Key Marketplace Considerations

Your marketplace dictates the growth of your company, why go into this alone?
So, You Want to Build a Marketplace?

Essential Marketplace Features & Function Considerations

Deciding on a marketplace platform is no easy task. Regardless if you don’t know what a marketplace is or if your business already has one, this article series will dive into the nitty gritty of marketplaces, what you need to consider when implementing one, and the vast number of unique features and functions are available to your business.

Fundamental Building Blocks

What are the Marketplace Basics You Need?

There are a lot of features that you will likely need to consider and determine when you’re scaling out your marketplace. 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 information into your marketplace?
  • Are your products displayed in a way that users can find them easily?
  • Can users easily identify if item is in stock?
  • Are they able to get fulfillment on those products or digital information?

These steps are crucial into starting your new marketplace. With an idea of where to begin, and how towill take those first few steps we can begin thinking about the additional features and benefits you should consider.

Making sure to keep your wallet safe

Protecting Yourself, Your Vendors, and Your Profit Margins

In addition to that being able to set up a marketplace, the features and the capability to have insurance for shipment and logistics, proper taxation and customs and duties for the shipments will help protect your business from the possible mishaps post transaction. Nobody wants to hear that their package was dropped during shipment and breaking the content. Neither do you!

Being able to provide multiple methods of payments on orders opens the door to a wider audience.The methods available depend on the type marketplace you engage within. The payment itself is a key component as it might impact the margin for your business. This will not only affect 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 that to utilize.

Improving Your Conversion Rates

Increasing Profit Margin with Data Driven Decisions

Now you have the component of conversion rate optimization on your marketplace. 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 and make sense? Consider buyer behaviors as they search for products: were things on sale, were the desired items in/out of stock, and other consumer desires.

How are you marketing your site overall? Does it get crawled well? Is it optimized to be 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

Let's Dive Into More Advanced Pieces

With the numerous needs of your business, buyers, and sellers, there are more advanced pieces that you can consider:

  • Are you able to restrict access to specific product listings based on user roles?
  • What about intelligently displaying what that customer has in their inventory of products or the associated replacement parts?
  • Are the associated items things that they would be interested in based on their inventory of products?
  • Can you dynamically update that from your source of truth being an ERP or some other application that you're getting that data from?

Customers may have their own specific pricing and information that if it got out to others would be bad, so we want to protect that information. The level of detail that you're thinking about when you're initially planning out your marketplace is important because you're able to think about your 5 to 10-year plan. Then you can ensure that whatever architecture and infrastructure you put in place up front can grow and scale with your business.

Dive further into marketplaces

We Have the Resources for You to Explore

Ultimately, we've put this resource area together so you can explore many of the different features and benefits available, allowing you to evaluate what makes sense for your internal organization to be able to leverage right away. Although you may not need them immediately, you can weigh the pros and cons of these features to plan your business roadmap.

There are a lot of other complicated features that might require your organization to be able to get the data to incorporate and they may not be ready for that. Furthermore, you will need to know where you’re at with your budget for your marketplace.Are you starting from scratch or are you looking to scale from an already successful marketplace? If you're starting from scratch and you want to iteratively build your platform, we need to prioritize what features make sense for the market you're going after.

Your Personal Tour Guide

We Can Help Guide You Through Your Project

We'd love to help you with your competitive analysis to see what key values in your market segment that you're going after. These 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. With these tools you will have the knowledge to make a judicious set of phase based decisions on what you're going to incorporate into each phase. Ideally, give yourself something that's achievable, but also put yourself in a position of strength relative to your competitors.

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 here 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 soon or later down the road as your project progresses.

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