Marketplace eCommerce

Marketplace eCommerce: Key Factors for a Successful Platform

Updated August 18, 2022  |  7 min read
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Intro to Marketplace eCommerce

Whether you’re looking to develop a marketplace eCommerce platform or already have one, there are essential elements you ought to know to be successful in growing your business.

We’ll discuss what you need to consider for each marketplace eCommerce scenario, the features available, and how you can get the most from your marketplace platform.

Marketplace eCommerce Basics

With as many features as there are for marketplace eCommerce, you’ll need to decide what features to enable so that your marketplace business can meet certain requirements for different markets. Some things to consider are:

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

These steps are crucial when starting with marketplace eCommerce 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.

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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 a smooth workflow for your business.

Protecting Yourself, Your Vendors, and Your Profit Margins

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Vendor Dashboard Safeguards

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 your back-office workflows streamlined. Having everything at your fingertips is an excellent way to satisfy your customers and give you peace of mind.

Payment Method Capability

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.

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Remedy Customer Complaints

To navigate marketplace eCommerce successfully, you have to be able to deal with complaints about deliveries, product quality, etc. You also need a way to deal with returns, reimbursements, and overall dealing with an unsatisfied customer.

How you and the vendor handle it will reflect on both of you. That’s why governance is key when it comes to these things, rules you put in place to handle various situations so everyone comes away as satisfied as possible.

Components of remedial methods and reconciliation processes can be integrated with the vendors’ internal systems, allowing them to have more control of their business models while still adhering to your standards. As the marketplace eCommerce owner you can easily control the types of integrations to utilize.

Data Security & Privacy

Protecting vendor data privacy is vital. They certainly have their own specific pricing plans 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.

A secure marketplace eCommerce platform is absolutely essential to vendors, customers, and your own business. In the instance of a HIPAA compliant website, security is also a legality.

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Multivendor Marketplace eCommerce

Multivendor eCommerce means multiple vendors can sell products on your marketplace platform. You could have a store-within-a-store for each vendor, company purchasing portals, and/or branding for each seller.

Multistore Marketplace eCommerce

Multistore eCommerce involves having multiple stores in your marketplace eCommerce platform. A multistore platform lets you cater your offerings to specific niches or industries, one for each storefront.

Fully Integrated Central Database

For both multivendor and multistore marketplace eCommerce, it’s essential to have a central database in your back-office system that’s fully integrated with your front-office systems. That way, when a user orders or changes something in the portal, the changes are reflected in your back-office system and everything stays up to date.

Increasing Profit Margin with Data-Driven Decisions

Enhance Interaction with CRO

Conversion rate optimization (CRO) is a vital component of a successful marketplace eCommerce platform. CRO is all about intelligently interacting with your users once they get to the marketplace platform, so that they, in turn, interact with your site.

Knowing how to interact with them, and how they want you to interact with them, requires data. That’s why tools that let you gather analytics on user behavior on your platform are essential to a successful marketplace.

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Increase Marketing Effectiveness

Then, there’s the data from marketing activities that lie outside the platform itself, such as newsletters and emails, social media posts, and more. All these marketing campaigns raise awareness for your marketplace eCommerce platform and get people interested what you do.

Search engine optimization (SEO) is another important aspect of marketing since this is what drives organic traffic to your website. When people search for something that you offer, if your marketplace eCommerce platform shows up at the top of the results list, they’ll likely click on your link.

Improve Customer Retention

How do customers interact with items on sale, out of stock, or in a recommendation list? Which pages have the most conversions, and why? With behavioral data analysis from your site, you can uncover these and more facets that help you improve.

Improve Customer Attraction

How do customers interact with your emails? How do prospects find your marketplace eCommerce site? How can you get more customers? These are the types of questions that marketing analysis can answer.

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Advanced Marketplace eCommerce Features

With the basics out of the way, you can focus on more advanced features for your marketplace eCommerce platform, including:

  • Customer-specific pricing rules, such as discounts for memberships and subscriptions.
  • Intelligent displays of vendor products to drive the most traffic and conversions.
  • Recommended products for each customer based on their activity.
  • Related items presented on product detail pages that would interest that vendor’s customer base.
  • Dynamic content sourcing from an ERP, CRM, or other line of business application that you’re getting data from.

These are all features you want to look for when searching for the right marketplace eCommerce platform for your business.

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.

Marketplace eCommerce Resources for You to Explore

With so many different components to consider, it might seem like there’s 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.

That’s why we put these resource articles together, so you can explore the many features and benefits available with our marketplace eCommerce platform and evaluate what makes sense for your business.

You may or may not need all these features immediately, but you can weigh the pros and cons of each one to plan your business roadmap as you grow.

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Discover Your Marketplace eCommerce Solution

The world of marketplace eCommerce can be daunting. That’s why we offer a free discovery session with our experts to go over your business’s needs and which marketplace features would be the best fit. Why not give it a try and find out what you can gain?

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Author
 
Autumn Spriggle is a Content Writer at Clarity Ventures with experience in research and content design. She stays up to date with the latest trends in the eCommerce and software development industries so she can write content to help people like you realize the full potential for their business.
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