Living in the Future: E-Markets
More than ever, people are becoming aware of what incredible economic value online marketplaces offer. Buying, trading, and selling online has revolutionized the way consumers obtain goods and services. It has completely changed the way that marketplaces operate, even going so far as to close the doors of physical stores. Coming 2021, JIFUshop will offer products from vendors around the globe at value-driven prices, all while rewarding loyalty!
Ease of Access
Online marketplaces have skyrocketed in popularity due, in part, to the ease of access and convenience that they provide. Consumers are led by fleeting desires, and online marketplaces can satisfy their cravings as soon as they appear. With a few clicks of the mouse or taps of the finger, people can fulfill their wildest wish and have it shipped to their doorstep the next day.
Vendor-specific online stores can not offer a very wide range of products because of the limitations that come with doing business with a single vendor, but online marketplaces aggregate a massive amount of options from different vendors. Consumer transactions are processed by the marketplace, but each order is fulfilled by each wholesaler, which is far more efficient for buyers and sellers.
The Sharing Economy
The immense success of online marketplaces has led to what scholars call the “Sharing Economy.” This is the idea that buyers and sellers can connect to each other by using an online platform. The relationship between consumer and producer is made possible by online marketplaces(1), leaving out the middleman.
People are able to buy goods and services directly from the wholesaler, which fosters collaboration and economic growth. The Sharing Economy has a side effect called collaborative consumption where idle assets (items that are not being traded) can more easily become physical assets (items that have physical value). Collaborative consumption is aptly named because both sides of the coin benefit from this model.
Online Marketplaces in 2020
Even before this year, drop shipping, e-commerce, and online marketplaces were quickly rising to the top. Then the global pandemic forced millions of people to stay at home and thousands of physical storefronts to close their doors.
As a result, consumers took to their computers to order more than just clothes and electronics. People began to rely on the internet to get their groceries and essentials shipped directly to their doorsteps.
The incredible opportunities are being realized and actualized, thanks to a little encouragement from innovation’s biggest initiator: necessity. JIFU is integrating our own online shop into the incredible services we already provide.