Move over brick-and-mortar shops and storefronts. The new market space is here! You have probably been marketing your business and working to grow your online presence.

During this time you have probably heard the term market space used? The term market space as it is used now is a relatively new concept that’s been made increasingly popular with the recent covid pandemic.

But, knowing how this space works and how you can use it to market and grow your business may appear confusing.

We will be clearing up the mystery. Explaining what the market space is and how you can use it for advertising your business and making a few sales along the way.

Table of contents

What Do We Mean by Market Space in Online Business?

Market space is an online retailer that allows other businesses to sell their products on a virtual platform.

Market space refers to a virtual market for the commercial world.

It comprises micro-blogging sites, e-commerce platforms, or any other bi-directional platforms. Here both buyers and sellers can make purchases and sales through transactions in these portals.

Two well-known websites related to market spaces are eBay and Etsy. At the same time, there are also lesser-known platforms that make up the virtual space, such as Twitter and Quicker.com.

market space online
Quicker, Etsy, eBay and Twitter

There are certain characteristics that make up a market space. One such characteristic is that sales and transactions take place through online media and payment portals.

Also, currently, a face-to-face transaction is not available as the electronic media does not support it. If you are interested in a product, there is information immediately available on the market space.

You can browse through the available products until you find the one you want. Also, since this is a virtual platform, there are no physical showrooms or storefronts – a virtual shop replaces these.

