What are Merchant Malls?
Merchant malls are the stores opened by merchants (sellers) where they sell their products to consumers. Your favorite supermarkets or toys shop or a coffee shop or any shop are all examples. Quite simple, even children know it. Wait, we will soon get to our business.
What are Online Malls?
If you have ever bought something over the internet or visited some merchants (the possibility of not doing one of them is remote, though), you already know the answer. Ok, let me tell you.
Online malls, also called internet malls are the merchant malls set up on the internet. Unlike your favorite shop which has its store near your house, an online mall is set up and operated on the internet. A fully functional online mall performs all its merchant activities online. It finds its customers by online ads and other forms of web site promotion, it takes orders online and receives payment through credit cards - that too online and instantly.
In reality, an online mall is just a website where people visit for shopping. This is a web site equipped with all the facilites needed for selling things over the web.
Why You Need an Online Mall?
This is the age of the internet. Many normal economic activities are going online at a dramatically faster rate. The web has expanded into a vast market with an estimated worldwide internet population of 242 million at the end of 1999. By some estimates, this figure is expected to reach upto 765 million by year-end 2005. All of the web surfers might be potential customers for one thing or another. In fact, the whole is becoming a single market.
The dramatic internetization of business activites will soon overhaul the way business is done. In the process, it has opened up new and numerous opportinuties for business people, and for everyone.
If you are already in an business (offline) selling something, or are planning to start an online selling business, then you must set up your own merchant mall online. And if you make any delays now, your competitors will leave you far behind. In the world of business in general and e-business in particular, the winner is the one who starts early.