7) Expand your network
Businesses spend more time and effort on networking that they have ever done before to thrive in the modern business dynamic. An online marketplace provides the opportunity to do so at practically no additional cost, by identifying the companies that can be most influential in partnering you to the next level of success.