An online marketplace is a digital platform that connects buyers to multiple third-party sellers. Unlike traditional brick-and-mortar or ecommerce stores, online marketplaces do not own inventory. Instead, they provide a venue for sellers to offer products and services to potential customers. The marketplace operator typically earns revenue through commissions on sales or by charging fees for using their platform.
Building a successful online marketplace requires careful planning, a solid understanding of your target market, and a commitment to providing a high-quality user experience. With the right strategy in place, however, an online marketplace can provide a lucrative opportunity for startups, mid-market businesses, and enterprise businesses alike looking to launch or expand their business.