Marketplaces will continue to be the
new department store. Marketplaces are continuing to thrive. In this year 2019 we
will continue to see marketplaces take over as top revenue drivers in retail
versus the traditional department store. Even though some retailers like
Walmart or Target are working to innovate beyond their traditional business
models, this won't be enough to save most department stores from slight (or in
some cases, rapid) decline. Marketplace only charges a
commission as they are providing sellers with a platform (with a huge network)
to sell. Examples of online marketplace are
Amazon.com, Flipkart.com, Hotels.com, etc
Online marketplaces are online and/or mobile platforms
that act as virtual stores and environments connecting your service offering to
consumers who require this service, instantly. They remove the physical
barriers of time and place to allow transactions to happen securely online. Service providers and contractors must also understand
the new business models driving market behaviour, and adopt new ways of
working, to survive in a fast changing environment. Overall, the rise of the marketplace will
significantly benefit consumers and established players who capitalise on the
early opportunities presented by these services.
Existing service providers must adapt to this
new marketplace, or risk losing both market share, as well as their workforce.
The convergence of anytime/anywhere technology and consumer willingness to
engage with these platforms has created an environment ripe for further
disruption across industries. Marketplace start-ups are testing the idea that
any market can be disinter mediated via an online and/or mobile platform.
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