Definition: Meta Market is a customer-centric virtual market that offers closely related products or services belonging to the same industry or diverse set of industries. It strives to cater for the similar needs of diversified customers under one roof.
Moreover, we can understand it as a platform that develops and maintains exchange relationships. These relationships exist between all the buyers and sellers of the complementary products.
Thus, one can find everything related to a certain market in one place. Thereby accumulating all the customers of the products and its complementary products under one umbrella.
For Example, a website selling everything related to Cars. Customers will find a complete range of products belonging to the Car industry like:
- Various Models of Cars
- Car Insurance
- Parts and Accessories
- Rental Services
- Servicing, etc.
The core idea behind this concept is to gather customers with common needs. However, it eliminates the idea of offering multiple products to a single customer.
Therefore, we call it the customer-centric rather than the product-centric approach.
Besides, sellers can market a single product and a cluster of products. Furthermore, these products can be tangible or intangible in nature.
Along with core products, meta markets also promote:
- Organizations, etc.
Previously, firms used to market their products based on their design and applications. But that is not enough to beat the volatile market competition. Therefore, integrating closely related products with the prime product is essential.
To design such a platform, marketers observe customers’ consumption patterns. But, one must ensure that the design simplifies the purchase process than making it more complex.
Content: Meta Market
- Meta Marketing
- Marketplace, Marketspace and Meta market
- Virtual Market and Meta Market
- Final Words
Need of Meta Market
Unlike traditional practices, delivering superior quality products and services isn’t sufficient to remain competitive. Therefore, going digital is the need of the hour for firms.
It is quite evident that almost all products and services are being traded virtually. This is because marketers are willing to present them in an appealing way.
Thus, Meta markets provide a unique platform for social communication. It helps in widening their reach and ultimately multiplying sales.
This is a marketing approach based on the concept of meta-markets. Therefore, it clubs every aspect of marketing with human behaviour.
These are the agents who act as a mediator for various parties participating in the meta-market. These parties can be Customers, Sellers, Delivery Personnel, and Suppliers.
Metamediaries are not restricted to just product trading. But, it is also relevant in the fields like Rentals, Real Estate and Tourism.
It assists customers in the following activities:
- Reducing Search time
- Quality Assurance
- Facilitate Transactions for Related Purchases
- Unbiased Content Information
Marketplace, Marketspace and Meta market
At first glance, all three words seem similar and are often used interchangeably. But they differ from one another significantly.
It refers to a place where goods and services are traded physically. For Example, Any departmental store or vegetable market near you.
It is a virtual space that facilitates the sale and purchase of a wide variety of products. For Example, E-commerce companies like Flipkart and Amazon.
Virtual Market and Meta Market
A virtual market is simply an electronically operated market. We can also refer to it as E-Market. And conglomerate of multiple virtual markets forms a meta-market.
However, some marketers resist mobilization from the virtual market to the meta market.
Advantages or Benefits of Meta Market
- Horizontal and Vertical Segments: The development of this system can be either horizontal (across industries) or vertical (within the industry).
- Centralized Platform: It is an intermediary that helps widen the market reach and facilitates automation.
- Supply Chain Efficiency: It provides a base for creating and improving the industry’s new and existing supply chains.
- Strong Network: Firms create a strong network within/across industries and customers through meta markets.
- Accessibility: Customers have access to all the potential alternatives of the demanded products.
- Easy Switching: They can visit various meta-markets and select the best alternative available.
- Procurement and Delivery: Making a purchase from a meta market eases the complete procedure of procuring the goods. As the products are delivered to the doorsteps.
So far, we can conclude that a meta market of a certain market would be a website on a cloud. This website will cover everything related to that market.
Now let’s understand it with the help of two real-life examples.
Imagine, you are planning a vacation. You have filtered out four destinations that you want to cover. Now, you have two options:
- Search and book – Hotels, Trains and Vehicles by yourself.
But, it will take a lot of time and effort to do so.
- In contrast, you can go to makemytrip.com and plan your trip.
Here, you will find every essential thing over a single platform. Thereby saving valuable time and money.
E-choupal by ITC
It is a digital initiative by the company under corporate social responsibility. In this, they have developed a web-based platform for the farmers.
Through this platform, farmers can sell their stuff directly to the company. Consequently, eliminating middlemen and unnecessary additions to cost.
Besides, e-choupal provides multiple information and services within a single website:
- Weather Updates
- Tips and Tricks, etc.
We can acknowledge many successfully operated meta markets around us. Companies are keen to gain the attached benefits and induce sales.
Through this approach, companies can access a significantly larger customer base. Also, it simplifies the buying process for customers by forming a cluster of products. Consequently, increasing accessibility and decreasing the search time.