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The era of marketplaces, which began with the emergence of the popular sites Amazon, eBay, Alibaba, has opened up new prospects for companies to sell their products to a multitude of customers. One of the services that Filio Force company provides is the creation of marketplaces. Let’s look at how such a marketplace differs from a simple online shop, what functionality it provides and how marketplace owners earn money.
Marketplace is a platform for electronic commerce, where many sellers offer their products to a large number of buyers. Offer on such a platform can be not only goods, but also services. Often the owner of the site does not sell anything to buyers of his site, but offers services to entrepreneurs who open their shops here. However, there are also models in which through marketplace sell their own goods – for example, the corporate site of a large enterprise.
Marketplace is something between a hypermarket and an online shopping centre. It includes hundreds of departments, millions of products and can offer customised boutiques for individual sellers. Unlike a real shop, it is much easier to select and compare different product items by price and characteristics.
What is the difference between a marketplace and an online shop?
Filio Force it company specialists have listed the most important distinguishing features:
- Source of income. Earnings in an online shop are limited only to income from sales, while the profit of a marketplace is formed both through the sale of its own goods and due to receipts from sellers working on this electronic trading platform.
- Assortment. An online shop sells goods of one or several brands, whereas a marketplace offers many similar items from different manufacturers.
- Functionality. Marketplace is more complex than an online shop and provides more extensive functionality: billing, product-matching, electronic document management, various reports, marketing tools, integration with delivery services and logistics calculators, import of product content, etc.
Sources of income
The managers of Filio Force Inc have figured out how marketplaces and their owners earn money. Several sources can be distinguished here.
- Commission on sales. This is the most common variant: the marketplace receives a percentage from each transaction. There is also a commission for additional services for sellers, such as storage of goods in the marketplace warehouse, pre-sale packaging, delivery to the buyer, refunds in case of cancellation, full-field services, and more.
- Premium Access. This way to make money on marketplaces is oriented towards buyers. As a rule, the customer, having paid a certain amount of money, receives various bonuses, for example, free shipping, increased discount, etc.
- Fee for placing goods in the catalogue. Each new item can be placed in the catalogue only on condition of additional payment.
- Subscription. A fee for access to advanced functionality that can be offered to both sellers and buyers. For example, it can be a self-learning search, the ability to search for goods by article and characteristics of product items or the option to compare several analogues.
- Promotion to the top. Commission for promotion to the top of the search engine of the site of certain product positions or shop – another popular opportunity to earn in marketplaces.
- Payment for additional services. The marketplace may offer other special options, such as crediting suppliers or insuring goods.
Creating and launching your own marketplace has many advantages for modern companies that are looking to scale their business. Filio Force’s marketplace creation service can be found at: https://filioforce.ca/en/services/creating-marketplaces/.
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