Software:Marketplace Integrator
Marketplace Integrator - a technology platform or software designed to integrate various online marketplaces or trading platforms. Its objective is to automate key business processes that predominantly include product management, order processing, inventory management, as well as other business processes which offer products or services on multiple online marketplaces. The concept of marketplace integrator was mentioned in academic literature, where the scholars reviewed its contribution to building online marketplaces [1], understanding platform business models [2], and addressing the challenges and opportunities in e-marketplaces [3].
Technology
The operational framework of the marketplace integrator encompasses the capability to connect trading platforms through Application Programming Interfaces (APIs) , collect and process product data, manage offers and orders, data synchronization, and report the analytics and errors with performance monitoring being included. To provide a secure connection and access to the marketplace data, technical implementation at the beginning include authentication via API keys, tokens or other mechanisms provided by the marketplace. Subsequent steps include data collection, which is further processed to standardized formats.
Benefits
Unified management interface and automation of order processing
Marketplace integrators offer a unified management interface that enables companies to automate order tracking across all connected services. Referring to the service Shopify which is built on the principle of one interface – many stores. Similar to other services that rely on that type of concept, the company has under their span of control orders, customers, and employees[4].
Increased audience reach
The capability to expand the audience reach may be considered as another significant advantage of the marketplace integrator. Usually, these companies leverage more favorable advertising contracts applicable to all stores connected to the system. Likewise, the service creates an organic growth of search coverage of the company due to the large audience.[5]
Optimization of the inventory management process
The trading platform integrator plays a role in the optimization of inventory management processes. The primitive Enterprise Resource Planning (ERP) system is incorporated into the majority of the services related and provides support for, primarily, small businesses that may find it economically unfeasible to create or maintain their own system as a virtue of high development cost or expensive staffing[3].
Enhanced analytics
Integrators provide analytics and reporting tools, offering insights that might be valuable into sales trends, product popularity, and other relevant metrics.
References
- ↑ Pavlou, Paul A.; Gefen, David (2004). "Building Effective Online Marketplaces with Institution-Based Trust". Information Systems Research 15: 37–59. doi:10.1287/isre.1040.0015. https://pubsonline.informs.org/doi/10.1287/isre.1040.0015.
- ↑ Täuscher, Karl; Laudien, Sven M. (2018). "Understanding platform business models: A mixed methods study of marketplaces". European Management Journal 36 (3): 319–329. doi:10.1016/j.emj.2017.06.005. https://www.sciencedirect.com/science/article/abs/pii/S0263237317300853.
- ↑ 3.0 3.1 Murtaza, Mirza B.; Gupta, Vipul; Carroll, Richard C. (2004). "E-marketplaces and the future of supply chain management: opportunities and challenges". Business Process Management Journal 10 (3): 325–335. doi:10.1108/14637150410539722. https://www.emerald.com/insight/content/doi/10.1108/14637150410539722/full/html.
- ↑ "SE-business in Supply Chain Management". https://www.igi-global.com/gateway/chapter/48904.
- ↑ "STRATEGY TO RAISE BRAND AWARENESS USING SOSIAL MEDIA TO THE MILENIALS". 24 December 2020. https://journal.ubaya.ac.id/index.php/JIBT/article/view/2961.
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