Why Online Marketplaces Are Growing in Popularity

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A market is no longer a place in the town centre where people congregate to buy and sell goods. The traditional marketplace was supplanted for the first time in centuries by the digital marketplaces we access from anywhere on smartphones.

What is the real difference between a brick-and-mortar store and an online marketplace? Hint: it has to do with a lot more than just the store’s physicality. Let’s take a closer look at why more consumers turn to online marketplaces.

Vital Data on Your Side 

When you manually browse the goods on a store shelf, you see what everyone sees. When you leverage data and algorithms, on the other hand, your results can be far more tailored.

This is why Nobul, a real estate technology platform founded by Regan McGee, uses big data to send homebuyers curated listings that meet their specifications. 

Users need to simply list their budget and describe what they’re looking for in a home, and they’ll get notifications as soon as matching properties hit the market. The best algorithms have churned millions of data points to better relay homes you’ll find appealing. 

Manually trawling the listings takes a lot of time and doesn’t get you better results. The homebuyer who relies on manual searches may find the home is off the market by the time they try to offer a bid, snapped up by the person who had it appear in a notification.

Agents Working for You

If you waltz into a real estate agent’s office, they might hit it off and start working together. It’s much easier to outline what you’re looking for in a home and have agents compete to represent you.

Buyers can tilt the playing field in their favour and have agents offering additional complimentary services or cash back. Homebuyers are free to sit back, take stock of all the agents hungry to work for them, and see whose terms are best.

For example, veteran homebuyers with a larger budget may need an agent experienced in exclusive, luxury real estate, whereas Millennials or other first-time buyers may prefer an agent offering competitive pricing. No two homebuyers are alike, and online marketplaces make it easier to connect with the agents who can best serve their needs and wants.

Leverage an online marketplace to get a lower price or better service – the digital world responds to you.

Security and Privacy

Where brick-and-mortar stores have CCTV cameras, locks, and alarm systems, online marketplaces have the equivalent measures to protect shoppers. For example, the best apps don’t give users’ contact information to just anybody.

In Nobul’s case, all the communication is strictly through the app, so the real estate agents can’t cold-call or even reach homebuyers outside the app. Look for an online marketplace that takes security and privacy seriously, and you can enjoy all the benefits of shopping digitally with total peace of mind.

Online marketplaces are a technological marvel, but that’s not the real reason they’re popular. Online marketplaces streamline the purchasing process and make it more affordable and secure. No wonder millions of people use them today.

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