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Online Marketing
What is it?
Simply put, Online Marketplaces are web-based trading exchanges for buyers and sellers to meet and conduct business. It can range from simple catalog presentations to fully integrated back-office transactions.Perhaps the most well-known and popularly used online marketplace is eBay, an auction site with over 12 million items (in hundreds of categories and subcategories) available for bid every day. eBay is the canonical “person-to-person” marketplace, with upwards of 69 million registered users. Whereas many eBay sellers (and some buyers) earn their livelihood trading on the site, participation requires a brief registration process and most aspects of the transaction (e.g., shipping, payment) are the ultimate responsibility of the respective parties to arrange. Note the contrast with the brokered trading model employed in financial markets, where securities are generally exchanged between broker and dealers on behalf of clients.
What can an Online Marketplace do for You?
In order to facilitate a trade, a marketplace may support any or all phases in the life-cycle of a transaction on your website. At Dotcomeweavers, we find it useful to organize marketplace activities into three stages, representing the fundamental steps that parties must go through in order to conduct a transaction:- The Connection: searching for and discovering the opportunity to engage in a commercial interaction.
- The Deal: negotiating and agreeing to terms.
- The Exchange: executing a transaction.
