Small Business Tips

Why Join Marketplace?

Why Join Marketplace? 

The online marketplace has become much busier than it used to be. According to Euromonitor, internet retailing enjoys significant growth in Philippines with current value growth of 17% in 2016 valuing over PHP 28.1 billion.  Large businesses such as Lazada, Zalora and Amazon creates their own e-marketplace to boost their online presence. With that, we recently launched Financials 365 Marketplace to allow business owner to find either Financials Customer or Financials Service Partner.

Apart from the obvious benefit that you will get such as convenient destination to discover and finding the right person, we list down a few other reasons below.
 

1. More Traffic

There are 2 metrics to keep in mind while choosing the right marketplace which are monthly unique visitors and unique visitors per seller. Marketplace tend to have large unique visitors and it could be an uphill task for the small seller to attract even a fraction of that traffic on her or his own website. This is due to the branding and marketing effort by the company that provide the platform. Furthermore, Internet and Mobile Marketing Association of the Philippines (IMMAP) states that internet users in Philippines in 2018 will double from 2014’ making it 70 million users. Thus, more traffic is guaranteed and it means that there is more potential monetization or conversion which leads to higher retention rate.
 

2. Targeted Audience

Finding business’ target market is easy but not the right target audience. With the clear value outlined for both sides of the market from the start, marketplace’s targets specific audience.  For example, Financials 365 Marketplace attracts Finacials365 users only, both who need and can help. With this, as a seller, you could understand your audience’s mindset and needs. It is crucial for business to have complete information of whom they are selling to. Understanding the core values of an audience can help a brand better align and communicate with them. Thus, not only marketplace ace in quantity of traffic, it gives quality traffic as well.
 

3. Less Headache

When you join Financials 365 Marketplace, simply sign up using your email or Facebook account and start finding the right service partner. On the contrary, creating your own online business could be a complicated process from building and hosting website, creating marketing strategy and purchasing accounting software. Common mistake that small-business owners do in the competitive market is that trying to boost sales by rethinking their marketing campaigns, while others concentrate on increasing customer loyalty. It is without a doubt a crucial aspect of the business. However, they often overlook opportunities for growth in their own products or services. Being on marketplace would increase in operational efficiencies as some it allows you to have more time and money to improve and innovate your products or services. The better your service or product, the greater the longevity of your clients and the more profitability you will experience.
 

4. Competition

Online marketplace promotes healthy competition as it adopts transparency to the business model. Both seller and buyer can see everyone’s products or services and its pricing that they offer. While it might be frightening to compete in such an open market, it is a great environment for your business to grow and succeed. Competition drives businesses to be the best they can be, brings your business outside of the comfort zone and producing better products or services. Moreover, collaboration could be made with fellow sellers to get a stronghold over the market share.

In summary, joining Financials 365 Marketplace will bring many benefits to you and your business in the long run.
Download our user guide here to get started on our Financials 365 Marketplace

And did we miss something? Tell us what you think of this article in the comment section.
 
Passport GMID.  (2017). Internet Retailing in the Philippines, Retrieved from http://www.euromonitor.com/