Marketspace refers to a company’s virtual retail space, including websites, social media, and other digital locations. It evolved in response to the rise of electronic purchases in the mid-1990s and is different from physical marketplaces.
Marketspace is a term coined to describe a virtual retail space. Specifically, it refers to all the 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 websites.
As the buying activity of individuals and businesses has changed with the development of online options, so has the terminology to describe purchasing decisions and transactions. The term marketplace is an excellent example. It is used to differentiate between actual physical sales spaces, generally referred to as a marketplace, and non-physical virtual sales spaces.
The cornerstone of a company’s virtual marketplace is often its company website. This site may be a purely informational site, but often includes an e-commerce component that allows customers to make purchases directly from the site. The Site may also contain links to social networking sites or other virtual locations. Such sites often offer interactive components such as a blog where customers can comment; a space where customers can exchange information and opinions; and a portal through which customers can sign up to receive email notifications of sales, coupons or news.
A marketplace can also include general commerce sites where many businesses sell or advertise their products and services. Customers can usually compare prices, research providers, and order online at such sites. Some of these sites offer additional benefits such as frequent purchase rewards programs, discounts for bulk purchases, or free shipping as well.
Social networking sites are another important component in most marketing plans. Such sites allow companies to communicate with a large number of consumers who have already shown interest in the company and have taken the initiative to open the lines of communication. It also allows for easy facilitation of contests that can engage customers and potentially provide testimonials that can be used in other marketing initiatives. Communication through social networking sites is often more informal than other types of Internet or traditional communications, allowing customers and potential customers to feel a connection to the business on a personal level.
This term is believed to have evolved in the mid-1990s in response to the rise of electronic purchases. It may have first been used in the Harvard Business review in an article describing the different marketing strategies used for virtual selling and retail. While such strategies have evolved over time, most experts still agree that marketing is very different in physical marketplaces than it is in virtual marketplace spaces.
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