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New Age Marketplaces: 3 Platforms Revolutionizing E-Commerce

The eCommerce industry has evolved significantly in the past few years, and has gone through multiple changes in the past months due to COVID-19. The stay at home orders have pushed private sellers and other companies to shift to remote work structures or set-up eCommerce marketplaces and websites for people to live their lives while stuck at home.

Think about the marketplace decades ago, and how much easier it is now. Thanks to technology, eCommerce platforms have become such a big part of life. Not only are the business giants using eCommerce platforms, but there are different ways to tackle eCommerce for those who do not run full-scale businesses.

With so many people trying their best not to leave their homes to wait for the virus to clear out, online marketplaces have been a dominant force, coupled with courier systems for efficiency. Nowadays, social media giant Facebook has billions of users on the social networking app and has even added a revamped and revolutionary buy-and-sell tab for people looking to sell. This is preferred by many, as they don’t get a chunk of their profit torn off by major eCommerce platforms, like Amazon and other sites.

With so many companies following suit, we are here to talk about the future of the eCommerce marketplace and why you should be excited:

Facebook Marketplace

Facebook has made it easy to transact and do business with people. The marketplace tab is well-formulated and works really well for finding the right products for its users. The best part is that you can arrange for both meet-ups to test items or delivery to avoid contact. The lack of need for exposure is thanks to the ease of the Messenger platform, which seamlessly connects the buyer and seller.

The algorithm is good at recommending items to those who search for similar things, thus allowing for even better promotion of consumer goods. This easy to use platform has people of many ages and generations using it, particularly because Facebook remains a free-to-use platform.

Instagram Marketplace

Instagram is a good way to showcase amazing images and shots of your products and services. The reach of Instagram is similar to Facebook, as the app is now owned by Zuckerberg’s company. With many people on the app young with accounts from when they were younger, Instagram makes it easy to use, especially the way the app looks.

Instagram can redirect visitors on a page to a business’ website, wherein they can buy the products showcased on the social media platform. Businesses can also use their page for promotions and spreading the word of their services. Nice looking photos with a proper layout are something people want to see, which is why having good images with text is integral in Instagram success.

PayPal’s Marketplace

So many people utilise PayPal because of its safety features and ease of transactions. The online wallet giant studied the market and jumped in quickly to the marketplace trend.

Targeting the smaller enterprises, the company’s aim is to democratise access, which will allow them to give equal leverage against more prominent platforms. With an almost perfect digital wallet system, it was only a matter of time before PayPal started its own marketplace.

What Facebook marketplace fails to do is to create a streamlined payment method, as they formulated it to only be able to find the items at its core. PayPal will likely offer abilities to pay using the app, and the anti-scam and fraud feature will make shopping easier and safer—especially for transactions involving larger amounts of money.

Conclusion

The future of buy-and-sell rests upon the existence of social media. Standalone apps are not doing so well, as people still prefer the convenience of the known social media apps. The future of sales and commerce is shifting online, so if you are a company that plans to conduct sales using eCommerce, jump in fast and choose the right ones for you!

The ECommerce Accountant is an entrepreneur’s guide to boosting eCommerce sales, crafting a system that works well to help your business grow. If you are looking for an accountant for eCommerce in Australia, contact us today to find out more about how we can help you.

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