Buzzmart’s concept is a free, social and community supported online marketplace for both experienced and novice online traders that wish to stop paying the high fees imposed by other websites. This model is not only socially interactive but also creates a safer trading environment and will provide a significant marketing boost.
Lack of Trust: Online marketplaces face a notion of mistrust due to the lack of open and transparent communication as well as a lack of information between the buyer and the seller. The only tool to evaluate another person online is the traditional feedback system that doesn’t necessarily give enough information about the user. With the rise of social networks and interactive media sites, people not only changed the way they interacted and connected online but also have more information about each other. Logically the more information you have about a person the easier it is to trust them. A socially driven marketplace will be an ideal solution in generating trust, communication and a safer online shopping environment.
Complexity: Online marketplaces are also becoming extremely difficult to navigate. Novice users and especially sellers that their main occupation does not evolve around ecommerce, or they are not Internet savvy are becoming too overwhelmed with the growing complexity of these online marketplaces. Creating a user-driven and user-friendly marketplace environment based on a community will assist users in understanding the workarounds of the site much easier and making their experience better.
Rising fees: It is also becoming significantly expensive to sell in online marketplaces due to the continuously rising fees. The big players in the ecommerce industry push away small time sellers and focus more on large. We believe that by cherishing small and large sellers alike will bring better value to our business especially during hard economic times. Revenue opportunities can be exploit through a freemium model similar to the ones used by Facebook or Google.
Free Marketplace: Buzzmart is based on the freemium business model which provides both free and paid services to its users. Selling is completely without any commissions or fees making it the main driving factor for ex-ebay users to join our website. Moreover as opposed to other “free” marketplaces we offer the full website functionality without any hidden costs such as “paying for adding an extra image or a video”. Our paid services will be focused around product promotion and website visibility similar to other companies such as Google and Facebook.
A richer selling experience: Sellers on Buzzmart can utilize features such as video embedding from Youtube, Google maps to pin-point their store’s location, link their Facebook fan page and Google image suggestions for listings to name a few. Furthermore, we support multiple payment portals which are PayPal, Moneybookers and Google Checkout. Currently, we are also developing ProductWiki integration for social product reviews and custom splash pages for each user profile.Social tools: Buzzmart offers a variety of social integration tools such as micro- blogging to request or promote listings, live video and text chat, custom profile pages and many more. Moreover, Buzzmart allows its users to connect their Twitter and Facebook accounts to automatically share their Buzzmart activity with their friends and followers. Hence creating a more communicative and trusted trading environment for buyers.
New design launch and polishing out the website to create the easiest way to sell/buy online.