What Is Customer to Customer (C2C)?
The Digital World now unfolding has many features that increase ease of use and access to global solutions. We have built solutions in our upcoming platform that go way beyond the features of todays methods.
A deeper understanding of the digital market place is valuable to understand when realizing how the entire world and even third world countries will be able to participate in a global economy.
Customer to customer (C2C) is a business model whereby customers can trade with each other, typically in an online environment. Two implementations of C2C markets are auctions and classified advertisements. C2C marketing has soared in popularity with the arrival of the Internet and companies such as eBay, Etsy, and Craigslist.
Types of Customer to Customer (C2C) Businesses
Craigslist is an e-commerce platform that connects people advertising products, services, or situations. Craigslist not only provides a platform for buying, selling, and trading products but posts monthly classified ads, such as employment opportunities and property listings. This platform requires the seller to deliver items directly to the buyer in person.
C2C websites and similar platforms make money from fees charged to sellers for listing items for sale, adding on promotional features, and facilitating credit card transactions. These C2C transactions typically involve used products sold through a classified or auction system.
The C2C market is projected to grow in the future because of its cost-effectiveness. The cost of using third parties is declining, and the number of products for sale by consumers is steadily rising. Retailers consider it to be an essential business model because of the popularity of social media and other online channels. These channels showcase specific products already owned by consumers and increase demand, which drives increased online traffic to C2C platforms.
However, C2C has problems such as a lack of quality control or payment guarantees. In some cases, there is little support for credit card transactions, although the emergence of PayPal and other such payment systems over the years has helped simplify payments on C2C platforms.
Real World Example of Customer to Customer (C2C)
The C2C marketplace has increased over time, as more companies have entered the space to facilitate C2C transactions. Many companies target niche markets and list specific products to attract unique consumers.
The C2C marketplace is increasing in popularity among sellers looking to maximize their sales potential by connecting with customers that they otherwise would not reach using traditional selling methods. Online platforms such as Etsy and Craigslist appeal to customers who can locate mostly any product or service at a price they are willing to pay.
The “Amazon effect” is named after the popular global online retailer and refers to the competitive gains e-commerce businesses have made as more shoppers make purchases online instead of shopping at brick-and-mortar stores.