In this age of erupting business ideas, setting up a Marketplace type of business, finds a vital space. Through the columns of many business reads, Online Marketplace is seen to cross our reademand, but techie, but dings eyes. The business of setting up a Marketplace is definitely in demand but what is it? To be more specific, how is it related to Hyperlocal space? Who can do it? How can we do it? All these curious questions will find their answers in this piece of writing.
A typical business model consists of two entities. A buyer and a seller. The simplest form of business transacts between these two in exchange for some currency, to which both the parties agree. Growing towards the age of the Internet, we got introduced to online business. Still, there were two entities, buyers and sellers, just the two of them need not meet physically to transact this time. Money got an electronic form and the transactions started happening over the web.
Have you ever noticed, that in a typical market, shops selling the same product/service are generally seen clubbed together? It is for the customer to have a variety of options in close proximities while buying. Yes, that’s the point! Why not apply this model to the online business as well. Bring all the sellers over a single online platform and empower the customer with rich options and a wide range of varieties. Bringing the sellers together on a single platform by a single person/firm/company came to be known as Aggregation and this whole setup of the online market got the popular term of Online Marketplace.
So, basically aggregating all the sellers over a single online platform got the term of Marketplace. For example, Amazon brings a lot of sellers on its platform to sell their products. Here, Amazon becomes the aggregator, Sellers become the Merchants and the Customers can buy products online sitting comfortably at their own place.
These Marketplaces can be set up in different types. Whenever the local business players, come together under a single online platform to sell their product or services to form a marketplace, it is called a Hyperlocal Marketplace. This may sound quite a techie but this concept is as easy as ABC and so far the most successful business model of marketplace setups.
Why is that Hyperlocal Marketplace’ model is flourishing and has hot vibes on the market?
It is because it brings the customers in contact with the sellers who are closer to him. Close in proximity, understanding, and belief. It plays with the psychology of the customer of being served well. They get their ordered product/service within a few hours. Customer satisfaction comes with little effort and cost. On the other hand, the sellers/merchants, find it super easy to cater and deliver a customer who is close in geography. The merchants know the aesthetics of their customers and hence can play with their business models accordingly. Costs go down appreciably at the end of aggregator and merchants both and hence, a win-win strategy for both.
A lot of Hyperlocal Marketplace business is growing aggressively these days. Now how to set this up? The words like Online Setup, Online Transactions, Online Platforms are too technology driven to be handled by a non-technical guy who may have superb ideas of a Hyperlocal Marketplace setup. Yes, to code and come up with a solution of marketplace setup requires a tedious process but now for non-technical marketplace business seekers and for the firms who don’t want to spend hugely on setting up the code, Yelo provides a tailor-made the solution to every concern of Hyperlocal Marketplace. Yelo empowers you to create your marketplace within a few minutes and that too with powerful Admin Dashboard, Android and IOS Customer Applications, Merchant Dashboard and Applications and Web Application for Customers along with numerous customizable features. And for beginners understand the benefits of starting an online marketplace for local businesses
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