Online shopping is a trend in today’s digital age. Small businesses were enabled to market their products and services online without the need to develop and maintain a website. All they have to do is find a reliable and excellent online marketplace where they can sell and manage their products. However, what exactly is an online marketplace?
Things to know about Online Marketplace
Online Marketplace is an online shop where a user can register as a third party seller to sell their products or provide their services on the website. The registered seller is allowed to manage their product listing and process transactions. Online Marketplace is an online shop where a user can register as a third-party seller to sell their products or provide their services on the website. The registered seller is allowed to manage their product listing and process transactions. One key distinction to note is the differences between ecommerce vs marketplaces, where ecommerce typically involves businesses operating their own independent store, while marketplaces act as a platform connecting multiple sellers and buyers. This model allows sellers to leverage the marketplace’s existing audience and infrastructure, making it easier to scale their operations without handling the complexities of running a standalone online store.
Common Features of Online Marketplace
These are the features you would likely see in most online marketplaces. Most of them are essential to have in an online marketplace and it includes:
User registration
Almost all eCommerce websites require users to create an account. Registering for an account on an online marketplace secures customer details and it saves returning customers from the hassle of re-entering all of their details every time they buy on the same online shop. Online marketplaces also have a feature where they recommend items to the user based on items he/she buys or views.
Registration for sellers
An online marketplace is a place for sellers to market their products and services. A seller account is essential for selling items in the online marketplace. Registering a seller account will allow the seller to manage their inventory, product details, and transactions. Some online marketplaces also feature business reports to help the seller to track their sales.
Product review and rating
This feature is made to help buyers to see if the item’s description is credible and to know what other buyers’ experience with the items they bought. It helps customers in making decisions and to avoid scams and online shop fraud.
Payment method options
There are various ways of processing payments in online shopping. The types of payment methods in most online shops include:
- Cash on delivery
- Credit card or debit card
- Paypal
- Bank Transfer
- E-wallet
The product return or exchange
This feature allows customers to return or exchange items in case something wrong happened with ordering the item. A customer must submit a valid reason to process this kind of transaction. Then, the shop will offer a way to resolve the issue in which most cases will be by a refund.
Top Online Marketplaces in Malaysia
Here are some of the top online marketplaces in Malaysia.
- Amazon
- Shopee
- eBay
- Lazada
- Mudah.my
- 11street.my
- Carousell
- Lelong.my
- Zalora
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