The platform economy has caused a revolution in the world of commerce and has become its backbone across a variety of industries. Read this guide to find out how digital platforms have achieved such prominence in the global market and which technological solutions can make them reach even greater heights.
In a Nutshell: What Are Platform Businesses?
Digital platforms facilitate transactions between two or more interdependent groups, typically consumers and manufacturers. Unlike the supply chain system linear businesses use to create and control the inventory, platforms simply link different parties together.
Main Platform Business Models
While digital platforms appear in many different forms, they can be roughly divided into three categories, namely:
Marketplace — eCommerce platforms, such as eBay,
Amazon, and Alibaba that connect shoppers with merchants.
Software as a service — cloud software like that of Wix, Shopify, and Teesnap that caters to small and medium-sized businesses.
On-demand platforms — gig economies like Uber Eats, Postmates, and Fiverr that link services with consumers, relieving businesses from a lot of overhead expenses.
The Boom of Digital Platforms
The growing popularity of platforms is visible to the naked eye. But did you know that the emerging digital ecosystems could reach
$60 trillion by 2025, accounting for over 30% of global corporate revenue?
What is the reason behind such roaring success? In fact, there are plenty of advantages digital platforms offer, such as:
Accelerating business growth. Platforms can make even the smallest local business get noticed on a global scale and make its outreach and revenues grow exponentially.
Offering a wider variety of choices. Digital platforms are hubs for a wide array of merchants and service providers, making the shopping experience similar to the one consumers get in a shopping mall.
Simplifying business operations. Opting for selling goods or providing services via a digital platform spares businesses the hassle of creating their own web stores, organizing delivery services, and developing their proprietary software.
Providing mediation services. In case the consumer files a dispute, platforms often take the mediation procedure into their hands or, at least, optimize the process for the convenience of all parties involved.
The list of benefits provided by digital platforms doesn’t end there! Perhaps, the ultimate advantage of such businesses is that they are as close to ensuring completely frictionless shopping experiences as no other eCommerce solutions are.
But is there anything that could be done to improve emerging platforms even more?
Payneteasy: Ensuring Frictionless Transactions for Digital Platforms
One of the key functions of digital platforms is to facilitate eCommerce functions for the parties involved. To achieve a truly seamless shopping experience, ensure an advanced level of safety, and allow businesses to grow, the platform in question should have a strong payments infrastructure.
At Payneteasy, we know what it takes to integrate a payment system that will not only become an integral part of a digital platform but will also be able to scale up together with it.
Accepting the fact that every platform’s payments journey is unique, we provide software that encompasses the following principles for long-term success:
Flexibility to support your growing platform
Individual approach and custom solutions
Support of a plethora of globally renowned and local payment methods
We believe that simplicity is key, so we always strive to pack advanced payment solutions in a compact tech stack. This way, you can boost the shopping experience for your customers while avoiding the overwhelming pressure of dealing with complex software.
Keep Growing with the Right Payment Solutions
In the digital era, one can be sure that platforms are just at the beginning of the journey toward their full potential. Thus, it’s a great moment to hop on the trend and keep upgrading your digital platform as soon as new opportunities emerge in the niche.
That’s why it’s so important to have a reliable integrated payment solution that will support your growth strategy and won’t let you and your customers down. Our
white-label payment gateway with a smart traffic routing system and a robust set of APIs to accommodate any transaction are the ultimate tools you need to facilitate smooth and secure transactions.
White Label Payment Gateway
Offer your customers a top-level payment solution, increase your turnover and boost your business profit.