Published in: Creativity

Online Marketplaces Growth 2018: What Drives It?

Author Deus Code

Published on: June 6, 2018

One of the main factors driving the rapid development of the online market is the technological revolution and internet access which is getting easier and cheaper. In 2018, more people have fast and stable internet access, either via computers or smartphones. The availability of free Wi-Fi in public places also plays a role in increasing connectivity and getting more people connected to the virtual world. The trend of increasing use of mobile devices has contributed significantly to increasing the popularity of the online market. In 2018, smartphone sales continued to increase and more people switched from computers to smartphones to shop online. With the widespread use of mobile phones, savvy entrepreneurs have adapted their strategies well to reach and attract more mobile shopping customers. It is undeniable that social media has become a powerful force in influencing consumer purchasing decisions. In 2018, social media platforms such as Instagram, Facebook, Twitter and YouTube have become more than just means of communication, but have also become potential markets for business people. With the right marketing strategy and engaging content, businesses can reach a wider audience and gain a competitive advantage.
Security in online transactions has become one of the top priorities for consumers. In 2018, many developments in the field of online security have been introduced to protect users’ personal data and financial information. SSL (Secure Socket Layer) security certificates are becoming the standard in securing websites, and the reputation of a business depends on how far they can place their trust in their customers. In 2018, user experience (user experience) is the key to success in winning the hearts of customers. Websites with intuitive, fast and responsive layouts, as well as relevant and engaging content, dominate the online market. Entrepreneurs who understand the importance of user experience have invested in state-of-the-art web design and impressive technology. The growing online marketplace provides opportunities for businesses to try different strategies and present a variety of products and services. In 2018, many companies started offering loyalty programs, special discounts, and a wide variety of products to attract customers. This diversification helps create traction for an increasingly savvy and on-the-go market. In the digital world, data is a very valuable resource. In 2018, the use of data analytics and artificial intelligence is becoming more widespread among online entrepreneurs. These data provide in-depth insights into consumer behavior, preferences and market trends. With this information, businesses can optimize their
marketing strategy and provide a tailored experience to their customers. The growth of online marketplaces is also driving innovation in shipping and logistics. In 2018, industry players raced to provide faster, more reliable and more affordable delivery options. The use of technology such as real-time order tracking systems and delivery using drones is an interesting trend in this industry. The online marketplace has created financial opportunities for individuals and small businesses who previously found it difficult to engage in the formal economy. In 2018, many new digital payment platforms and financial systems emerged to cover a wider group of people. This financial inclusion has a positive impact on overall economic growth. The increasingly competitive online market encourages collaboration and strategic partnerships among business people. In 2018, companies are collaborating to increase their visibility, combine products or services, and create joint marketing campaigns. All these efforts are aimed at reaching a wider customer base and increasing profits. The online market in 2018 has recorded extraordinary developments, driven by factors such as the technological revolution, growth in mobile usage, the role of social media, consumer safety and protection, and superior user experience. Innovation and collaboration are also keys to success in the digital realm.