There are many platforms to sell your products and expand your business. The two most popular platforms of trading are a conventional marketplace and an online store. Before jumping into the decision of declaring the best choice among the two, let us have a close look into the various aspects of each of them.
However, the choice between the two is the most common dilemma among traders. This blog will help you to overcome the confusion bearing the choice between an online store and running a marketplace.
Difference Between a Physical Store and an Online Marketplace
A detailed difference between a traditional brick-and-mortar store and an online store is illustrated below:
Multiple Vendors Zone
An online marketplace helps showcase multiple vendors while a traditional brick and mortar store is limited in terms of its product display. It can therefore only function as a single seller oriented platform, the access to which is set to a limited audience. On the other hand, an online marketplace has multiple sellers to tie up with various businesses and gets paid for advertising the businesses as per their search.
Number of Parties involved
Online store provides the involvement of merely two parties i.e., seller and buyer to complete the process of selling. There is no indulgence of other agents. Whereas, a traditional marketplace involves several middle men where different businesses come together to sell their products, involving a huge number of parties.
Mode of trading
The mode of trading of the two is ought to differ. An online marketplace is a business model that deals with the collaboration of similar business websites into a single unified platform.
What could be the best choice for your business?
Whether it is an online marketplace or a traditional store, both need to be accessible to their targeted customers. But when the question of profitability arises, several factors contribute to making a difference between the profitability of the two. A clear picture of the advantages and disadvantages of these two will do the needful in stating the right choice:
Advantages of the online marketplace over the traditional store
Competitors in the market are the biggest threat to a business. Selling your products in an online marketplace can insulate you against stiff competitors. There is minimal indulgence of third parties thereby making online marketplace free to sell its own product as well as showcase products of other businesses.
Lower Investment – Cost Efficiency
Selling your products through an online marketplace costs relatively less owing to its ease of use and the number of options it presents with. A physical store incurs costs of maintenance and rent that are not typically needed for an online marketplace.
No Geographical Limitation
Obviously an online store saves you the hassle of having to physically visit a place and making purchases. An online store is not bound by any geographical limitations and you can carry out large scale transactions well within the comfort of your homes. This way you can also eliminate travel time and associated costs.
Easy Search Engine Visibility
Equipped with strong filters to help facilitate search operations easily, an online store helps users track down what they want easily as opposed to a physical store where categorization of goods is rather difficult.
Abundance of Information
An online store typically arms users with adequate product information to help users make an informed purchase or selling decision. This may not always be the case with a physical store.
24 Hours Availability
An online store is not bound by time in that it typically supports the feature of 24/7 availability. This way users can carry out their operations according to their convenience.
Instant Feedback & User Reviews
With the facility to gather instant feedback through user reviews, the time to access information about a product is less and is therefore helpful for users to make evidence-based decisions without losing time. This is unique to an online marketplace as opposed to a physical store.
The above points are enough to prove the growing relevance of the online marketplace over the traditional store. Thus, e-commerce selling has many advantages for a long-term strategy to win over customers. If you are looking to build an online marketplace for your business, feel free to reach out to us.
Jainish Vora contributes regularly for Phoneier. With a passion for reviewing gadgets, Jainish is also keen to expand his knowledge on the latest technology and its related functions.
The post Running an Online Marketplace Vs Running a Brick-and-Mortar Store appeared first on ixBlog.
Bermuda grants Bittrex DABA license to commence local operations
The island nation of Bermuda is in the news today after it gave U.S-based cryptocurrency exchange, Bittrex, a Class F (“Full’’) Digital Assets Business Act license that will allow the platform to operate under the supervision of the Bermuda Monetary Authority (BMA). According to Bittrex Global CEO Tom Albright, Bittrex (Bermuda) will provide additional digital asset services like Futures, in particular, based on further approvals by the BMA.
Bermuda’s Digital Assets Business Act of 2018 (DABA) is a comprehensive regulatory framework that oversees crypto-financial services, including digital asset issuance, sale and redemption, exchange operations, and custodial services.
However, Bittrex is not the first entity to receive Bermuda’s DABA license since Circle was the first major crypto-company to receive Bermuda’s Class F DABA license. Meanwhile, the island nation had also struck a $15 million investment deal with Binance in the past. These developments are a sign of how the island nation has been keen to adopt cryptocurrency and blockchain tech over the past few months and years.
Like Bermuda, many governments across several nations have only now begun to study the use cases of cryptocurrencies and blockchain. However, Bermuda was one of the first sovereign nations to accept payments in USDC stablecoins for tax payments, fees, and other government services.
In fact, in 2019, Bermuda also announced the development of its blockchain-based digital ID system, followed by a stimulus token that allowed the distribution of financial aid to its population. The token project in question was actually accelerated after the outbreak of the COVID-19 pandemic for people in need of emergency funds.
President Maduro: Venezuela Seeks Opportunities To Use Cryptocurrency For Global Trade
- Venezuela’s cryptocurrency story continues as the country’s President Nicolas Maduro has presented new use cases.
