Online Marketplaces, You are looking for a definitive answer, go away. For all the smart ones, no answer is definitive, everything has its own pros and cons, some have more pros and some have less in short term but the opposite is true in the long term. Nothing has a definitive answer when we look at business. Online markets can not completely take over real markets yet because the response time can be lower unless you live in the first world and have amazon prime, but that’s limited to products and does not include services.
On the other hand, if you live in Pakistan, Amazon prime does not even have normal shipping, it can take over a week. If you need something urgently the best way to buy it is physical. If you have enough time to wait for it to be delivered, there is a chance that you become a victim of online vs reality memes. However, services online are sometimes better because the company is scared of reviews that can hurt them if they provide terrible service, same with many products.
Places like EE Stone, Fiverr, Daraz are becoming rich with more business enlisting being added to the platforms. These businesses include service and product providers, not to mention other businesses that can come to you and you can find some that you want to partner with yourself. This improves the opportunity of work relationships, working with other businesses can lead to increased exposure and collaborations can help you in long term.
Benefits of Online Marketplace
Widespread
Online marketplaces are widespread and have quite a lot of variety in both the consumers and businesses, it allows you to find diversity and brings you to understand new people, both as a consumer and a seller. Diversity has become widespread due to the online marketplace and it provides you with the opportunity to become more open-minded and helps you adjust to a new clientele.
Exposure
Online marketplaces can be worldwide or country-based but they allow you more work as you are not limited by your surrounding and a certain distance radius. Having a presence online allows you to become more widely known, locally, nationally, and internationally, according to your range. Some services and products can be provided internationally while others are limited to a certain degree.
Of course, a fridge can not be sold internationally unless it’s a collectible for some rich person. However, a service like content writing, graphic designing, or editing is global and can be provided anywhere as no meeting requirement is needed.
Easy access
Clients find it easy to access the online market rather than a physical market because it is more convenient to get on your phone than to get dressed and go out. Finding a shop online is much easier and faster, from food, clothes, toys and other commodities to services like plumbing, editing, wiring, etc. are easier to find on your phone and through a location service.
Taking an Example from EE Stone gives you the number and location of the service as well as reviews and ratings, which allow you to make a sane decision about the purchase. This is the same as google but instead, it is limited to Pakistan for now.
No travel costs
Getting items delivered to you can help you save on travel costs, delivery fees are not a lot normally and it allows you to save some money, effort and the possibility of not finding what you like in a limited amount of goods instead of getting something proper. Online stores allow you a higher amount of freedom and provide more possibilities.
Fewer limitations
There are a lot fewer limitations to an online market space as it is wide and vicarious. There are so many options in every category that you can not find generally in physical stores. You can also have the relaxation of not traveling a great distance from where you are for a package as it comes to your house with is incredibly convenient and reliable.
Easier search
Most of the online markets allow you to have easier access to the catalog, you don’t have to walk around 20 stores to search around hundreds of items or services to find something that is appropriate and good enough for your taste and requirements.
The search engines in all the marketplaces online can bring you to the exact object of your desire within seconds with a good internet connection and you can purchase it by paying online or on the doorsteps after the order arrives.
To the point
The markets online are to the point, there is a lot of competition which makes the prices become quite low to the point you can find items and services 10x times cheaper than your local stores.
The furniture stores are extremely expensive but online you can find exactly the product you want without searching too much or having to look through multiple items.
Opportunities
Online marketplaces provide ample opportunity for both clients and businesses, they allow businesses to find loyal clients and long-term services, while also gaining new clients that can turn out to be quite important. Opportunity does not knock on the door easily, so make your door big, wide, and shiny.
Loses of Online Marketplace
- Real Time
You cannot purchase goods in real-time on an online marketplace, the goods or services need to be bought and send or scheduled. You cannot just hit some business up and say “I need this now” as there is a high unlikeliness of you getting is “Now.”
- Quality check
It is extremely important to do an extensive check online for the right product. Remember to use your street smart in these cases, you will come across a lot of items and services but to get the right quality, search the reviews, ratings, and the listed information as some things can seem like amazing value but the information listed can be dodgy.