Looking to build an Online Marketplace? Over the last few years, there has been a spectacular boom in e-Commerce stores and online marketplaces. Customers across the world have welcomed this shift in paradigm from offline to online markets.
As a result, businesses around the world, be it large-scale or small have chosen the online mode. Since you are here, we can understand that you are interested in developing an Online Marketplace. Here is a compilation of the important things to keep in mind while building an Online Marketplace.
What is an Online Marketplace?
Before we move on to the part about ‘the important things to keep in mind while building an online marketplace’, let us understand what a marketplace is.
In simple terms, an Online Marketplace is an online platform that connects buyers and sellers.
Sellers, be it individuals or large companies make use of online marketplaces to connect to buyers. Some of the notable examples in recent times are Amazon, Flipkart, Walmart and so on.
Also Read: What Is Hyperlocal Marketplace? – A Guide To The On-Demand Near Me Delivery Model
How to Build an Online Marketplace?
People often search, ‘how to build a marketplace website from scratch’? There isn’t one definite answer to the question. Rather it’s a series of features and researches that eventually lead to a successful marketplace creation.
Before building an online marketplace, you have to research a few topics. These include:
- Your Target Audience
- Needs and Interests of your Audience
- Features that a Customer Really Needs
Once done, we’ll move on to the next essential part of building a marketplace platform, i.e. adding features. Here is a list of the features that should be incorporated.
- Registration and Profiles
- Homepage highlighting Top Products
- Product Page with Photos and Videos
- User Reviews
- Checkout Options
- Admin Panel
- Secure Payment Methods
- Order History and Tracking
The above-mentioned list was a preliminary collection of the features that a marketplace should possess. However, if you are thinking of building a marketplace platform, you should definitely contact the experts in Marketplace Development.
List of Important Things to Keep in Mind While Building an Online Marketplace
Building an online marketplace is not that easy. To assist you and help you achieve your dreams, here are the important things to keep in mind while building an online marketplace.
- Understanding the Client’s Needs
Every business revolves around the customer’s needs. Thus, understanding the client’s needs forms the most important part of an eCommerce or online marketplace.
Studies suggest that more than 40,000 websites are registered daily that are related to online business. Thus, emerging out as a top name in this field is a herculean task. However, one thing that differentiates a successful online marketplace from others is how professionally they can address the customer’s needs.
- Customized Products that Solve Problems
Every customer is different. Thus, creating different business strategies to serve different clients is necessary for sustainability. As a result, customized products are one of the important things to keep in mind while building an online marketplace.
Let’s make that simpler for you. No one expects an 18-year old’s expectations when searching for ‘Men’s T-shirts’ to be similar to that of a 45-year-old. Thus, customizing products and creating numerous categories are a must.
Also, when the customer can find products that match their expectations and solve their problems, the marketplace automatically gets free promotion.
- Vivid Description through Pictures and Videos
Although online marketplaces offer several advantages, there is one thing that creates a hindrance to their growth. That thing is the absence of touch. In the case of stores and markets, customers can view the products and examine them through touch.
However, in online marketplaces, that facility is completely absent. Thus, to build a successful eCommerce store, you must portray a vivid description of the products through pictures and videos.
- Offers and Discounts
Discount! Who doesn’t love the word, right? Discounts and offers are a sure shot way to gain customers. Lure in the buyers with exciting discounts and experience the magic. Thus, this forms one of the several other important things to keep in mind while building an online marketplace.
- Safety and Security
Security is a crucial part of every business that operates online. From credit card details to bank transactions, there is a lot at stake. Thus a secure eCommerce store surely has to be safe from phishing attacks and hackers and be able to protect user privacy.
- Customer Support and After Sales Services
Last but not least among the most important things to keep in mind while building an online marketplace is to provide good customer support. A seamless customer experience not only increases the chances of returning customers but also is a valuable method of promotion.
Also, you should regularly follow up with the customer after they purchase a product. This should be done to enhance the customer’s experience and ensure quick redressal of issues.
Got your query answered? For more intriguing and insightful topics, make sure to read our blogs regularly.