Online marketplaces have existed since 1995 when eBay and Craigslist were created. When eBay first launched, it was intended to be a place where sellers and buyers could communicate and conduct auctions. Amazon, Etsy, Alibaba, and bol.com are just a few of the numerous online marketplaces available today. Basically, an online marketplace is all about an e-commerce portal that connects merchants and customers. It's also known as an electronic marketplace, and the website's proprietor handles all transactions. Customers who want to buy a company's products or services can use online marketplaces to do so. An online marketplace can be a website or app that allows customers to shop from various vendors. Rather than retaining inventory, the marketplace's operator is responsible for displaying other people's goods and facilitating transactions. Because it sells practically anything to almost everyone, several platforms are the embodiment of the internet marketplace.

• About B2B Online Marketplace and its Purpose

A business-to-business or B2B online marketplace is a marketplace in which one firm offers goods and services to other businesses on behalf of the company that created it. B2B commerce, as opposed to traditional sales, often involves placing orders through an online store and paying invoice by invoice (through bank transfer).

As a result of the contract between the customer and the seller, some transactional circumstances are guaranteed, such as prices and discounts, and results such as the volume of sales and payments, years of collaboration, and confidence are taken into consideration. There are instances where companies are only customers once. Hence the system needs to make it possible to buy or place an order for that one time.

Wholesalers and distributors are the ones who make B2B sales. Their clientele is largely made up of resellers, and they receive a steady influx of new business. Government agencies may also be clients if they have yearly contracts for specific goods such as office supplies. Purchasing, ordering regular deliveries, and overseeing contract implementation can all be handled through the B2B web shop.

• Why Do Customers Prefer Online Marketplace?

Customers don't appreciate single-retailer apps or websites. They are much more inclined to download an app or visit a website that sells a variety of things rather than one that sells only one brand of product. One of the most enticing characteristics of a marketplace is its variety. A successful marketplace must attract many suppliers while also providing a consistent customer experience, both of which are difficult to achieve.

If you are planning to sell products online, you should look into the concept of the online marketplace. You should have a better understanding of what an internet marketplace is now. First and foremost, you must decide what type of marketplace you want to create before proceeding with the rest of the process. You may then devote your attention to selecting the business plan that would be most appropriate for your concept once you have completed this phase. Finally, look at best-practice examples to get insight into the triumphs and failures of others who have gone before you to become more successful in the world of the online marketplace.