Using the internet for the purchase and sales of commodities has become a normal phenomenon these days. Even though the product that is purchased will not be delivered on the spot, more than half of the population is using online retail marketplaces to purchase what they need. This trend has also set the stage for the entrance of many new online marketplaces to the economy. Online marketplaces offer many exclusive benefits to their customers. This might be one of the reasons for people to switch from traditional commerce to e-commerce. Some of the benefits of online marketplaces are as follows.
In most of the online stores, the price is much lower than that of the same commodities available in the physical stores. One of the main reasons for this price difference is due to the lower operational costs, i.e. there would be expenses such as store rent, inventory cost, etc. in normal stores and this would be transferred to the ultimate customer. But in online markets, these expenses are absent, hence leads to lower prices of the commodity. Also, the expense to market online stores is cheaper than offline stores which also lead to decrease in price.
Going to a traditional store, finding a product, and billing the item needs time and online marketplace lack all these hindrances, and so online purchasing will only take a minimal time to find and purchase the commodity.
Most of the offline stores or traditional stores have a specific working time, but in the case of an online business, there is no hindrance of time, since it will be available round the clock.
Large Variety of Goods
Online business is not confined to any location and they do not need to possess all the commodities they offer for sale in their inventory because they act as a link between the seller and consumer, so it is the duty of the sellers to keep the inventory of the commodities that are offered to the public. Since online business portals are a platform for a large number of sellers, it will enable them to provide a lot more products than traditional vendors.
The demand for e commerce websites is increasing day by day and this is leading to an increase in the number of online marketplaces around the world. There is also a steady increase in the number of people using these websites, since online stores are more much profitable.