What is Marketspace?

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Marketspace is a term coined to describe a virtual selling space. Specifically, it refers to all spaces on the Internet in which a company markets its products or presents them for sale. It can be a single website or a combination of electronic spaces, including digital advertisements, blogs, social networking sites and formal business sites.

As the purchasing activity of individuals and businesses has changed with the development of online options, so has the terminology used to describe purchase decisions and transactions. The term market space is an excellent example. It is used to differentiate between actual physical sales spaces – often referred to as the marketplace – and non-physical virtual sales spaces.

The cornerstone of a company’s virtual marketplace is usually the company’s website. This site may be a purely informational site, but generally includes an e-commerce component that allows customers to make purchases directly from the site. The website may also contain links to social media sites or other virtual locations. These sites often offer interactive components, such as a blog that customers can comment on; a space where customers can exchange information and opinions; and a portal through which customers can sign up to receive sales notifications, coupons or news by e-mail.

A market space can also include general commerce websites where many companies sell or advertise their products and services. Customers can often compare prices, search for suppliers and order online at these sites. Some of these sites offer additional benefits like frequent purchase reward programs, bulk purchase discounts or also free shipping.

Social media sites are another important component in most market space plans. These sites allow companies to communicate with a large number of consumers who have already expressed an interest in the company and taken the initiative to open up the lines of communication. It also allows for the facilitation of contests that can engage customers and potentially provide testimonials that can be used in other marketing initiatives. Communication through social media sites is generally more casual than other types of internet or traditional communications, allowing customers and potential customers to feel a sense of connection with the company on a personal level.

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This term is believed to have evolved in the mid-1990s in response to the rise of electronic shopping. It may have been first used in the Harvard Business review in an article describing the different marketing strategies used for virtual sales and brick-and-mortar retail. While these strategies have evolved over time, most experts still agree that marketing is very different in physical and virtual markets.

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