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Virtual Markets effect on Transport costs

A virtual market in a nutshell is an online tool that connects several buyers and sellers. It is like an intermediary. They are very effective in matching many sellers and buyers like an auction. They are very important to both the buyers and sellers. To buyers, they reduce the purchase cost and they get to know new suppliers and to sellers, they lower the sales cost.

Although there are many ways to lower transportation costs, online tools have always come in handy. Virtual markets usually have various tools which make the low transport cost objective possible. Let us begin with the online bidding tools which have greatly streamlined the bidding process.

There is also a tool which tracks shipping charges and monitors them to the latter. This software also has the capability of choosing the best carrier for each set of goods. The shipping department should not lie on their backs but they should make sure that the software is upgraded. This is due to the changing trends in technology i.e. the shipping cost now is not the same as next year. This software has managed to reduce shipping costs of some companies by 10%.

The transport sector has been termed as a substantial contributor to greenhouse gases. It also forms an important part of the supply chain. Therefore, to achieve the global goal of a green supply chain, we have to embrace the use of virtual markets. The goal of a green supply chain should not be viewed as a financial burden but our core responsibility. It will be a dream comes true therefore if we do everything possible by lowering transport costs which will both directly and indirectly lead to a green supply chain.

The agricultural sector has always been known to mainly rely on transport. It should be noted that the use of virtual markets does not avoid transportation completely because goods need to reach the customers. Farmers use the virtual markets avenue to get information such as where they should travel to market their crops. This will lead to the connection of the rural and urban regions.

E-commerce is the current trend in commerce and its application has in the same way lowered transport costs. E-commerce entails buying and selling electronically. It makes use of the internet platform. It doesn’t necessarily mean online shopping because it has a wider scope. The virtual markets form part of e-commerce. By using this service, the buyers and sellers get access to goods in the market and also some important market information.

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