QuickBooks Online Industry Setting for Marketing Professionals

The growth of online marketplaces, social media, and smartphones has made digital marketing more accessible to businesses of all sizes. Thanks to modern technologies, it is now possible to conduct digital marketing activities from the comfort of your home or office.

This paradigm shift has opened doors for new professionals, and the demand for digital marketing expertise is predicted to grow 22% year from 2020 to 2025.

If you’re interested in exploring the fascinating world of digital marketing, this article will teach you everything you need to know about the fastest-growing segment of the market: online marketplaces.

Why Marketplaces?

Traditional marketing models focused on reaching as many people as possible with the least amount of effort. However, in today’s world, this strategy might not be as effective as it was in the past. Thanks to the prevalence of social media and Google, individuals can find the information they need quickly and easily, and the attention spans of shoppers have dramatically decreased.

According to HubSpot Blogs research, people spend an average of four hours and fifty minutes per day using digital marketplaces, and over a third (37%) of shoppers have agreed that finding what they’re looking for is easier than ever.

If you’re a small business owner who is looking to grow your business, it’s important to consider how to reach your audience effectively. One option is to use digital marketplaces to reach consumers who are already interested in your products or services. This saves you the effort of acquiring a new audience, and it also helps you to target the right individuals to engage with.

What Is a Digital Marketplace?

A digital marketplace is a website that enables business-to-consumer (B2C) transactions. Essentially, these sites serve as a meeting place between businesses and consumers, where the two groups can connect, learn about each other, and make purchases. Thanks to QR codes and blockchain technology, businesses can take advantage of the digital marketplace and ensure the authenticity of their products while establishing trust with their customers.

Businesses can use these sites to create buyer personas and gain insight into what appeals to their target audience. They can also set up automated email campaigns to engage with consumers, or they can staff the site with live customer support agents to receive feedback and address any queries.

The following are some of the features that make digital marketplaces attractive to businesses:

  • Authentic: Businesses can verify their products and establish trust with their customers through the use of QR codes and other types of cryptography.
  • Scalable: With the rise of e-commerce, many marketplaces have expanded to include additional functionality, such as shopping carts and shipping calculators.
  • Interactive: Consumers and businesses can both engage with content, including videos, blogs, and research papers, to obtain the information they need regarding the products or services the business offers.
  • Localized: With the rise of online marketplaces, many websites have become more focused on local consumers. If you’re a business that operates solely within a certain territory, it’s important to choose a niche marketplaces that are relevant to your target audience.
  • Innovative: Thanks to constant technology updates and algorithm changes, the functionality of many websites has greatly increased. Digital marketplaces are aware of this and leverage innovation by integrating cutting-edge technologies such as artificial intelligence, machine learning, and big data analytics to provide their users with the best possible experience.

How Do Marketplaces Differ From Other Websites?

Unlike many other websites, marketplaces have very specific purposes. To begin with, they are generally not owned or operated by large corporations, so businesses that are not prepared for the hustle and bustle of e-commerce might find that marketplaces are not for them. It’s also important to keep in mind that many marketplaces are actually apps or extensions for smartphones or tablets, so businesses must have access to these devices in order to take advantage of this functionality.

Other than being E-commerce friendly, marketplaces can also be focused on a certain topic area or vertical, such as Nutrition or Beauty, so businesses that operate within these industries might find that marketplaces are the perfect fit.

Which Industries Can Benefit Most From Marketplaces?

Thanks to their ability to target the right consumer with the right product, marketing professionals in a number of industries have found that marketplaces can be extremely beneficial. Some of the most prominent industries include:

  • Health & Beauty: Marketplaces can help businesses of all sizes and scales to gain valuable insights about their target audience’s likes, dislikes, and buying habits. Through the use of behavioral metrics and analytics, marketers can fully understand the minds of their customers and create better engagement strategies.
  • Fashion: If you’re a business that sells clothes, accessories, and other fashion-related items, marketplaces can be a great place to grow your audience and gain more traction. Thanks to the interactive functionality of many marketplaces, fashion-related businesses can easily engage with their audience through live chats and social media campaigns.
  • Real Estate: If you’re a real estate agent or broker, you can use marketplaces to display properties that are for sale and obtain valuable leads that can help you close more sales. With the ability to target the right audience and show them only the properties that are most relevant to them, you can rest assured that you’re providing the best possible experience for your clients.
  • Travel: If you’re a travel agent or planner, you can use a digital marketplace to show destinations and attractions that are most relevant to your target audience. Thanks to the interactive nature of many marketplaces, travel agents can engage with their audience through live chats and social media campaigns to improve the travel experience for their clients.
  • Automotive: If you’re a vehicle seller or service provider, you can use marketplaces to gain more customers and establish credibility with potential buyers. Thanks to the ability to verify the authenticity of the products and establish trust with their customers, many businesses in this industry have found that marketplaces can be the ideal platform for sales.
  • Food & Beverage: If you’re a restaurant or bar owner, you can use marketplaces to promote your establishment and engage with customers through offers and discounts on food and drinks. Some restaurants and bars have also used marketplaces to engage with their audience through contests and other types of promotions.
  • MarTech: If you’re a marketing automation or digital marketing firm, you can use marketplaces for B2B transactions. Thanks to the interactive functionality of many marketplaces, businesses can set up automated email campaigns to engage with current and potential customers.

The list of industries that can benefit from digital marketplaces is extensive, so it’s important to find a niche or area of specialization within these industries if you want to take advantage of this functionality. However, if you’re a generalist looking to gain experience in digital marketing, you can apply to work for one of the top marketing agencies in the world, such as WPP, Havas, and Omnicom.

Marketing Channels To Explore

While it’s important to remember that certain industries and verticals might benefit more from certain types of marketing channels, it’s also important to remember that markets can vary from one city to another, so it’s important to explore multiple options.

Depending on your budget and the type of audience you want to target, you might want to consider these channels: