What is Meta Market – Advantages and Examples

What is Meta Market?

Meta Market is a virtual marketplace that focuses on providing customers with a range of products or services that are either closely related within the same industry or from different industries.

By consolidating all products and related items for a specific market on one platform, it brings all customers together in one place. This business model is designed to meet similar demands of a wide range of customers all in one place.

Additionally, we can observe it as a system that simplifies & organizes the trading of goods and services. Such transactions occur when buyers and sellers of compatible products come into contact.

For example, in an automobile meta market, there are various sub-industries like car manufacturers, service outlets, insurance companies, spare parts suppliers, finance institutions, driving schools, etc. Cardekho.com is an example of such a meta market

The main idea of this concept is to bring together customers who have similar needs. However, it doesn’t consider the option of offering multiple products to the same customer. That’s why we refer to it as a customer-centric approach, rather than a product-centric one. Meta market websites or apps promote not only core products but also –

• Places
• Persons
• Organizations, etc.

Marketers should keep the customer experience at the forefront while designing meta-market platforms that are intuitive and simplify purchase processes, rather than making them more complex. By understanding customers’ consumption patterns, it can make the transition easier and more effective.

Need of Meta Market

With the emergence of e-commerce, there is a rapid growth in the competition between online retailers. Meta markets create added value to an enhanced customer experience by providing a single platform for customers, thus ensuring the customers that they have access to the best products & services available.

Meta markets offer an organized & efficient digital platform for buyers to compare different products & services and make the best choice suited to their needs. It allows a customer to have an uninterrupted shopping experience. The meta market also provides the best possible rates and discounts to its customers, making it more attractive for buyers.

Meta markets are the future of digital commerce as they offer a new level of convenience and satisfaction to customers, allowing them to enjoy their shopping journey. In short, meta-markets provide customers with a one-stop shop for all their needs – making them an essential part of the modern digital commerce landscape. Meta markets offer a distinctive platform for social interaction, which extends the reach and ultimately increases sales. Additionally, in this market space, customers come across sellers who have been verified and are trustworthy.

Meta Marketing

This marketing approach utilizes the concept of meta-markets to integrate all aspects of marketing with human behavior. Meta marketers prefer to develop their own marketing tactics for products rather than adopting the approaches used by others who have previously excelled in the industry.

Metamediary

These agents serve as mediators for different parties involved in the meta-market, such as customers, suppliers, sellers, delivery personnel, etc. Metamediaries coordinate and streamline activities between these entities, ensuring smooth transactions and maximum satisfaction.

Metamediaries can be used in various industries including Rentals, Real Estate, Tourism, etc., and not just limited to product trading. They help optimize the process, enabling more efficient transactions and improved customer experience. Metamediaries assist customers in multiple ways, such as saving time during searches, ensuring quality, helping with related purchases, and providing impartial information. For example, MakeMyTrip (metamediary) helps customers to book flights, hotels, resorts, etc.

Marketplace, Marketspace, and Meta market

Although the three words may appear to be alike and are often used interchangeably, they actually have different meanings. Let’s take a look at them in detail:

Market Place

The term refers to a physical location where goods and services are bought and sold, such as a supermarket or other retail store.

Marketspace

It is an online or virtual platform where buyers and sellers interact with each other, such as Amazon or eBay.

Meta Market

It refers to websites that sell products that are related to each other from the customer’s perspective, and it can be accessed online. For example, KAYAK is a meta market that helps customers to compare products and services related to travel.

Virtual Market and Meta Market

A virtual market, also known as an E-Market, is a market that operates electronically. When multiple virtual markets come together, they form a meta-market. A meta-market is a collection of virtual markets working together to create an efficient marketplace.

Advantages of Meta Market

To firms –

• Horizontal and Vertical Segments: This system’s development can follow either a horizontal approach, which covers multiple industries, or a vertical approach, which focuses on a single industry.
• Centralized Platform:  Meta markets provide a single platform for companies to showcase their entire product range and compare prices, leading to better deals for customers.
• Supply Chain Efficiency:  Since products are sourced from various vendors, the supply chain is improved due to better planning and optimization.
• Strong Network:  Meta markets can help small businesses to create a strong network with their partner companies, which enables them to tap into new opportunities.

To customers –

• Accessibility:  Customers can access a variety of products at their fingertips from multiple vendors, and compare prices to get the best deal.
• Easy Switching:  They can easily switch and select from multiple options, without having to go through the tedious process of searching for individual products.
• Procurement and Delivery:  The procurement and delivery process is streamlined, making it simpler for customers to make their purchases.
• Convenience:  Meta markets provide a convenient way for customers to purchase products from multiple vendors in one place.

Examples

1)  USA Matrimony by iMarriages

It is a matrimony website, where one can find their perfect life partner.

The site provides multiple options for individuals to search and connect with prospective brides and grooms.

It also offers various services like:

• Online Counseling
• Matchmaking
• Compatibility Test
• Advanced Search Options
• Online Payment Gateway
• Verified Profile Database
• Live Chat and Video Calling Features
• Legal Advice and More.

2) Zillow

It is an online meta-market company that provides real estate services. It has a comprehensive database of homes for sale and rent, including information like the estimated market value, listing prices, and more.

It also provides multiple services such as:

• Real Estate Search Services & Tools
• Mortgage Calculator
• Home Improvement Ideas & Tips
• Zestimate Tool and more.

Conclusion!

Meta markets have revolutionized the way people shop and transact online. They provide customers with access to varieties of products from multiple vendors, easy switching options, streamlined procurement and delivery process, and convenience in one place. Knowing all the advantages that meta markets offer, it is worth considering them as a great option when shopping or transacting online.

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