5 Types of E-Marketplaces – Decide Which One Best Suits Your Business Needs

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5 Types of E-Marketplaces Decide Which One Best
Suits Your Business Needs
Marketplace software solutions have been made to
manage the e-commerce platform necessities of
both, the marketplace proprietor as well as the
users. Marketplace software are usually
open-source and have the potential of offering
personalization with no boundaries. An
all-inclusivee-commerce best marketplace software
package generally offers a totally integrated
functionality that spreads across the whole range
of the transactionright from browsing through
delivery, while also comprising inventory
management, monetary reporting, and
analytics. Types of E-Marketplaces Product
Online Marketplace This kind of marketplace is
typically also referred to as an e-commerce
marketplace, where people can buy and sell
products. This platform collaborates all kinds of
sellers into a one-stop- shop that also proves
to be helpful for customers who want to explore
various brands on a single platform. Also, with
features like auction and fixed price sale, the
seller can list a particular product and set a
deadline and the buyer with the best bid gets
the item. Typically, this type of marketplace is
owned by an individual who allows third-party
sellers to sell products together with the
marketplace owners usual offeringsexamples
include Amazon, Alibaba, and eBay.In this setup,
the vendor business model plays a critical role
that defines the profit for marketplace
proprietors. Therefore, it is better to choose
the correct multi-vendor marketplace platform
that offers a flexible model and suits all user
requirements. Online Service Marketplace
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The online marketplace is not only limited to
simply selling products. Users can even sell
services if they operate in the service industry.
In the case of a startup business that wants to
use a marketplace with negligible effort, it is
always better for the company to provide diverse
services that people search for. In a services
marketplace, the finding of services becomes the
foundation of its offering to customers, and
chances for paid work form the foundation of its
offering to freelancers. In order to successfully
run a service business, the owners should be able
to offer a robust and dependable online service
marketplace that helps in connecting service
searchers with service providers. This platform
acts like a bridge that connects both the parties
and allows marketplace owners to earn a
commission on every successful transaction. Onlin
e Rental Marketplace When it comes to doing
business in an online rental marketplace, the
transport and fashion companies are prevalent
among the stakeholders and ambitious
businesspersons. But for the last couple of
years, the online rental marketplace is picking
up pace and is being increasingly used by
businesses that offer home appliances, electronic
accessories, and gears. Mobile applications such
as Uber and Ola are great examples of this model.
It is because of brands like these that there
has been tremendous growth in peer-to-peer
marketplaces that are leasing through online
mediums. As ambitious businesspersons,
individuals can even focus on niche online rental
marketplaces like holiday rentals, car and bike
rentals, and equipment rentals by making use of a
rental e-commerce platform. Hybrid Model in
E-commerce There are two categories of hybrid
online marketplacesone, where people want to
sell and buy both, services and products through
the same platformand the other, where people
want to get the joint benefits of purchasing
from online as well as offline stores. In the
latter, the buyer initially books the products
online, after which he/she reaches down to the
selected physical store in order to purchase
those products. Presently, ticket reservation
websites such as- BookMyShow operate based on
this model. Large retailers like Reliance Trends
and Myntra have also ventured into the
e-commerce sector by using a hybrid
online-offline model. This model creates mutual
effectiveness by assimilating offline stores
through the online platform. Hyperlocal
Marketplace The idea of hyperlocal came into
reality when people began looking for close-by
options when looking for shops, eateries, and
other similar locations via search engines. In
this marketplace model, the intention of the
platform provider is to offer amenities and
services in the shortest possible time from
native vendors.The hyperlocal e-commerce
marketplace is pretty comparable to marketplaces
such as Amazon however, the key difference is
that the consumers will be able to purchase
products from sellers who can guarantee delivery
inside of 24 hours. Examples of
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this type of marketplace model include
Urbanclapand Bigbasket. Similarly, food delivery
marketplaces like Zomato and Swiggy can be
classified under this group with little bit nips
in their workflow.