In my recent post, I have talked about the growing popularity of the marketplace and why it will be a major area to focus upon in 2019.
- $1.55 trillion spent globally on the top 75 online marketplaces in 2017.
- 2 are based in the U.S., and they grew sales 24% in 2017.
Source: InternetRetailer
Types of Marketplaces
Based on the nature of services, marketplaces can be classified in various categories. Let’s talk about this classification:
1.Marketplace with Add-ons
When it comes to offering a product, marketplaces offer add-ons. Developers join this platform to create their apps which are finally taken up by the end-users. With numerous options available, the end-users can make a quick choice as per their needs and avoid spending time on searching, testing and evaluating apps of different vendors. You can get everything at one platform.
2. Marketplace with Data-sharing Capabilities
When you need data for different markets from different sources, go to data marketplace to fulfill your needs. It can be personal data, market data, demographics, research data, etc. For example, you can get personal data of candidates based on the list of email IDs you already have. With the rise of big data, there has been an increase in the number of data marketplaces. Examples of this platform are Microsoft’s Azure Data Market and Salesforce.com’s Data.com.
3. Consulting/Advisory Marketplace
This marketplace provides multiple services by partnering/integrating with a third party. For example, Greenhouse helps you in collecting information of new hires in Greenhouse Onboarding and provides employee accounts through ADP.
4. Feature-based Marketplace
This marketplace provides a new feature which the end-user does not have. For example, if you are looking for a video interviewing tool, you can get it from the marketplace.
Also, read about 4 key factors for building a successful marketplace.
Let’s take a few examples of prominent marketplaces and what they do.
Greenhouse ensures that you get every required tool or app at its platform. To facilitate this, it integrates with numerous third-party apps allowing you to explore its capabilities without leaving its platform. The apps are divided into many categories such as HRIS, Social, Background Checks, Onboarding, Job Research, Candidate Travel, etc.
ADP marketplace offers HR apps to its clients, all in one place and allows HR solution providers to present their app to more than 600,000 companies. The platform also lets developers integrate with ADP APIs.
It is the largest marketplace for recruiting applications. Bullhorn invites technology partners to offer their solutions to the end-users. Thus, you get fully integrated applications which are a solution for all your recruiting needs.
BambooHR marketplace is a platform where you get all your favorite HR apps. It is integrated with leading companies such as SmartRecruiters, Greenhouse, Jobvite, SwipeClock, Ximble and many more.
The world of the marketplace is evolving. I am sure this new year will open more possibilities for this platform.
