The takeover of online platform and declination of flea market
“Flea markets are fun because they are the ultimate treasure hunt...” - Lara Spencer
The above statement by Lara was true until the pandemic arrived and changed everything. The transitions pandemic brought in every aspect has changed the way of working which was earlier. The unexpected crisis has turned everything and everyone towards online platforms.
Since the nationwide lockdown reduced outdoor activity, over 50% of small businesses have had to rethink their way of conducting online business. The imposition of lockdown was led to ensure the decline in cases, but it eventually had an extreme impact too that led to a decline in the working of flea markets.
Even Malls, clothing shops, and everything shifted on online platforms, but don't you feel the charm of a flea market is unparalleled and completely irreplaceable? From clothes to jewellery, even groceries these markets offer amazing stuff at the best prices.
These markets have always been popular & are still thriving, maybe because of the atmosphere & the real cost benefits they offer. These flea markets also help in the market research for start-ups. "We get to sell in different places across the country, interact with locals to get their feedback, doing 'market research' is just a little walk around the campus and it's lighter on the pocket as compared to opening a shop.”
“For small business owners, this allows them to take their product to the market. For example, a home chef can take orders in advance and cook exact quantities. Whereas, in a physical market, the risk of something not getting sold always exists,” We weren’t confined to a locality, this allowed people to gain a customer base across the country and even abroad.”
“Not everyone knows how to use social media. Even if vendors are well-versed, we need customers to be so, as well. However, thanks to the lockdown, many have been learning and this has proven to help,” Flea markets have been a city favorite for a long time now. For small business owners, these have been a great way to grow.
However, due to the pandemic, everyone is moving online and it has become a challenge to sustain for newcomers. But, the best part of an online market is that such markets are not confined to particular areas or platforms. It gives opportunities to connect with people to a large extent. Looking at the declination of Flea Markets physically, many owners have taken to curating online flea markets to combat this.
The online platform is a huge field where it connects with people where they can shop their desired product while being at home in their own space. Most people find it more comfortable rather than moving out for shopping. As it saves time.
A market is a place where people come and shop physically, so this can be leisure for some. Shopping is a passion for some and some are a headache. Moving out, meeting people, seeing things from our own eyes gives proper customer satisfaction. Around 80% of the market was closed during the crisis that had led to huge losses to businesses around the globe.
The take over of online platforms has allowed many small businesses to expand and network around the globe to combat the crisis.
Buying and selling of products online have changed the cycle of the flea markets where vendors are now found very less with increasing penetration of smartphone usage, many people enjoy online purchasing with their smartphones.
Lately, many young people have been purchasing goods in the online flea market through smartphones and the market has been growing. Despite the online flea market developing rapidly, the critical factors that influence consumers' purchase intention (PI) in the flea market are not clear. Only a few studies have attempted to explain the factors influencing the adoption of the online flea market.
This study examines young people's acceptance of the online flea market on smartphones. It identifies the factors of PI, the relative importance of the factors, and relationships among the variables in the online flea market. This study indicates that the online flea market has become a channel for online purchasing among young people.
Second-hand clothing has moved from flea markets and charity shops to online retailers, where it is generating business worth billions.
But the market is changing rapidly. For many young people, owning older clothes comes with a new cachet, especially if they were made before mass production. For them, sustainability is a chief concern.
After post lockdown, it has been seen markets are again coming back to their normal phase where we can experience flea marketing again. We can find many antique & vintage collections at the best price we can bargain and get the things at our affordable rates. This lockdown has upgraded even flea markets where even after reopening of markets we still find them doing their small online businesses too.
Post-pandemic things are changing brightly for businesses now if we think about what the future holds for online flea markets in India. Online businesses can increase branding from digital companies should find online stores and communities helping sellers find a platform to sell and by taking care of shipping requirements, either via the website.
Henceforth, people can't always be neutral, different people have different choices. Opinion and perspective differ from person to person. The online platform is an emerging platform that has pushed the growth of flea markets.
