According to Statista, in 2017 e-commerce sales worldwide amounted to $2.3 trillion. And this number is expected to grow in the coming years. This indicates that consumers and businesses have both moved their interactions online.
Our online marketplace, or an e-marketplace, is a web portal that serves as a mediator between customers and companies or individuals offering products or services in the B2B, D2C and B2C sectors. We don’t y don’t offer any products or services themselves. Our task is to provide a platform, technology infrastructure and ecosystems of apps and partnerships where marketplace participants interact efficiently.
There are four main types of e-marketplaces:
- Vertical marketplaces offer products of the same type from different vendors.
- Horizontal marketplaces offer different products that have similar characteristics.
- Global marketplaces have no limitations and sell all kinds of products from different suppliers.
- Hybrid marketplaces offer their own products as well as products from other companies while providing a platform for participants to complete transactions.
In addition to the above we also run private marketplaces where membership and authorisation is required to participate, giving the participants the power to have their own virtual marketplaces and control who participates.
Top benefits of marketplace businesses
Considering marketplace growth and areas yet untapped by this technology especially in Trinidad and Tobago, business owners can leverage the marketplace business model and build their own unique solutions. Below are some key benefits of running your own marketplace.
The cost of participating in a marketplace application is lower than that of launching your own e-commerce website. The logic behind our e-marketplace is rather complex, but its functionality can cater to the specific needs of many different vendors allowing them to participate in our marketplace or run their own store independently of our marketplace.
Marketplace is another revenue channel. To be more specific, the online channel is a new emerging revenue channel for the traditional businesses and then within the online you have a number of channels like, your own website, facebook/social media channels and the marketplaces. Our platform allows you to participate in the marketplace or just your own personal eCommerce website, with our facebook integration we can make your Facebook participation much more efficient.
Our value is in our efficiency, this requires a high degree of business process automation. There’s no need to do any major paperwork as everything is done automatically within the platform. We can manage your inventory or integrate with your inhouse POS system or ERP. We also have our own POS/ERP solution that you can use that is pre-integrated with our online platform further increasing your efficiencies and helping you on your digital transformation journey.
Our marketplace give companies a wonderful opportunity to handle their supply that doesn’t require any initial investment in a physical store. Suppliers can create a sort of business card with ratings and customer reviews so customers can make informed decisions. To attract product and service providers as well as customers, our marketplace offers lower fees, greater earning potential, a superior user experience, a more appealing brand, and a safer app environment than limiting the reach to one physical location.
We can also automate many of your existing processes such as order management, B2B sales, field sales.
Our marketplace requires less financial risk than an ecommerce store as it doesn’t need to development and time. Marketplaces are likely to expand quickly then a single store however on our platform you can start with a dedicated sole store and then switch on the marketplace channel.
One of the major appeals of an e-marketplace is that it brings together offers from multiple suppliers or service providers. Customers are more likely to use an app with a broad range of options so they can choose exactly what they want without limiting their choice to a single provider.
Vendors can track their sales with accurate metrics. For example, an owner can see which products and services are in demand and know which products are most preferred. As a result, the owner can promote goods and services that truly matter to its users.
Data on your consumers
Increase Market Share
Reduce cost of sales and admin
Reduce Cost of sale
Omni Channel Sales
Growth and Reach
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