Electronic Markets: How it Works?
The invention of electronic markets such as eBay and Craigslist have had a major impact on the way in which buyers and sellers now interact with each other. There are several reasons why a person might choose to use an E-Market instead of a big brand business, and today we’re going to talk about just a few.
Typically, the E-Market deals with only two sides – a buyer and a seller, without any intermediary. For a person who wants to sell his old electronic device, he needs to think about how expensive it is to use the market and how much profit he will make in the end, how trust worthy the website is with security of private information, and how quickly the product can be mailed. This type of market only works well if the buyer and seller have an easy way to communicate with each other and a way to exchange their goods and services securely.
E-Markets allow the seller to find the going rate for his merchandise, adjust the costs of shipping, and so on. He can compare different Web Sites and identify the best amount to price his item by using various search engines. Product information, recommendation, personalization, as well as comparative information are also provided, which all help a great deal in both the selling and the buying of the product.
E-Markets can be a very personable way to interact by establishing a dialogue between the buyer and seller and allowing them to negotiate. The interaction with the seller can provide customized options as well for the buyer. In fact, the ultimate objective of buying on E-Markets is to provide customized services according to each buyer’s individual preferences. If the seller can address the needs of his customers and manage to stay one step ahead of the competition in pricing, then he has potential for earning a great deal of money simply by being effective.
A seller might offer different product bundles; by grouping several items in a deal, or he might create a special account for a regular buyer. These strategies might bring in more clients and help him earn more income.
E-Business maximizes efficiency, improves on customer service and increases the seller’s profit margin.
In order to compete in the marketplace, it is essential for the seller as well as the buyer to be well informed of the product. This means that in order to be satisfied with the transaction, both sides need to assess the merchandise (as well as the possible issues that it might have), identify better deals that might be available and of course, stay in contact with the other person.
The past years have seen an extensive and accelerating amount of e-business transactions. It will be interesting to see how e-Businesses will trigger new business strategies, models and tactics. One aspect will never change though; if both sides are honest, then they both will be satisfied with the transaction!
- Apple Encyclopedia: all information about products, electronic devices, operating systems and apps.