Online marketplaces are virtual platforms that bring together sellers and consumers in one place to engage in buying and selling activities. These marketplaces typically operate at a much larger scale than traditional retail stores, comprising of multiple vendors offering an array of products or services.
The increasing trend towards online shopping has fostered the growth of online marketplaces, where shoppers can find almost anything they need from the comfort of their homes. Here are six reasons why individuals love using online marketplaces:
Online stores offer an unparalleled level of convenience for busy people who cannot visit physical stores due to time constraints.
Marketplace websites provide users with a wide range of items from different retailers without ever having to switch tabs or leave the platform.
Many ecommerce platforms and digital marketplaces offer competitive prices; you can easily compare prices across several merchants on these sites saving you money as well as providing quality sales offers from brands.
Marketplace websites use advanced technology that ensures fast load times and responsive design ensuring easy browsing experience for customers which eventually increases conversion rates.
Most online retailers have customer service options available through chatbots or phone calls allowing buyers with questions about purchase before making any purchases,and reduces concerns about post-purchase difficulties like returns, refunds and exchanges.
### Wide Geographic Reach
The Internet is global- thereby enabling e-commerce business reach all corners worldwide positively influencing businesses resulting in reaching target markets successfully irrespective off geographical barriers.
1) Ngai, E., Tao, SSY., & Moon KKL (2015). Social Media Research: Methods Handbook. Springer US.
2) Yoox Net-A-Porter Group SpA Annual Report 2018
3) Rosenbaum,Bob(2020),"How Online Marketplace Works",For Dummies Publication.
4) Neil Howe,William Strauss(Author), "The Fourth Turning", Broadway Books
5) Mobile E-Commerce Trends and Best Practices[ Book] - Abhi Beniwal.