hellenic-timeline
hellenic technologies
Athens, Greece
5 - 13 recommendations
Digital & Marketing StrategyE-commerceSocial MediaWebsite Creation Software
Discover the agencyarrow_forward
Emkan Media
Dubai, United Arab Emirates
5 - 4 recommendations
Advertising & DisplayDigital & Marketing StrategyPhotographySocial Media
Discover the agencyarrow_forward
Addicta
Cairo, Egypt
4.9 - 3 recommendations
Digital & Marketing StrategyE-commerceMobile & App DevelopmentWeb & Software DevelopmentWebsite Creation Software
Discover the agencyarrow_forward
6W Agency
Dubai, United Arab Emirates
0 - 0 recommendation
Digital & Marketing StrategySocial MediaWebsite Creation Software
Discover the agencyarrow_forward
branding-bar-timeline
Branding Bar
Bonn,Al Maadi, Germany, Egypt
4.9 - 6 recommendations
Digital & Marketing StrategyWeb Design
Discover the agencyarrow_forward
swc-125
SWC Partnership
London, United Kingdom
5/5 - 9 recommendations
Advertising & DisplayDefaultDigital & Marketing StrategyMarketingPublic Relations
Discover the agencyarrow_forward
havas1
Socialyse Belgium
London, United Kingdom
5/5 - 0 recommendation
Marketing
Discover the agencyarrow_forward
op1
POP Communications
Dubai, United Arab Emirates
5/5 - 2 recommendations
MarketingPublic Relations
Discover the agencyarrow_forward
praxis1
Praxis Advertising
Dubai, United Arab Emirates
5/5 - 0 recommendation
Advertising & DisplayDigital & Marketing Strategy
Discover the agencyarrow_forward
place1
Sandpaper
Dubai, United Arab Emirates
5/5 - 5 recommendations
Digital & Marketing StrategyMarketingPublic RelationsWebsite Creation Software
Discover the agencyarrow_forward
roots1
Grassroots creative agency
Dubai, United Arab Emirates
5/5 - 10 recommendations
Digital & Marketing StrategyMarketingWeb DesignWebsite Creation Software
Discover the agencyarrow_forward
asia1
ASIA MEDIA PUBLISHING GROUP CO. LTD
Bangkok, Thailand
5/5 - 6 recommendations
Advertising & DisplayDigital & Marketing StrategyPublic RelationsWebsite Creation Software
Discover the agencyarrow_forward
suz1
Suzaku Productions Co., Ltd.
Bangkok, Thailand
5/5 - 13 recommendations
Digital & Marketing StrategyWebsite Creation Software
Discover the agencyarrow_forward
web1
Web Romandie
Lausanne, Switzerland
5/5 - 0 recommendation
Advertising & DisplayDigital & Marketing StrategyWebsite Creation Software
Discover the agencyarrow_forward
pix1
Pixels Trade SA
Geneva, Switzerland
5/5 - 12 recommendations
Digital & Marketing StrategyWebsite Creation Software
Discover the agencyarrow_forward
evol1
EvolveDigitas
Singapore, Singapore
5/5 - 5 recommendations
Advertising & DisplayDigital & Marketing StrategyMarketingPublic RelationsWebsite Creation Software
Discover the agencyarrow_forward
prio1
Priority Connect Digital
Singapore, Singapore
5/5 - 1 recommendation
Advertising & DisplayDigital & Marketing StrategyPublic RelationsWebsite Creation Software
Discover the agencyarrow_forward
ab1
ab4.systems
Singapore, Singapore
5/5 - 26 recommendations
Advertising & DisplayDigital & Marketing StrategyMarketingWebsite Creation Software
Discover the agencyarrow_forward
blen1
Creative Blend
Riyadh, Saudi Arabia
5/5 - 1 recommendation
Advertising & DisplayDigital & Marketing StrategyMarketingPublic RelationsWebsite Creation Software
Discover the agencyarrow_forward
di1
Dice Marketing and Advertising
Riyadh, Saudi Arabia
5/5 - 1 recommendation
Advertising & DisplayMarketingWebsite Creation Software
Discover the agencyarrow_forward
your
diARK
Bucharest, Romania
5/5 - 3 recommendations
Advertising & DisplayMarketingPublic RelationsWeb DevelopmentWebsite Creation Software
Discover the agencyarrow_forward
we1
Destinare Marketing Group
Doha, Qatar
5/5 - 1 recommendation
Advertising & DisplayMarketingWeb DevelopmentWebsite Creation Software
Discover the agencyarrow_forward
artx1
ArtX Pro
Karachi, Pakistan
5/5 - 3 recommendations
Digital & Marketing StrategyMarketingWeb DevelopmentWebsite Creation Software
Discover the agencyarrow_forward
redoy1
Redoya – Smart digital branding agency
Lahore, Pakistan
5/5 - 1 recommendation
Digital & Marketing StrategyMarketingWebsite Creation Software
Discover the agencyarrow_forward
brand1
Brand & Image
Casablanca, Morocco
5/5 - 0 recommendation
Digital & Marketing StrategyWebsite Creation Software
Discover the agencyarrow_forward
maroon2
Maroon studio sdn bhd
Kuala Lumpur, Malaysia
5/5 - 0 recommendation
Advertising & DisplayDigital & Marketing StrategyMarketingWebsite Creation Software
Discover the agencyarrow_forward
estim1
Virtualspirit Technology
Seri Kembangan, Malaysia
5/5 - 1 recommendation
Digital & Marketing StrategyMobile & App DevelopmentWeb DevelopmentWebsite Creation Software
Discover the agencyarrow_forward
insta1
NEXTSCLICK DIGITAL
Kuala Lumpur, Malaysia
5/5 - 5 recommendations
