A website or app that supports shopping from a variety of sources is known as an online marketplace. The marketplace’s operator does not own any inventory; instead, their job is to showcase their vendors’ goods to potential consumers and enable transactions. Caribbean business owners can easily get their products online by way of marketplaces.
One such marketplace is CoolMarket.com. Vivienne Shakespeare-Reynolds, Managing Director of CoolMarket.com joined us on the #FACLive Show to give insight into managing an online marketplace in the Caribbean.
Here are four things you should know about marketplaces in the Caribbean as a Vendor:
- It’s a One-Stop-Shop for Your Customer
Marketplaces provide a variety of products due to the diversity of vendors and stores that they host. Therefore, your customer can browse and shop at not only your store but also, other stores within the marketplace for additional products that can satisfy their needs.
- Maintain Maximum Visibility
Ensure that you put your frequently bought products where potential customers can easily access them. This way they can see what other customers are usually buying and what’s trending. As a vendor, you’ll be able to see what customers are looking at, what they’re clicking on, and what they’re buying which is data that you can use to make future business decisions such as keeping those items in stock.
- Purchases Can Be Consolidated
Marketplaces have the responsibility to pick up from the multiple sellers that your customer may shop from and consolidate those products for delivery to the customer.
- Your Reach Extends Beyond the Caribbean
Marketplaces provide an opportunity for Caribbean vendors to connect with Caribbean customers who may have migrated to international countries. The unique products that Caribbean vendors sell on the marketplace may encourage them to spend their money just to get a taste of home. Marketplaces also make it easier for Caribbean vendors to reach an international consumer base who may not necessarily have any ties to the Caribbean.
Check out our video below to learn more about Managing a Marketplace in the Caribbean:
This article is based on a discussion with Vivienne Shakespeare-Reynolds, the Managing Director of Coolmarket.com. Sign up to be notified when our CEO, Christopher Burns, goes live on LinkedIn & YouTube to discuss all things e-commerce in Latin America & the Caribbean, on the #FACLive Show.