Why is Marketplace in HRTech on the Rise?
Marketplace in HRTech is a growing concept. We all are curious to read about it, know more about how it works, what are its benefits and why it is becoming the need of the hour. It is an excellent platform which offers solutions to many problems at once.
To enhance the business, an end-user needs many tools and apps for a seamless flow of work. Searching for different vendors for these features is tiring. Testing these apps from various parties is confusing. This calls for the need of a platform which fulfills these requirements in one go. This platform is called marketplace.
‘The marketplace for HR tech – which includes software products, tools, and related services – is over $400 billion,’ says Josh Bersin.
What is a Marketplace?
At a marketplace, there are numerous apps created by developers/third-parties. The job of an end-user is to choose an app/multiple apps as per the need, and he/she is ready to go. Thus, all the needs are met in one place.
Marketplace Does Wonders
That’s true! A marketplace does more than you can think of.
- Promotes Customer Engagement
When an app is available on this platform, it is there for the public. All the users get access to this app. This attracts more users and helps in increasing customer engagement.
If you need technical add-ons for your product to promote an idea, marketplace will help you. It acts as a helping hand to allow you to introduce your idea to a community.
- Helps You Create Your Own Marketplace
That’s the reason why this platform is built. It provides value to clients in terms of add-ons, tools, and other services. As an end-user, you make multiple use cases/workflows to create a marketplace for your ATS/CRM.
Types of Marketplace
Marketplace is classified into various categories. It is advisable to choose a marketplace according to its category and your business requirement. Here are some of the broad classifications:
- Offering Add-ons– Here developers create an app and the end-users avail it as an add-on for their product.
- Data-sharing– It is a data marketplace which provides information such as personal data, demographics, market data, analytics, etc.
- Vertical– These marketplaces focus on a specific area. The products are of high-quality as their sellers are well-experienced.
- Horizontal– These cater to a wide range of products and services. However, their products are second-hand.
How to Choose a Marketplace?
There are plenty of factors to review before deciding on choosing a marketplace.
- Keep in mind that the technology solutions offered by a marketplace should be in line with your business needs.
- The solutions you choose should give a good return.
- Customization and flexibility are other elements to be looked upon.
- The solutions should be practical to use.
Marketplace is a booming concept which is loved by many companies. Here we list a few reasons why it is on the rise.
- Economical– It is a reasonable choice for the end-user. You save your money from investing in various partnerships and get what you need within your budget.
- Saves Time– As a buyer, you are getting everything at one platform which saves you from spending time on searching and testing various vendors.
- Transparency- Marketplace is transparent. The end-user can view all the apps whereas the developers can efficiently manage their buyers by having their complete account information and usage details.
- One-time Integration– There is no need to integrate with vendors separately.
- More Business Generation– HRTech vendors can build a higher number of connections as they do not have to search for buyers separately. This leads to an increase in their business.
Examples of Marketplaces
It provides cloud software solutions to its end-users. There are 8000+ listings of Saas apps, APIs and solution templates. It is an excellent platform which offers end-to-end solutions quickly.
Nimble has a lot to offer. With 100+ integration partners, avail services for lead capture, analytics, email marketing support, etc. You can find popular apps here such as Zapier, FreshDesk, Netsuite, Salesforce, etc.
This is Salesforce’s marketplace. It provides solutions which help the end-users in exploring the potential of Salesforce. There are more than 70k peer reviews which help you in deciding which solution to choose.
HR solution providers can sell their apps to 600,000+ companies on ADP marketplace. Developers can also integrate with ADP APIs. Avail your favorite HR apps and fulfill your requirements.
2019 will see a spike in the trend of marketplace. With its benefits and ability to simplify work, a shift towards marketplace is unavoidable. Let’s see what this coming year has in store. More players will enter this market to explore the potential of this concept. We can say the future of marketplace is bright. With AI, the scope of technology solutions is enhanced.
What are your thoughts? Share with us.
About the author: Lovepreet Dhaliwal works with Rchilli Inc, a leading resume parsing software provider which helps in speeding up your recruitment process. An MBA in HR and marketing, he has over six years of work experience in business development and strategic sales.