- A recent report informed that the South American nation is studying the possibility of using digital assets in trades alongside the national Petro.
- President Maduro has presented new anti-sanctions law in the Constituent National Assembly. In a recent speech, he asserted:
“The anti-sanctions law is the first response to give new strength to the use of petro and other cryptocurrencies, national and global, in domestic and foreign trade, so that all cryptocurrencies of the world, state and private, could be used. This is an important project that is under development.”
- The news comes after Maduro suggested last year that his country could adopt cryptocurrency payments.
- Additionally, Venezuela signed a new tax agreement this summer that enabled the nation to start collecting taxes and fees in the Petro.
- A study reported by CryptoPotato revealed that digital assets already play an essential role in the country’s struggling economy. Venezuela’s intensifying financial crisis has catalyzed significant interest in cryptocurrencies as people seek opportunities to escape the devaluating national currency.
- The Bitcoin peer-to-peer volume exemplifies the growing interest in the primary cryptocurrency within the country. As per data from coin.dance, the BTC P2P volume on LocalBitcoins has been continuously surging in the past several months.
Leader That Allowed Scams: TRON’s Justin Sun Responds to Claims by Ex-Employees
Yesterday The Verge published an elaborate article portraying a picture of Justin Sun’s leadership at BitTorrent post the peer-to-peer file-sharing site’s acquisition by the TRON foundation.
Sun later responded to the ‘false-claims’ made by TRON/BitTorrent’s ex-employees in the article with ‘An Open Letter to Anyone Who Cares to Read’ on Medium.
Claim: Megalomaniac Leader; Response: True Libertarian
In the supposedly expose piece, author
Refuting the above portrayal of his leadership, Sun, in his response, stated that he has devoted his entire life ‘to being a responsible, global citizen’. Adding to this, Justin said that is a true champion of libertarian principles for a significant portion of his life.
I have devoted myself to being a responsible, global citizen throughout my entire life, spending significant portions of my personal and professional life to activities promoting universal values of respect, liberty, equality, and kindness.
The TRON and BitTorrent chief impressed further on his ‘global’ approach to things. He explained that the TRON Foundation harbors a ‘global team of talented contributors and developers’. And that he takes ‘pride in working’ with this global community to make TRON ‘one of the greatest decentralized blockchain protocols’.
Claim: Freedom Suppressor; Response: Upholder Of Human Rights, Individual Values
Dunaway reportedly engaged in conversations with folks who are/were associated with the TRON brand and the work culture. From what he gathered, Justin enforced a draconian company culture, with employees officially following the ‘9-9-6’ norm.
According to the article, TRON’s HR had Slack replaced with its Chinese counterpart DingTalk. The communication platform had an in-built surveillance mechanism that would use ‘Apple Health to count people’s steps’. Also, DingTalk used to ping employees literally all the time.
To this, Sun responded by saying that he has left no stone turned in, establishing a work culture that respects.
diversity and individuality through a culture that cherishes fundamental human values freedom of speech, user privacy, intellectual property protection, kindness, a diversified working environment, and compliance with legal standards.
Justin went on to comment that TRON and BitTorrent operate with a ‘globally collaborative team’. One that upholds and respects the ethos of cross-culture teams. Sun claimed that the folks at TRON folks have ‘worked hard’ to create a collaborative work culture. One that values freedom of speech and individual privacy.
Claim: Suppressed Criticism, Allowed Scams; Response: No Control Over Protocol Functioning
The Verge piece mentioned that ‘decentralization’ was just a facade for what was happening behind the curtains. Justin Sun and his core officials exercised strict control over content moving about and within the TRON network.
This involved allegedly paying a Redditor to ‘erase negative posts’. Which later drew the ire of the community.
Free speech is part of the ideology of decentralization, where ideas flow without gatekeepers. Tron started deleting any post it wanted.
The article also claimed that TRON’s administration team was silent and allowed the perpetration of scams on the network. While this happened, scammers and the scammed continue to grow in numbers while the management did nothing to interfere.
Justin, in his Medium post, said that he and the entire TRON administration team function sans control. Even though the team at TRON works to upgrade the platform, they do not exercise any censorship/regulation.
…we have no control or discretion over what applications use the protocol, what data is transmitted, or how its community members use it.
Sun went to add that he and his team are proud of TRON and BitTorrent’s achievement over the years. He went to quote that both have collectively ‘served 2 billion users around the world. These include ‘numerous enterprises, universities, and governments’.
Lastly, the TRON and BitTorrent boss struck down all claims made by ex-employees Lucasz Juraszek, Richard Hall, and Cong Li. Justin declared that the TRON foundation’s legal counsel has submitted all the requisite proofs and evidence pieces to the court. “We believe the decision will speak for itself”, he said.
BTT and TRX’s price didn’t seem to undergo any correction following the release of the bitterly scathing Verge piece. On the contrary, BTT is actually up 2.3% in the last 24 hours.
Featured image courtesy of QZ.com
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