THINGS YOU NEED TO KNOW ABOUT MARKETPLACE PLATFORM
MARKETPLACE PLATFORM: It is a place where potential buyers and sellers meet. There is a transaction that occurs between them; it can be of anything like Goods and Services.
A platform that is available where multiple buyers and sellers meet. There are many platforms available in the E-Commerce industry to find different types of buyers and sellers involved in various transactions. Marketplace Platform Development has made a lot of money for the people. It is the new way of carrying forward your business. However, there is a lot of new doors that still needed to be touched.
Types of Marketplaces
The E-commerce marketplace has changed the trade that was previously going on. It is an online platform where sellers and buyers meet and engage in a transaction. Since the last two decades, the E-Commerce industry has taken a boom, and it is a never-ending process. Before, there were only big established businesses that gone online, but now even the small ones are making their way into this E-Commerce industry.
Businesses have become very convenient for the customers in this generation. The transaction that occurs on a mobile device is playing an essential part in this. In addition, the Marketplace has come to fingertips now, which has helped businesses to reach more potential customers.
It is a kind of Marketplace where a person makes an individual account and uploads the product or services they are willing to offer for sale or rent. They are connected with the consumers directly without any middle man interference. The Digital revolution has wiped out the gap that was existing before between the seller and the consumer. There are many platforms available for P2P transactions, and it’s not limited to one industry.
Some of these platforms are:
- Amazon is the largest E-Commerce platform that offers P2P services. In Amazon, you can find three different model’s wholesale FBA and FBM, Dropshipping, PL (Private label).
- Airbnb is the P2P Marketplace where travelers can directly get excess to the places shared by the host.
- Binance is an exchange for cryptocurrencies. It offers P2P services in which a person can directly buy or sell crypto to another person.
A Transaction between businesses and consumers is B2C, and the place where it occurs is called B2C Marketplace. Many platforms offer B2C services, and with time more and more platforms are developing.
It’s a place where businesses meet with businesses and engage in a transaction. B2B is growing rapidly, but it still needs to achieve more to come closer to B2C.
A platform where investors are ready to fund your ideas. You will be provided a place where you need to display an opinion with complete feasibility and materials. Then, a bunch of investors will fund your business venture because they are actively looking for it.
A marketplace that allows the consumers to connect with other consumers for transactional purposes. Some of the most common examples of C2C are eBay, Etsy, and Craigslist.
The Marketplace classifies in many ways.
It is the Marketplace most common type in which product-based transaction occurs. Some of the examples are Amazon, eBay, Etsy, and Alibaba.
In this Marketplace, people exchange services for money. Services are of different types like a virtual assistant, content producer, graphic designing, digital marketing, and financial advising. Some of the platforms which offer these services are Fiverr, Upwork, Freelancer, and Guru.
Places Based Marketplace
It has revolutionized the old way of buying, selling, and renting property. Marketplace, which offers the people to sell, buy and, rent property, comes in this category—for example, zameen.com and Airbnb.
Projects Based Marketplace
A platform through which you can share, collaborate and, contribute to a project.
In this online world, rental marketplaces have created their place. However, it’s still relatively far behind than others. Property and transportation, along with fashion, are among some popular businesses that have made their way in the rental Marketplace.
There are two types of Hybrid models—one in which people buy the products online and pick them up from their nearby offline store. The second one is where people are seeking both the facilities of purchasing and selling.
Hyperlocal Marketplace Model
People who are looking for nearby vendors to cater to their needs within 24 hours use this model. The Food, Grocery and, Medicine industries are the main ones that come under this model. People search for nearby vendors through a search engine. Some of the examples are Food panda, Find my doc, Click your Med and, Zomato.
Best Required Features for Marketplace
Many features need to be considered, but some of them need to be taken seriously.
The process of creating an account should be easy and quick because vendors are seeking an easy process. They just want to go through few steps, and their main focus is to start selling as quickly as possible. “Easier the Better” is not just the saying people seek for it. It is the best way to attract new sellers to your platform.
Listing of Products
Vendors are not tech geniuses, so they require an easy way to list products. In addition, product listing should be easy because the vendor who lists their product on one Marketplace had probably listed their products on another marketplace platform as well.
Tracking and Order Processing
There should be a straightforward way of tracking and managing orders on a seller central. Notification alerts for new orders and tracking IDs should be given to the vendors because it helps them process orders more efficiently. Besides, they should control the order status as it will help the vendor and the buyer.
Vendors should have different marketing features available for their products, such as PPC, Ad creation, and Discount offers. It will help the vendors to bring traffic to their stores and will eventually increase their sales.
Communication is the most important thing between the vendors and the buyers. There should be a place in the portal where buyers can ask vendors about their queries and resolve any product-related issues. Buyers should be able to give feedback and stars about the product and services of the vendors.
Why Are Online Marketplaces Successful?
There are a lot of reasons behind the success of the online Marketplace. Some of them are
- People nowadays are in search of an easy way to get things. They want each and everything at their fingertips. This search for convenience has taken the online Marketplace to this much success.
- Online Marketplace gives people various options from which they can choose.
- Online vendors and Marketplaces have gained the trust of customers.
- A lot of offers and ads are generated every day that is playing a great role.
- Due to this pandemic, many people started shopping online, and many businesses went online.
- Technological advancement is the prime reason for the success of the online Marketplace because now even the old generation has become Tec savvy.
Is It Too Late to Build an Online Marketplace?
No, it’s never too late to build an online marketplace because there is a lot of opportunity available which you can grab. Search for a relatively new industry or a new industry so that you won’t be facing any competition. Start as early as possible because there will be many glitches and bugs that will occur initially, but afterward, with time, all of these issues will get resolved.
Things To Consider in Building a Marketplace Platform
- A good web developer is essential who can create a website portal with good well-known, secured web hosting.
- A well-structured design for the Marketplace is also a big requirement.
- A qualified Team with a ready-to-do effort is required because the marketplace Platform will need many members for different sectors like Content Creation, Content Posting, Photographer, SEO guy, Ads creator, and Technical staff.
- Content must be SEO friendly so that it could compete in the search engine and should be able to achieve the ranking on the first page.
- Commonly and Easy to use payment gateways need to be set.
- For a smooth-running Marketplace platform, you will require a technical support team. Load time of the platform matters a lot because if it’s taking a massive amount of time, then it’s a problem.
- Good analytical tools are essential to analyze visitors, click-through rate, and conversion rate properly.
The Best Marketplace Platform Provider?
We can state the Marketplace platform also as a multi-vendor platform. Many Platform providers are available who are willing to give you software help. Their help can give you a good start. Some of them are Arcadier, Sharetribe, CS-Cart Multi-Vendor, IZBERG and, Near Me. If you want to search for more, just type Marketplace Platform Development on the search engine.
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