Advertising & DisplayDigital & Marketing StrategyWeb DesignWebsite Creation Software
Discover the agencyarrow_forward
wave
Caspian Digital Solutions
Petaling Jaya, Malaysia
5/5 - 5 recommendations
Advertising & DisplayDigital & Marketing StrategyMarketing
Discover the agencyarrow_forward
ice1
Icetulip
Beirut, Lebanon
5/5 - 3 recommendations
Advertising & DisplayDigital & Marketing StrategyWeb DevelopmentWebsite Creation Software
Discover the agencyarrow_forward
003
Quaive Creative Studio
Hawally, Kuwait
5/5 - 4 recommendations
Advertising & DisplayDigital & Marketing Strategy
Discover the agencyarrow_forward
002
Poixel
Kuwait City, Kuwait
5/5 - 2 recommendations
Digital & Marketing StrategyMarketingWebsite Creation Software
Discover the agencyarrow_forward
77
MRG Enterprise Inc. / MRG-nation
Tokyo, Japon
5/5 - 0 recommendation
Advertising & DisplayDigital & Marketing Strategy
Discover the agencyarrow_forward
56
Lokal Vokal
Central Jakarta, Indonesia
5/5 - 0 recommendation
Advertising & DisplayDigital & Marketing StrategyMarketingWebsite Creation Software
Discover the agencyarrow_forward
45
ChubbyRawit Digital Marketing Agency
South Jakarta, Indonesia
5/5 - 10 recommendations
Advertising & DisplayDigital & Marketing StrategyMarketingWeb Development
Discover the agencyarrow_forward
30
FMG
West Jakarta City, Indonesia
5/5 - 5 recommendations
Advertising & DisplayMarketingWeb DevelopmentWebsite Creation Software
Discover the agencyarrow_forward
06
Taksu Digital
Hong Kong, Hong Kong
5/5 - 8 recommendations
Digital & Marketing StrategyMarketingWebsite Creation Software
Discover the agencyarrow_forward
04
DSIGN Branding
Hong Kong, Hong Kong
5/5 - 2 recommendations
Digital & Marketing StrategyMarketing
Discover the agencyarrow_forward
02
The Orangeblowfish
Hong Kong, Hong Kong
5/5 - 2 recommendations
Digital & Marketing Strategy
Discover the agencyarrow_forward
veloma
heydaysss
Hong Kong Island, Hong Kong
5/5 - 6 recommendations
MarketingWeb Development
Discover the agencyarrow_forward
ki
4HK
Hong Kong Island, Hong Kong
5/5 - 5 recommendations
Digital & Marketing StrategyMarketing
Discover the agencyarrow_forward
alika
Pencil Designs
New Cairo City, Egypt
5/5 - 2 recommendations
Digital & Marketing StrategyWeb Development
Discover the agencyarrow_forward
squad2
Squad
Cairo, Egypt
5/5 - 10 recommendations
Digital & Marketing Strategy
Discover the agencyarrow_forward
gendarme
Fisheye Solutions
Giza, Egypt
5/5 - 3 recommendations
Digital & Marketing StrategyMarketing
Discover the agencyarrow_forward
citrus
sendian creations
Al Maadi, Egypt
5/5 - 6 recommendations
MarketingWeb Development
Discover the agencyarrow_forward
tamtam
Nilecode
Qesm Torah, Egypt
5/5 - 4 recommendations
Digital & Marketing StrategyWeb Development
Discover the agencyarrow_forward
bonbon
INETWORK Middle East
New Cairo City, Egypt
5/5 - 8 recommendations
Digital & Marketing StrategyMarketingWebsite Creation Software
Discover the agencyarrow_forward
ses
WebbingStone
6th of October City, Egypt
5/5 - 13 recommendations
Content MarketingDigital & Marketing StrategyMarketingWeb Development
Discover the agencyarrow_forward
jjjjjjj
Indigo Media
Qism El-Nozha, Egypt
5/5 - 0 recommendation
Marketing
Discover the agencyarrow_forward
pppppp
bni – bright new ideas
Nasr City, Egypt
5/5 - 9 recommendations
Digital & Marketing StrategyWeb Development
Discover the agencyarrow_forward
dididid
Intcore
Giza Governorate, Egypt
5/5 - 6 recommendations
Digital & Marketing StrategySEOWeb DevelopmentWebsite Creation Software
Discover the agencyarrow_forward
aaaaaa
Ad Value Marketing Agency
Cairo Governorate, Egypt
5/5 - 2 recommendations
Marketing
Discover the agencyarrow_forward
lilliliil
O2 Media Group
Giza, Egypt
5/5 - 14 recommendations
Digital & Marketing StrategyMarketingWeb Development
Discover the agencyarrow_forward
kaaaka
Baran Productions
Al Maadi, Egypt
5/5 - 2 recommendations
Digital & Marketing Strategy
Discover the agencyarrow_forward
hihi
New Step Media
Ad Doqi, Egypt
5/5 - 10 recommendations
Marketing
Discover the agencyarrow_forward
capture789
Essencius A/S
Copenhagen, Denmark
5/5 - 4 recommendations
Marketing
Discover the agencyarrow_forward
Resonance
Shanghai, China
5/5 - 0 recommendation
Digital & Marketing Strategy
Discover the agencyarrow_forward
poisson2
JungleFish Shanghai
Shanghai, China
5/5 - 0 recommendation
Digital & Marketing Strategy
Discover the agencyarrow_forward
Fabric IT
Southern Governorate, Bahrain
5/5 - 0 recommendation
Digital & Marketing StrategyWebsite Creation Software
Discover the agencyarrow_forward
Jaroudi Media
Manama, Bahrain
5/5 - 0 recommendation
Digital & Marketing StrategyMarketing
Discover the agencyarrow_forward
capture
HiveDigit
Bordj El Kiffan, ALGERIE
5/5 - 3 recommendations
Digital & Marketing StrategyWeb Design
Discover the agencyarrow_forward

