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An online marketplace is like going to a farmer’s market, but in an digital environment.
An online marketplace is an e-commerce site that brings sellers and buyers together in one place.
An online marketplace is an e-commerce site that connects sellers with buyers. It’s often known as an electronic marketplace and all transactions are managed by the website owner. Companies use online marketplaces to reach to customers who want to purchase their products and services. Examples of online marketplaces include Amazon, eBay, and Craigslist.
Online marketplaces have been around since 1995, when eBay and Craigslist were founded. eBay launched and became a place that brought sellers and buyers together in an auction setup. Nowadays, there are countless online marketplaces from sites like Amazon, Etsy, Alibaba, and bol.com.
The biggest advantages of an online marketplace and the reasons many businesses sell via online marketplaces is that:
Today, marketplaces are growing at a very fast pace. Analysts predicted that worldwide marketplaces would account for 40% of the global online retail market in 2020. 75% of U.S. marketing experts say that by placing your business where your customers want to buy from will benefit your company’s revenue from selling via online marketplaces. The future of your business’ success on online marketplaces is to focus on your niche and giving all customers that come via online marketplaces superb customer experiences.
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