The rise in eCommerce transactions has encouraged business owners and sellers to invest in online marketplaces with lucrative business ideas. Consumers spend a lot of time online shopping; therefore, it is the right time to earn a massive profit by striking the market with an innovative business idea.
Indeed, ecommerce stores or online marketplaces have achieved tremendous growth amid the pandemic. There are several reasons for choosing a marketplace business. One of the reasons is businesses and consumers want variety, convenience, and price choices.
As per the survey of Deloitte, the marketplace sales amount to 57% of overall worldwide retail sales done via the web. Moreover, with the enhancement of digitalization, this figure is increasing continuously, not only in retail but in other industry verticals too.
One of the best things about online marketplace businesses is that they offer high scalability and extreme profits. You can experience the benefits of using the marketplace yourself.
You can live stress-free from the things like shipping or inventory. Therefore, it offers additional benefits and bigger revenue growth.
We all know that the top multi-vendor marketplaces are Etsy official website, eBay, Flipkart, and Amazon. All these platforms offer people to search, choose and get their required products effortlessly and at budget-friendly prices at the doorstep.
According to Statista, "In March 2020, the eCommerce industry achieved 14.34 billion visits worldwide, which is a huge hike from 12.81 billion in January 2020."
However, what are the best marketplace ideas you can choose to start your business. That's what we will describe in this writing.
The eCommerce marketplace or product-based marketplace has experienced lots of adherence recently. Now even the top brands and companies are also not untouched by the vitality of having an online presence.
It has also become one of the biggest ways to reach millions of consumers through a single platform. Whether no one can deny the impact of enormous challenges; however, shoppers always like unique ideas of searching a variety of businesses to get the best.
According to National Retail Federation, "the global eCommerce sales are predicted to achieve $4.5 trillion by 2021. This data shows that entering into the eCommerce businesses is a win-win situation for the long run.
The success stories of top brands such as Walmart, Amazon, eBay and others are enough to demonstrate the efficiency and benefits of online marketplaces.
Undoubtedly online grocery marketplace has become one of the top marketplace ideas today. It is one of the fastest-growing markets now. The online grocery business has a huge scope for opportunities, profits and sales.
This market is expected to achieve a remarkable growth share by 2023. The consumers of such marketplace business is metropolitan households and young ones. They need more convenience and don't have much time to go to the market and buy groceries.
As per Global News Wire, "The online grocery delivery marketplace is expected to reach $84460 million in sales by the end of 2025."
If we talk about the top player in the online grocery market, it is Chine. In 2018 it achieved sales equal to $50.9 billion and what is more noticeable is that this growth is assumed to get four times increased by 2023.
According to a report, "The US online grocery sales are expected to reach $38.16 billion by 2021.
The data mentioned above implies that there is a huge scope in the online grocery marketplace.
Marketplaces are limitless. However, some are very profitable. Marketplaces offering laundry services have achieved good growth in recent times. With an online laundry marketplace, you can provide convenience, greater flexibility, pick-up and drop-off to the consumers.
Such marketplaces business ideas are unique and connect you easily with the consumers. Moreover, consumers also get access to different dry cleaning providers, and Laundromats enabling consumers to get competitive prices.
Some of the big names of laundry marketplaces are ByNext, Rinse, FlyCleaners, big names in the US.
It is an easy option that can boost up the growth and profits of your laundry business and provide a seamless experience to the consumers. Literally, investing in the laundry service marketplace is a profitable deal.
As per the data by Civicscience, a huge growth rate (18 % to 30%) has been reported among the US adults meant to utilize telemedicine.
According to ATA, more than 50% of health care services are operated using teleservice in the US.
Maintaining health amid the pandemic is not easy. The pandemic continues to spread worldwide; there is a huge hike in demand for medical help and health care advisors. Also, this does not seem to get down soon due to the increment in work from home culture.
The online marketplace for healthcare services has become a buzzword today. The main motto of such a marketplace is to assist people in finding a reliable and suitable health care service provider.
Moreover, using telehealth, it is easy to fill the gap between people and health care systems. Doctors and other health care service providers can easily have a virtual window to connect with people and give them better health advice.
Indeed, food waste is a big problem worldwide. Both developed and developing nations are facing this issue for a long time. Moreover, we can't deny the environmental impact of food waste.
According to Washington Post, "Food waste as a nation would rank third globally after the US and China in the manner of global warming.
To resolve this issue, using a food waste marketplace can be a better option. The food waste service providers can take care of food wastages and turn them into a profitable revenue stream.
As consumers today have become conscious of the environment, food waste marketplaces can be affordable and perfect for conventional eateries.
Final thoughts
The comprehensive arena of ecommerce is limitless. In today's highly competitive and emerging market, coming up with a unique marketplace, ideas are a profitable deal. Undoubtedly, online marketplaces are the future. Therefore, being aware of top marketplace business ideas in the present time is more beneficial than ever.
