How a Marketplace Helps Businesses

How a Marketplace Helps Businesses

What is a marketplace? If I said to explain it in a few words I bet you would say it’s a place to go and buy stuff. That would be exactly right. It’s a place where goods and services are exchanged. Going a little further, why do people go to a marketplace? Choice! They go because once they get there, there are choices  Nigerian Marketplace to make, things to see, stuff to compare. As consumers of products and services we love choices. Go to the grocery store and take a peek at the cereal aisle. Do you see one kind of cereal? No. You see many types being offered and like it or not, we love those choices.

A marketplace offers choices and there are many types of marketplaces. The store is one type. There are also online marketplaces such as when you are shopping for car insurance. That is a type of marketplace because you can choose the various companies and compare services, prices, etc. Sites like eBay are yet another type of marketplace.

So how does a marketplace help a business? To answer this question, it’s probably best to know that as a business you can either be the recipient of such a marketplace or you are the one going to the marketplace. In both cases there are advantages to marketplaces. Next I will explain how both scenarios help a business.

Let’s take the example of how a marketplace helps a business that is looking for services/products. For one thing, the marketplace is full of various choices each with their own pros and cons. You get to decide which best fits your needs. Secondly, whether you are online or not, a marketplace offers you these choices in one place. You don’t have to search all over to find any of your choices. Everything is right there for you. Convenience is the factor here. A third benefit of a marketplace is that you can learn a lot by seeing the various choices you have. You get to learn about pricing, services offered for various prices, connect with a brand, and make smarter choices.

Now let’s take an example of being IN the marketplace. Suppose you are a business this is part of a market and you are therefore a part of a marketplace in one way or another. How does this help you? First, it helps you become a better brand. If you know that you are being compared with your competitors, side-by-side, then you tend to look at your brand with that much more clarity and importance. Secondly, you have to really think about what your market needs and wants in order to “stand out” and assist potential customers/clients in making their choice to engage with you. Lastly, being in the marketplace is a way to see what others are doing – and there is nothing wrong with noticing that. Just don’t copy them – do something better.

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