Role of Marketplace in Exports; What the Pandemic has taught us?
“Businesses need to identify the right market and understand the export opportunity,” the statement was made by the industry director, Nitin Bawankule, Google India. Once the market is identified and thoroughly understood, you can cater to the specific demands, as allowed by the marketplace. Marketplace is generally defined as ““an authorized public gathering of sellers and buyers of commodities meeting at an appointed place at frequent intervals.” They furnish the basic functions of import, export and exchange.
Marketplace serves as a perfect medium for exported items. It offers an appropriate platform for the products exported from all across the world. This is a collaborative space where international buyers and sellers meet with the intention of upgrading a dynamic economy. The companies need to have a wider exposure to take full advantage of the marketplace.
Besides the traditional business-to-business model, where offline marketplace plays a major role, the online marketplace has now emerged to provide greater flexibility to the transaction. Business tends to flourish when they can access a wider consumer base without having to deal with intermediaries. Online marketplace makes this possible.
It is not that the involvement of a distributor is a hindrance of any kind. A distributor does facilitate the flow of products and cash in the market. Many businesses rely much on the distributors and their networks. However, the pandemic has overhauled the face of business by many turns. Traditional business settings are faced with several new challenges, some may have been even perished. The root problem is the unpredictability of reopening the markets. Over 300 small-medium garment stores have been shut down due to the loss incurred by prolonged lockdowns. Going digital under these circumstances does save the day. Online transactions are not only safe, but also extend your business to a more number of customers.
Opening online market space may seem hazardous at first glance, especially by those accustomed in the traditional business setting. But the prized outcome should be a motivation enough to hire experts who can initiate and facilitate the process. You need to keep in mind the several criteria to set up a successful online store. When selling exported items, you can inform the customers about the verified suppliers of the items, give them proper views and descriptions. You can even connect to international buyers without much obstacle.
In the new world, going digital is only the basic lesson you need to execute for your benefit. The manifold advantages associated with the online marketplace are undeniable. Moreover, upgrading your business model only reveals your dedication towards your business, thereby ensures the buyers of your credibility.