Prove / August 20, 2024
Online marketplaces have grown to become a major force in how individuals work, transact, and function in both business and consumer settings. These marketplaces function in a diverse array of formats, catering to various service needs and customer preferences within the digital landscape. Some function within business-to-business (B2B) frameworks, while others cater to business-to-consumer (B2C) interactions. These platforms may offer tangible products or intangible services, and their transaction models can range from straightforward sales to dynamic auctions.
Yet, amidst all of this variety, all online marketplaces share a fundamental objective: facilitating transactions between parties, and knowing if those parties are an actual person, a bot, or a bad actor. This is especially true in physical, real-life physical interactions that happen in situations like drivers and their riders, deliverers and their customers, and other face-to-face situations.
The facilitation of these transactions not only sustains the marketplace’s revenue stream through transaction fees but also fuels its growth trajectory. Positive user experiences incentivize existing buyers to advocate for the platform, attracting new buyers and enticing additional sellers seeking access to a broader customer base. As the marketplace’s seller pool expands, so does the diversity of products and services available, further enticing prospective buyers to participate in the two-sided marketplace…
Read more: https://www.prove.com/blog/how-identity-verification-delivers-enhanced-trust-safety-digital-marketplaces