The combination of an intangible market such as the internet, promoting closely related tangible or intangible products is known as a Meta market. For understanding meta markets lets first outline two definitions.
Market Places – Markets of physical goods and products is known as Market places. The market places has presence of companies which manufacture their own products.
Meta Markets – An online website such as the Maruti suzuki website for second hand cars which promotes the purchase of physical goods (Maruti suzuki cars) is known as a meta market. Lets take a look at the automobile industry. Whatever company it may be, an automobile company would involve suppliers, channels, service providers so and so forth. Thus the meta market will bring all these buyers and sellers online in one place for one purpose only. Rather than giving multiple products to one customer, the meta market brings together different customers of the same product.
It can also be said that the combination of various entities within the same industry can be known as a meta market. The meta markets are on the rise because of the increase in accessibility of internet on both computers as well as smart phones. Almost every individual in urban areas have access to the computer and the internet. There are plans being made by the Indian government to have an internet outlet in every 2 Km of India thus making internet available to even the rural population.
The meta market helps facilitate the movement of physical goods through online medium. Take an example of 99acres.com – a real estate portal. It brings together buyers and sellers or real estate. Yatra.com brings together the travelers and the travel providers. Shaadi.com brings the marriage service providers and the groom/brides family together. So on and so forth. Thus both Yatra.com and 99acres.com are meta markets for real estate and travelers respectively.
The factor contributing most to meta markets is the convenience of users. Nowadays you can make purchases in one click. However, what if instead of going on ebay or amazon which offer tons of different options, you want to go for the website which is specific to your niche itself? That’s a meta market.