Key Marketplace Considerations

Essential Marketplace Tips to Help You Choose the eCommerce Platform That's Best For Your Company
Key Marketplace Considerations
Logistics Best Practices When Building an Online Marketplace

Essential Marketplace Features & Function Considerations

Deciding on a marketplace platform is no easy task. Whether you aren't exactly sure what what a marketplace is or if your business already has one, this article series will dive into the nuances of marketplaces, what you need to consider when implementing one, and the functions and capabilities within the marketplace platform that are available to your business.

Fundamental Building Blocks of Marketplace Software

What are the Marketplace Platform Basics You Need?

There are many features that you will likely need to consider when you’re searching for a marketplace eCommerce platform. You need to determine whether or not to enable these features to allow your business to meet certain requirements for different markets that you might be looking to grow into.

  • How are you getting your products and sourcing content into your marketplace?
  • Are you using high-end web design to ensure your products are displayed in a way that users can find them easily?
  • Can users easily identify if items are in stock?
  • Are they able to get fulfillment on those products or digital information?

These steps are crucial when starting with new marketplace software. After those initial first steps, we can begin thinking about the additional features and benefits you should consider—especially when it comes to vendor dashboards.

 

The Vendor Dashboard is Vital

An easy-to-use vendor dashboard is one of the most important aspects of making sure your customers get the information they need. It also creates the smoothest-possible workflow in your LOB.

vendor dashboard
Marketplace Platform Security For You & Your Customers

Protecting Yourself, Your Vendors, and Your Profit Margins

Marketplace eCommerce platform vendor dashboards can centralize important safeguards in order to protect your business. This includes insurance, shipping and logistics, taxation, customs and duties, and other features that keep streamline your backend needs. Having everything at your fingertips is an excellent way to satisfy your customers and give you peace of mind.

Being able to provide multiple methods of payments for orders opens the door to a wider customer base. The methods available depend on the marketplace software you choose. Payment options include debit cards, credit cards, ACH payments, wire transfers, purchasing on credit, and more. Which platform you choose not only affects your profits margin, but also the margin for the vendors that are selling on the marketplace.

Not only do you want to consider the transaction payments — such as an invoice or paying in advance — but also the ability to remedy complaints about deliveries, product quality, etc. These components can integrate with the vendors internal systems, allowing them to have more control of their business models. As a marketplace owner you can easily enable and control the types of integrations to utilize.

Improving Your Conversion Rates with CRO

Increasing Profit Margin with Data-Driven Decisions

It's important to focus on the importance of conversion rate optimization (CRO) on your marketplace platform. Do you have the ability to intelligently interact with your users as you bring them to your marketplace? Are you sending minimal transactional emails that don’t flood their inbox? Consider buyer behaviors as they search for products: how did customer interactions change were things on sale, and how did they respond when the desired items are out of stock? 

How are you marketing your site overall? Is it optimized for indexing? Is it search engine friendly to drive organic traffic? This list goes on and on. With so many different components to consider, it might seem like there is no way to achieve them all, but a good marketplace platform will have the right functionality and features to help you scale your business to the next level.

Countless Possible Configurations of Marketplace Platforms and Vendor Dashboards

Let's Dive Into More Advanced Aspects

With the numerous needs of your business, as well as the needs of its buyers and sellers, there are more advanced pieces that you can consider when deciding on which marketplace software to use:

  • Are you able to restrict access to specific product listings based on user roles?
  • Can you intelligently display what each vendor has in their inventory of products?
  • Are associated items offered that would be interesting to a vendor's customer base?
  • Can you dynamically source content from an ERP, CRM, or some other application that you're getting that data from?

Protecting vendor data is also vital. They certainly have their own specific pricing and information that they don't want customers — or competitors — to see. At the same time, customers are trusting you with personal information and payment data. Making sure that your site is secure is important to vendors, customers, and your own business. In the instance of HIPAA compliant website, it might also be a legality.

Make It Mobile

More than half of eCommerce purchases are made on smartphones or tablets; every website should be optimized to work on mobile devices. Even better, standalone apps can create a dedicated customer experience. Clarity can make both happen for your business.

Find Out How

Dive further into marketplaces ecommerce platforms

Marketplace Software Resources for You to Explore

We at Clarity Ventures put this resource area together so you that you can explore many of the features and benefits available on marketplace platforms, allowing you to evaluate what makes sense for your business. Although you may not need them immediately, you can weigh the pros and cons of these features to plan your business roadmap as you grow.

Your Personal Tour Guide to the World of Marketplace eCommerce Platforms

Clarity Can Help Guide You Through Your Project

We'd love to help you with your competitive analysis, and we offer a free discovery process to get you started. In the meantime, the guides and links below are a resource for you so that you can fully immerse yourself in the potential capabilities within the marketplace platform segment. These tools will give you a thorough introduction so that you can make a plan for your company's future in the marketplace arena.

We appreciate you looking into our marketplace section of our site and would love to help you navigate this topic. If you'd like to reach out to us, please feel free to click below and we’ll be happy to coordinate a review with you. Alternatively, you're welcome to download these resources or click the links below to navigate through the marketplace area. We look forward to talking with you as your project progresses.

 

Let Us Help

The world of marketplaces can be daunting. It's vital to find a developer with experience that can show you capabilities within the marketplace platform that will best match your business. Contact Clarity to make it happen.

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