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Online Marketplace Disruption on Your Small Business

Online Marketplace Disruption on Your Small Business

The marketplaces have entirely changed the way people conduct their businesses. Previously, intermediaries who would buy an item and send it to another person at a profit were very common. However, the emergence of online marketplaces has made it possible for individuals to connect directly with other people without involving any middle man.

Remote work

Most of the small businesses are today experimenting with remote work. For most of them, this was to allow them to work from home on certain days and for some, the team was to work remotely permanently, although there would be in-person meetings held whenever necessary.

Since most governments worldwide have been restricting in-person meetings due to health risks, more businesses have been forced to move to a remote working model.

The talent available at online marketplaces offer firms the opportunity of hiring talents across the world without geographical limitation. Businesses can easily hire on platforms like UpworkLinks to an external site., DesignBroLinks to an external site., and FiverrLinks to an external site. without paying any agency or recruiter fees.

 

Small business support

The current pandemic being experienced worldwide has forced people to face their humanity both at an individual, national and global level. Today, more people are trying to make conscious decisions concerning the environment, health, and social choices.

The growth of online marketplaces has allowed businesses to readily available their goals for potential buyers since they can easily browse through the wide variety and make an order. Etsy is a great example. Its revenue grew by 71% in the first half of 2020Links to an external site., reflecting on the increase in interest of small businesses via marketplaces.

Like the talent marketplaces, allowing individuals to sell physical products does charge some fee. However, most sellers consider it justified considering the marketing, payment escrow, and other benefits they gain from trading on their platforms.

The platforms have also invested heavily in ensuring their platforms are plug and play, making it easier for even the technically challenged sellers to set up their shops and embark on the selling expedition.

You can always higher specialized companies like Rawlison MediaLinks to an external site. if you have more complex projects.

Fintech Adoptions

Despite the market places finding it easy for sellers, buyers, employees, or employers to transact and connect, how they will get paid has been one of the main problems to most users. Most sellers find it difficult to receive payment for services rendered or goods delivered.  The issue has accelerated new payment options adoptions by online marketplaces and, by extension, businesses or individuals. Right from P2P solutionsLinks to an external site. and mobile payments to cryptocurrency, the tide is quickly moving in favor of allowing several people to warp the traditional financial system single funnel to the banks.

Conclusion

The online marketplaces have grown to become more popular thanks to their increasingly becoming visible features and considered essential to the way trade and business will be conducted in the future.  The exciting paradigm shift will present significant opportunities for most savvy entrepreneurs.