10 ways online marketplaces are a bonus for eventprofs

The rise of online marketplaces has been a boon for B2B events – allowing organisers to widen their connections beyond the limits of in-person shows.

Always online ecommerce sites help buyers explore new products around the year, compare prices and get the best deals for their purchase.

Exhibitors can use these platforms as a convenient way to connect with potential customers and boost sales. 

Want to know more about online marketplaces for events? Download our Marketplace Blueprint now. Watch the video below for more info ?

Here are 10 reasons why online marketplaces can boost your events business: 

1. Adjacent growth ?

An online marketplace can be used alongside a physical event to boost two-sided growth in the following ways:

• Upcoming exhibitions and tradeshows can be promoted on the marketplace
• New buyers and exhibitors can be onboarded to the marketplace
• Build and nurture a dedicated audience on the marketplace to get more participants for the in-person show

2. Increased product value ⬆

The networking effect in online marketplaces makes products and services more valuable. Impartial reviews from a large audience as well as suggestions and feedback lend credibility to your offerings and make them more cost-effective.

3. No inventory ?

It’s easier to set up and operate online marketplaces as they don’t hold any stock – like Airbnb vs hotels. They are also easier to scale – similar to Rover vs dog boarding hotels – and quicker to pivot, think Uber X to Uber Black.

4. No geographical boundaries ?

Online marketplaces allow opportunities for overseas sales and purchase. One can easily compare services and prices from suppliers across the globe and establish new trading partnerships and sales channels.

5. Barrier to entry ?

A well-knit ecosystem of marketplace users provides a new source of competitive advantage and market dominance. The strong networking effect makes it tough to enter or replicate the market.

6. Operate round-the-clock ?

Time constraints and differences in international time zones vanish with online marketplaces. Buyers and sellers can network, converse and strike deals 365 days in a year. 

7. Audience growth ?

Online marketplaces are excellent product discovery tools. Organisers can leverage this feature to embed their brand into the workflows of buyers throughout the year. This audience grows bigger over time as more users recognise its utility.

8. Get more revenue ?

Organisers can offer exhibitors subscription options on the marketplace and bundle it with exhibiting opportunities at in-person shows. Having a year-round online profile increases the chances of getting quality leads and higher ROI.  

9. Greater transparency and trust ?

A more open environment is available at online marketplaces – from prices, competitor products to verified reviews. This improves transparency and trust among buyers and sellers in the platform for business transactions.

10. Brand protection ?️

An online marketplace in the event management portfolio allows organisers to mitigate the risk of cancellations and postponements. Your brand is protected from any disruptions and exhibitors gain more confidence in entering into business transactions.

We hope you enjoyed reading this article and found it useful. At ExpoPlatform, we want to help you build better events and communities. Please get in touch and ask for a demo here. Thank you.