Virtual Marketplaces: Pivots That Are Transforming the World

June 5, 2020

This pandemic has taught us all some valuable lessons and one of the most significant gamechangers for both individuals, organizations and businesses has been the pivot from brick and mortar, face to face interactions to virtual marketplaces.

By Nancy Gaskins

Not everyone was ready to make the pivot, but for those that were, the results have been nothing short of miraculous. Anyone heard the word “zoom” lately?

Churches learned how to livestream their services so that their congregations could still hear the word of God. Sunday school classes and Bible studies were suddenly launched online. Virtual coffee dates are becoming the “norm” instead of the exception for people to have social interaction while social distancing.

Grandparents and the elderly have a sudden newfound interest and desire to learn how to use social media and video chat to stay in touch with their friends and family members, whereas before they might have been hesitant.

For businesses that are not considered “essential,” you had to think fast to come up with a plan to continue to generate business or face going under. A pivot was desperately needed.

We saw restaurants who were not “carry-out,” suddenly start offering order online and carry out services. I’ve been thinking out loud about how much more profitable and less stressful this option might be for the restaurants if they can streamline their service.

Three of the organizations that I belong to, American Business Women Association – Emerald Coast, Powerful Women of the Gulf Coast and Emerald Coast Women in Business have made a successful pivot to virtual. We’ve had monthly meetings and a membership drive kickoff on zoom this past week. Although I love gathering in person, meeting virtually can really save time and money and it’s been quite fun!

One of the most exciting pivots for business owners and entrepreneurs is a new type of virtual marketplace.

A virtual marketplace is an online platform where buyers and sellers can gather to exchange goods and services. We are familiar with online stores such as amazon, but I’m talking about something quite different.

If you are a business owner and are interested in learning creative ways to grow your business, attract more clients or customers and earn more income, you should be leveraging the power of referral partnerships and mastermind groups.

Small business owners meet online via zoom on a regular basis for the purpose of building relationships and conducting business with one another. Sales are made on the spot. Referral partnerships are negotiated and solidified. Mastermind groups are formed to brainstorm joint ventures, coops and projects that will benefit all the members of the group.

Last week I participated in an event where we decided to host a retreat for entrepreneurs here in our region. Each business owner in the group will provide a product or service for the event and we’ll split the advertising costs and profits among all the participants. A win-win!

Do you have a successful pivot story? Would you like to participate in a virtual marketplace or mastermind group? Contact me to learn more.

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Virtual Marketplaces: Pivots That Are Transforming the World

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