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Marketplace is a dynamic sales trend because it opens the door to new opportunities for your business. Whether you own a brand or an entrepreneur who wants to expand your sales channel, creating an online, one-stop shopping platform is an interesting choice. This article will take you to a deeper understanding of everything you need to know about marketplace. E-Commerce website service from the ground up to the process of building your own platform. If you’re ready, come and see!
The Marketplace system was established. What?
Marketplace is the development of an online platform that serves as an intermediary between many buyers and sellers. Unlike other online stores, marketplace operators do not own products by simply creating a space and system for sellers to sell products. be ready to manage one’s stock as one pleases
Advantages of Marketplace
Creating a sales site in the form of a marketplace is an effective marketing strategy with many interesting benefits for businesses that want to expand their online channels as follows:
- Product diversity: The Marketplace system collects products from multiple vendors, making them more diverse and more responsive to customers’ needs.
- No Inventory: Marketplace service providers do not need to store their products because vendors manage their own inventory, reducing storage burdens and costs.
- Commission income: Marketplace business models can generate income from transaction fees or commissions from sales without having to invest in the product for sale.
- Automated Trading System: Customers focus primarily on Marketplace Service. The automated ordering and payment system enables transactions at any time.
- Expanding customer base without limit: The Marketplace platform provides access to customers around the world, increasing sales opportunities.
CIPHER Marketplace Services
CIPHER is a highly experienced marketplace and marketplace service specialist in e-commerce and customer service platforms. We are committed to developing a comprehensive system that meets your business needs with a team of IT Solution and Digital Marketing specialists. That is ready to provide consulting from strategic planning to online backdoor maintenance.
Our services include E-Commerce website development. E-Commerce types vary from business to business. CIPHER can provide easy-to-use store management, secure online ordering systems and features that facilitate both vendors and buyers on your platform. We are committed to creating a great user experience for your business to effectively lead your online competitors so that your business can become a service marketplace that meets the needs of your professional customers.
Benefits of Marketplace Systems
Investing in the Service Marketplace system to create a sales site will provide a number of benefits that will help your business serve customers and generate more sales, especially in the era when customers turn to online shopping.
- Create more channels and sales: Marketplace allows businesses to reach customers 24/7 with no time or place restrictions. Customers can easily find your store in just a few clicks, increasing sales and expanding their customer base.
- Help reduce advertising costs: Marketplace systems have the ability to attract customers to their own platforms, eliminating the need to invest more in advertising to reach the target audience, saving marketing budgets effectively.
- Reach customers freely: Increasing sales in Marketplace enables businesses to reach customers worldwide. Wherever customers are, they can easily access your products and services, expanding business opportunities without borders.
- Cost savings: Businesses don’t have to invest in building their own E-Commerce platform, they don’t need to develop payment systems or other systems, saving on startup costs.
When selling things on the Marketplace, there are things you need to consider. Anything?
Marketplace decisions or marketplaces marketing should be carefully considered. Although the platform offers greater access to customers, it comes with platform policy constraints, fees, and brand presentation controls that may not be as flexible as having a website. Understanding the requirements and regulations of each platform is therefore important before starting a business.
Customer Retention Techniques on Marketplaces
Attracting new customers is important, but maintaining existing customers is just as important because building customer loyalty is a strategy that helps sustain customers. The techniques that help them re-buy on the Marketplace platform are as follows:
Customer Data Collection
Customer information is important for businesses to maintain customer relationships. Basic customer information such as name, email and phone number should be stored from the initial purchase for use in contacting and marketing activities in the future. To gain privileges or use a point collection program to motivate customers to be willing to share information without being disturbed.
Up-Selling and Cross-Selling Strategies
Up-selling techniques, higher grade offerings, and cross-selling related products enhance the value of purchases per call and provide a complete customer experience. For example, when customers purchase a mobile phone, they may recommend upgrading to a more memory-selling model or offering cross-selling cases and film, in addition to increasing sales. In addition, this method will also create satisfaction by obtaining products that fully meet the needs of the customers.
Contact and build relationships with customers
Maintaining continuous customer relationships or providing impressive Service Marketplace services is a key factor in preventing customers from changing their minds to competitors. If they notice that their customers are disappearing, they should be asked questions or contacted directly to analyze and improve their service, send messages, email or inform them of interesting promotions. To encourage customers to re-interact with the store.
Launch Campaigns to Attract Customers
Promotions and discounts are effective tools to attract repeat buyers instead of directly lowering prices, which may lead to expectations of lower prices. The use of discount coupons or personal code for existing customers is a Service Marketplace that will help create special feelings and increase opportunities for repeat purchases. It is also possible to set conditions to increase the value of purchases, such as discounts when purchasing a specific amount, in order to generate sales.
Build Loyalty with Point Collection or Membership Systems
Loyalty programs such as point collection and membership systems are effective strategies for long-term customer retention by offering special privileges for customers who purchase and use continuous services from special discounts and access to new products first. Or special services that cannot be purchased with money. This will not only provide incentives to repeat purchases, but also help businesses gain information on buying behaviour that will be useful in developing future marketing strategies.
CIPHER's Marketplace service is always available for interested customers.
If you’re looking for a partner who specializes in marketplace, CIPHER provides a professional team with extensive experience in online shop development. We are committed to developing a system that truly meets your business needs with comprehensive E-Commerce website design solutions from e-Commerce website design to strategy. Marketplaces Marketing
Our services can be customized to meet the unique needs of each business. Whether you want to build a small sales site or a large services marketplace, we’re ready to advise you on both content marketing and develop an efficient, secure and easy-to-use system for both vendors and buyers.
Summary
Marketplace is a service that meets the needs of digital businesses who need a great online shopping space for buyers and sellers. With the advantages of product diversity, lower cost and accessibility to customers worldwide, the marketplace business will grow rapidly.
If you’re planning to build your own platform, choosing a specialized partner like CIPHER will help you develop an efficient and competitive system in the online marketplace to turn your business into a professional marketplace service!
Frequently Asked Questions (FAQs)
What Marketplaces are in Thailand?
What are Marketplaces? Currently, there are many platforms that are popular with both buyers and sellers. Each platform has different strengths as follows:
- Shopee: A platform that stands out with a direct chat system between buyers and sellers, continuous promotions and discount campaigns, including an installment system without a credit card.
- Lazada: A marketplace with a variety of products, more than 300 million pieces, both local and imported products, with an efficient logistics system and product warranties.
- Facebook Marketplace: A popular trading channel on Facebook due to its ease of use and no fees, suitable for small sellers and second-hand products.
What Does Market Place Mean?
Market Place or Electronic Marketplace (E-Marketplace) refers to an online space that is a center for buying and selling goods and services. It acts as a middleman connecting multiple buyers and sellers on the same platform. The marketplace service provider does not own the products, but creates a system and facilitates buying and selling, and collects fees or commissions from transactions that occur.
What is a Marketplace Business?
A marketplace business is a business model that creates a platform to act as a middleman between buyers and sellers. The main income comes from fees or commissions from transactions. The highlight of this business is that it does not require investment in inventory. It can grow quickly when there are more users.
What do we call buying and selling things on the Internet?
Buying and selling goods on the Internet is called “electronic commerce” or “e-commerce” (E-Commerce), which covers all forms of commercial transactions via online channels, whether selling goods through one’s own online store website, through a Marketplace platform or through social media, where the online ordering system is linked to the payment system and the delivery system to complete the purchase.
