Online Marketplaces: What Small Businesses Need to Know
Source: SmallBiz-Resources | Repost QBScott 3/30/2022 –
With estimated revenues of over $7 trillion a year, small businesses have an unmatched purchasing power that everyone who sells goods or services should consider tapping into. And that means you too. One of the most convenient ways is through online marketplaces, which have become the de-facto targeted marketing centers for small businesses.
As the number of small businesses increase and their purchasing power becomes more evident, marketplaces provide a valuable outlet for both selling and purchasing necessary services and products at a premium. Online marketplaces also allow entrepreneurs to access the purchasing power of other businesses by simply signing up, creating a profile for their company and putting their products and services online – available for purchase 24/7.
If you aren’t already familiar with online marketplaces, here are four things you should know:
1) What is an online marketplace?
An online marketplace is a web-based forum where the marketplace operator processes transactions and then delivers the participating retailers or wholesalers fulfill the orders. These can include businesses such as office supply carriers, wireless communications providers, car rental companies and more. Because marketplaces carry products from a wide variety of vendors, they offer greater availability of a wider selection at prices that stand-alone vendors can’t afford to offer.
Author: Scott Meister, CPA
I help small businesses, accountants, bookkeepers, office managers, and business owners with their accounting needs. I’ve used QuickBooks since 2002 and train folks on how to use it efficiently. I create high-quality video training tutorials for QuickBooks and post them on QBScott.com.
Certifications include: Certified Public Accountant (CPA) | Certified Bookkeeper (CB) | Advanced Certified ProAdvisor for QuickBooks Desktop | Advanced Certified ProAdvisor for QuickBooks Online | Certified ProAdvisor for QuickBooks Enterprise | Certified ProAdvisor for QuickBooks Point Of Sale