What is an Online Marketplace?
Online marketplaces are extremely useful modern web tools for retailers and customers. These eCommerce solutions allow users to select and purchase a variety of things from a variety of sellers in just a few clicks, without having to leave their home or office.
JustEat, DoorDash, UberEats, and other recent rising online markets are currently available. Aside from this, there are several internet sites dedicated to objectives other than sales. Consider Airbnb and similar services.
In general, an online marketplace is a website that features a variety of products from different entrepreneurs. All of these items can be purchased in a matter of seconds, with no delays due to shipping, delivery, or other concerns. In terms of sellers, these platforms aid them in answering the following questions:
- What is the best way to make a product page or catalog?
- What is the best way to organize communication with potential customers?
- Which tools can be used to accomplish financial operations?
- In the event of an emergency, how to contact a support team?
And this isn’t even a complete list of issues that can be solved with the help of an online marketplace. At the same time, these sales channels aren’t solely for the purpose of answering important business issues. It’s all about completing eCommerce responsibilities and making a profit.
Web service providers, sellers, logistics, and delivery specialists all work together to ensure that the customer’s expectations are met perfectly. What’s more, all of the web marketplaces have payment gateways connected.
Nowadays, the worldwide market is flooded with complicated eCommerce platforms that offer a variety of services all at once. The Just Eats Takeaway platform, for example, provides a diverse range of services. Aside from that, the market acquires more specialized services such as price comparison portals and announcement grouping.
How They Earn
One of the most important things that users care about is how online marketplaces earn. Everything is, after all, fairly transparent. The income generated by the market is divided into three categories:
- Service Charge
A service fee is charged for each purchase and payment. This is the most important aspect of the platform’s profit.
- Benefits of Advertising
The motor of progress is advertising. Also, by posting third-party content on its web pages, the marketplace can generate revenue.
- Fees and commissions
Every financial transaction that involves collaboration with other service providers necessitates commissions.
There are various SaaS business companies that provide you a platform set up your own on-demand hyperlocal marketplace such as Yelo from Jungleworks.
How Is Just Eat Leveraging The Benefits Of An Online Marketplace
Just Eat Takeaway.com is an online food delivery company that connects millions of consumers with over 250,000 local restaurants through our websites and apps. They offer an online marketplace where supply and demand for food delivery and ordering meet in 23 countries.
As an online food delivery marketplace, Just Eat Takeaway.com facilitates the online ordering, payment, and occasionally, fulfillment of orders. They use a hybrid model that combines a marketplace background (where eateries deliver themselves) with logistics expertise (for select restaurants without their own delivery capabilities). This model ensures that customers have access to the largest possible range of restaurants from which to choose.
Customers can place orders on their website or through their mobile apps. They make money primarily through commissions charged to restaurants based on the Gross Goods Value (GMV) of food bought through our marketplace, as well as from additional services such as online payment services, merchandise, and packaging sales, and promoted placement. They also make money from delivery costs that customers pay on orders that are delivered by Just Eat Takeaway.com.
How Jungleworks Can Help You Set-up Your Own Online Marketplace And Be Successful Like Just Eat
We know you are here because you are dedicated to making your business successful. And for that, we at Jungleworks have a large range of products that will help you create an online marketplace and digitize your business in no more than a few minutes. First, as we know Just Eats is a customer-centric application that builds a bridge between the food vendor and the consumer.
Here the consumers visit the app to order their best food from the local eateries and restaurants. The food vendors require such a platform to increase their reach and market value.
As a result, you need to build an application that connects the demand with supply, with the delivery guys playing the middleman who will pick the food and deliver the same to the.
Now, what is the process of building such a platform-
On the non-technical side, you need to work on:
- Business model
- Competition research
- Customer research
On the tech-side, you must cover all the elements of:
- Idea validation
- Discovery workshop
Think, if we told you that you didn’t need to go through the arduous app development process and that you could create an online food ordering system in just a few hours for a fraction of the cost? Doesn’t it sound like a dream? Well, Jungleworks’ Yelo is one remarkable option to make this possible.
It’s an on-demand ready to go solution that enables you to construct a marketplace app without having to learn how to code and every single bit of customization you want. All you have to do now is enter in all of the required information during the initial setup, and your multi-vendor marketplace will be up and running.
Yelo provides you with a platform with incredible features and allows you to connect with industry leaders who provide world-class services. Not only this, it has an integrated delivery management platform that optimizes your delivery costs and provides customers with a seamless experience.
Unlike our competitors, Yelo has no hidden charges and provides you with the best pricing plan in the market.