Best business model to chose in 2021.
The best business models for 2021 are the “Hyperlocal business model” and “Multi-vendor marketplace business model.”
Why Multi-vendor marketplace business model?
The multi-vendor marketplace business model offers a common platform for multiple sellers and buyers to come together to engage in commerce activities through a dedicated website.
This is a popular type of business model for 2021 as due to the pandemic everything is shifted online. Customers prefer to shop online whereas offline stores have started investing heavily in digitalization. The main focus of offline stores is to register themselves on eligible third-party websites to boost their sales and expand their business online.
The advantages of the Multi-vendor marketplace business model are:
- It captures large markets
- It's a zero inventory model that means minimum or no inventory cost
- More scalable as compared to other business models
Why Hyperlocal business model?
The hyperlocal business model is restricted within a defined geographical circumference. It gives the local offline stores an opportunity to shift online. As per this business model the eCommerce store can collaborate with the local vendors to fulfil the orders.
The advantages of the Hyperlocal Business Model are:
- Opportunity to expand
- Increased upselling revenue margins
- Help provide promote delivery/services
There are the top two business models for the year 2021 that are profitable as per the current demand and growth opportunities in the market.
Whereas other than these there are business models that you can consider. That is:
A) Inventory Based Business Model
B) Click and Collect or Buy Online Pick-up in Store (BOPIS) Business Model
For details related to the above-mentioned business models can be found in the article: https://www.fatbit.com/fab/different-business-models-to-launch-online-grocery-business/?=p or https://www.fatbit.com/fab/online-food-delivery-business-models/?=p