What Components Make Up a Market Space

Buyers

The power rests with the buyer. There are so many potential buyers searching the internet for products and services in the virtual market space.

Sellers

The market space would not exist without sellers. Sellers are actively involved in marketing their businesses to attract both old and new customers to their online stores.

Intermediaries

These provide various services on the web. This can include setting up the infrastructure of market spaces, matching buyers and sellers, and assisting them in completing the transaction.

Products

The products available at online market spaces are only limited by your imagination. But you cannot interact with the physical goods.

If you have ever browsed an e-commerce site such as eBay, you know the product range is extensive and spread across a variety of industries.

Back-end

This is a crucial part of the successful functioning of any online store. These include activities such as order fulfillment, packaging payment processing, delivery, inventory management, and more.

Infrastructure

The core of it all. These include networks, hardware, and software.

Front-end

This is how you interact with the market space. It includes the processes such as the cart, catalog, sellers portal, payment gateway, and search engine.

Support services

Another crucial part of any virtual marketplace. These include certification to ensure security and other trust services.

The objective of a virtual market place is to sell a product or service to a wide audience of web-savvy consumers.

Whenever you sell a product or service, you also need to provide support to your clients.

You can do this directly through the market space platform you use. The same goes for handling any customer service issue that may arise.

Another goal that can be achieved by using a market space for your business is that it allows you to build strong branding. And we all know how vital brand awareness is for the growth of any business.

What is Market Space Marketing?

The market space where physical boundaries are not a concern opens up a whole new world of marketing opportunities. Making use of market space for your business can make a difference to your marketing campaign.

market space

You are given business through the site as you are on a trusted platform that already receives a large amount of traffic coming through daily. If you put in place good optimization strategies on your products and services, then using a market space can be one of the quickest ways to expand your footprint and online profile.

This can be difficult as market spaces are filled with competitors. As such, it is important to know your audience, stick with your brand, and have a unique selling proposition (USP) that edges you out from the rest.

Marketspace vs Marketplace

The difference between marketplace and marketspace is actually very basic.

A traditional marketplace has a physical location. Here buyers and sellers meet face to face and create conversations around the products or services. The customers are given a chance to ask questions and physically see and feel the products before deciding to make a purchase.

In contrast, the market space has no physical boundaries. It is an online platform where customers can browse the catalog with your offerings and make purchases over the internet through an online payment portal. There is much less interaction between the buyer and seller.

Advantages of Market Space for Your Business?

There are many advantages to using a market space to promote your company and establish an online presence and brand.

24h Store For High Demand

For one, there is already a strong market, so you don’t have to create demand from scratch.

The process of selling through a market space is also more fast-paced as consumers can immediately start browsing your products when they are loaded, and with no operating hours, and sales can be made quickly at any time.

Market spaces also offer dedicated customer support 24/7, so you can rest assured that there will be someone to help if a problem arises.

Easy Payments and Savings on Costs

Another advantage for your company on market space is that the platform usually has its payment escrow services.

This makes a transaction on the site simple and secure. The shopping experience for consumers is also much easier and more convenient as you can shop from the comfort of your home or with a few clicks. And since the internet is available in most places, you can also shop from anywhere.

Finally, one of the biggest advantages is that upkeep costs are much lower than maintaining a traditional brick-and-mortar storefront or paying to attend other electronic and conventional markets.

You will save on transportation costs, stocking costs, store rent, and upkeep expenses, amongst others.

How About Customer Loyalty?

There’s no denying that it is extremely difficult to build customer loyalty on a market space platform as the consumers are usually not regular visitors.

But, if you have a strong advertising strategy in place and sell products with high value and quality, building a strong, dedicated following is possible.

But, it may take more effort on the seller’s part. Etsy is a good example of a platform where sellers still manage to build relationships with their customers and build a loyal and strong brand following.

Disadvantages of Market Space

As with any online platform where the service relies on the internet, there are a few potential disadvantages to take into account.

Since market space is a virtual shopping platform, there is no way for consumers to try the product before buying it, and you have to rely on the information posted by the seller. In some cases, this can be vague or lacking.

Also, since there are no sales employees available to guide consumers, you are reliant on other factors to make a sale.

There is no direct communication between the buyer and seller, and in most cases, any communication is directed to the platform. The competition is also much higher than that found in a traditional market place.

What Is New Market Space?

All businesses have competitors that they measure their progress against. A business’s progress can be measured in either incremental improvements in cost, quality, or sometimes both.

But, the competition can sometimes become quite cut-throat. This is where some businesses set out to create a new market space that sets them apart from other competitors.

This is not always easy to do and requires a change of mindset so that you can see opportunities where others do not. Instead of thinking inside the box and only looking at the conventional markets within your industry. Try widening your gaze to see potential avenues for innovation.

Being able to create a new market space within the virtual world of retail is extremely important. There is so much competition online. You will need something that sets you apart from the rest and will attract customers. If you can’t catch the attention of a potential buyer within the first few seconds of their browsing, you may lose the sale.

Final Thoughts

Market space is a great platform. Here companies can sell their products over the internet using computers, smartphones, or tablets. It is a convenient way for shoppers to search for what they want from the comfort of their homes. It’s also a way that companies can grow their online presence and get exposure to large pools of traffic.