Getting acquainted with the concept of online marketplace
Whether knowingly or unknowingly, you as a regular internet user has encountered a form of online marketplace websites before. It is not a flight of fancy to suggest that some of us might have even made a purchase from one of these websites. So before we move further, let us get familiar with the whole concept of “Online Marketplace”.
Defining Online Marketplace -
An online marketplace can be defined as an e-commerce platform where whether an individual or a business is capable of listing their products/items and leverage its services. The operator or the owner is then accountable for the facilitation of the transactions that will happen via the online marketplace, which normally comprise of making payments to the supplier that provides services via marketplace and who are destined to fulfill the orders.
The focus on online marketplace differ widely. There are some marketplaces which are intended for general shopping while there are some which cater to particular commodities. Since, the marketplace has suppliers from different states, the owners should have a dependable payment system that will allow smooth flow of payment while reducing manual exertion.
As these marketplaces tend to feature different products from varied suppliers, inventory is always accessible for their users and they are high cost effective as well. This funds to the user’s experience as it is the user who will be purchasing what they see online. This is the reason that the online marketplaces are some of the frequently clicked websites across the globe. Speaking of e-commerce, an online marketplace acts as a one stop shop for the online buyers which helps them to save money, effort and time.
It is the task of the owner to overlook and permit every single transaction to make sure that the funds are being, securely, transferred to the suppliers. As and when a user places an order, it is the responsibility of the owner to capture the genuine payments. Further telling the suppliers that the corresponding items have been ordered and the payments have been made so that the supplier can deliver that order to the customer timely.
Summing the online marketplaces as an aggregator of products & services will not be appropriate. They are also offering customer service when the user is ordering at their website. This is crucial, when it comes to the consumers, the online marketplace is actually the store that they the consumer is making a purchase from. In the case where there is any transactional, customer satisfaction and delivery disputes, the owner will have to deal with them. As per a survey, majority of the online marketplaces tend to excel when it comes to customer satisfaction and offering prompt customer service.