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How do online marketplaces work? How does it benefit my business?

Apr 21, 2020 SOFTWARE LEADERSHIP

Businesses across the globe are now facing unprecedented challenges in the event of the COVID-19 epidemic. Facing orders to blockade and restrict travel in many countries around the world to prevent the spread of the COVID-19 epidemic, businesses are trying to transform their operations with the help of advanced technologies, in order to be able to survive and develop.

From video conferencing …

Although e-mail is still widely used as one of the basic means of communication in today’s modern world, businesses are now relying on video conferencing technology to exchange information. and effectively coordinate work before the outbreak of COVID-19.

Videoconferencing has quickly become a standard means of communication with dramatically improved audio and video quality, higher connection speeds, and technology costs continue to fall.

Television technology is used everywhere – from replacing human-led conferences and seminars like before to connecting workers in different locations like the office, at home … – is bringing many benefits to businesses.

Technology provides an alternative to costly travel and improves labor productivity and work experience.

A survey of business leaders recently published showed that more than 75% of business managers are using video conferencing technology at work and 56% of them said they participated. video conferencing at least 1 time per week.

Video conferencing continues to become more popular as technology evolves with larger screens and online collaboration software that makes collaboration practically more efficient.

A “cascade” of different technologies such as artificial intelligence (AI), the Internet of Things (IoT) … has had a groundbreaking influence on the adoption of video conferencing solutions.

The advantages of videoconferencing with the integration of AI in these solutions are getting the attention and recognition of most businesses.

This trend has become more evident with the increasing demand for the unified and collaborative communications market (UCC), which is expected to exceed US $ 60 billion by 2025.

Other examples showing the consolidation of technological advances related to this field are the introduction of leading online technology companies such as Google, Apple, and Microsoft. like Hangouts, FaceTime, and Skype – all feature human gesture recognition.

Recognizing the growth of the videoconferencing and online conferencing market, large technology companies have invested heavily in miniaturizing the devices that are integrated and used in this field to facilitate conducive to control and move.

Tablets, smartphones, and laptops are now paired with official online conferencing software.

The popularity of cloud computing technology also brought many changes to the development trend of video conferencing technology.

For example, one of the video conferencing service providers Videxio (Norway) made a merger agreement with Pexip conferencing technology platform to meet the increased demand for video conferencing services based on cloud computing technology.

The growing popularity of cloud computing is one of the most important factors that encourage businesses to accept cooperation to provide high-quality video conferencing services.

… to online marketplaces

According to Esther Ho, director of the Nanyang Polytechnic School of Business Management, the sales of traditional stores are suffering the biggest disadvantage of the COVID-19 epidemic, causing retailers to study plans to switch to business online sales.

Iuiga and Awfully Chocolate are two of the successful businesses when shifting online businesses with strong sales growth, compensating for the poor performance of traditional stores due to the COVID-19 epidemic.

Most of the well-known retailers have been involved in e-commerce in the past decade as part of their business strategy, either as an online store of their own brands or as part of a business. of their existing online markets like eBay, Amazon, Lazada, and Qoo10.

However, more and more businesses are taking advantage of consumers turning to online shopping to avoid COVID-19 to deploy an online business model, helping to maintain reaching customers even in the phase of the blockade and travel restrictions were imposed due to the current outbreak of the disease.

How do online marketplaces work?

The online marketplace is the same as the physical market, but we can make transactions online. It allows people to buy, sell and compare products through a distributor’s website or application.

How does it benefit my business?

Retailers have shown a way to minimize sales losses at traditional stores by switching to online business.

Shopping centers can also apply this solution to continue providing goods and services to consumers.

Changing the “from offline to online” (O2O) strategy not only helps complement the goods distribution channel, but also helps retailers as well as shopping centers to offset the declining sales at stores, traditional shopping centers.

E-commerce has grown strongly in recent years and is expected to grow even more in the near future.

Along with that, the e-commerce ecosystem is also growing rapidly thanks to modern technologies in e-payment activities as well as the widespread acceptance of credit card use in e-commerce by businesses. joint.

Business Insider Intelligence predicts global trade revenue will increase from $ 3,100 billion in 2018 to $ 5,800 billion in 2024.

Along with the rise of e-commerce activities, Business Insider Intelligence estimates that the revenue of online payment service providers will increase from USD 82 billion in 2018 to USD 138 billion in 2024.

How do I start an online platform?

Here are a few steps to consider before starting your online platform project:

  • Validate your ideas and market opportunities: Explore analysis industry reports and target audience. You have to define your potential users, their problems and how you can help them discover your business.
  • Business planning: The plan should include a description of market and competitors, strategy for Marketing and Sales, action plan and deadline, financial issue and pricing.
  • Technical issues: Finding the team can develop a marketplace web app is not easy. Friendly design, convenient systems are really important. If the system is functional, customers can find out what they are looking for as quickly as possible. Furthermore, if the marketplace is not friendly, it can not keep the customers exploring.
  • Find the concept: The online business depends on technology, so the right option helps them maintain the business well. Businesses can choose the way to develop, you can hire a team for developing an online marketplace project. Besides, you can find a company that can customize an app that follows your ideas.
  • Long-term thinking: Marketing strategy is the point, you can research for the strategies that competitors are doing, find out the unique and plan for a good price or commission.

About InApps Technology

Established in 2016, InApps Technology has continually evolved over the past years to reach to the forefront of being a leading software development and IT outsourcing company in Vietnam.

We have great involvement with creating innovative applications that are intended to meet customer’s particular necessities to give them exceptionally strong, utilitarian and savvy applications to pick up with the most extreme rate of return. 

Learn more about our Marketplace app development services: https://www.inapps.net/services/marketplace-app-development/

InApps Technology
Offshore Development Center
A leading software development outsourcing company in Vietnam and a trusted technology partner of every customer.

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