Your online store also allows you to cater to shoppers who find it more convenient to browse and buy at times when retail locations are not traditionally open. Online shopping can save time for both the buyer and retailer, reducing phone calls about availability, specifications, hours of operation or other information easily found on company and product pages.
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Multi-vendor eCommerce marketplaces are designed to help online merchants easily open an online marketplace, where multiple sellers offer their products.
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Over the last several years, the internet has given way to numerous types of online marketplaces. Why? They provide convenience to consumers on a global scale, connect vendors and businesses to target audiences, and provide a platform for both large and small businesses to expand their online presence. If we were to categorize these online marketplaces, we can group them either by their customer type, their core focus, or their industry type. When grouped by their target audience, the three main marketplaces fall under business-to-business (B2B), business-to-customer (B2C), and peer-to-peer (P2P) also known as customer-to-customer (C2C). If we were to group these by their core focus, we would have vertical and horizontal marketplaces, and if we were to categorize by their management style, we would have unmanaged, lightly managed, and fully managed.
If you are wondering about owning a marketplace and have your own through various technologies like custom marketplace app development on web or mobile app platforms, this article will help you about the types of marketplace and potential challenges associated with them.
