Online marketplaces are growing at an unprecedented level. The top ecommerce platforms like Amazon, Alibaba, Etsy, and eBay have produced 58% of worldwide online sales last year. The aforementioned statistics inspire many to launch its marketplace websites. When you are also looking to do it, check out this list of steps to take at that time.
Market And Competitor Analysis
The most important step in this regard is to analyze both the e-commerce market and your potential rivals. Gather details about customer requirements, and look at the market strategy of those other companies that exist in the ecommerce industry. This will aid you in selecting the right niche for your business. Consider what issues you want to solve through your future marketplace website.
Contact Other Vendors
You may think about doing this in the subsequent phases, but it is the wrong approach to have. So do this early to ask about the advantages and pain points that those vendors are having when selling products on other marketplace websites.
Make a requirement elicitation document to discover the answers to the following questions.
- Which are the functionalities and features you wish to see on the multiple-vendor marketplace website?
- In what way will you approach shipping management and delivery handling?
- Do you have to integrate a third-party application program interface or two? If yes, which are those APIs?
You may hire a team of technicians for requirement elicitation, to spend more time on other tasks.
Choose The Right Platform To Begin
You should select a platform that has in-built features of ecommerce, and that is easily customizable. There are licensed and SaaS ecommerce platforms. The former platforms are regarded as the best option for starting a multiple-vendor marketplace. If you have a limited budget, the latter platforms would be your best bet.
You may avoid taking this particular step in the event of the budget being a concern. However, we have noticed that clients are seeking investors when there is a high initial investment. Or you may look for crowdfunding websites, which will possibly aid you in arranging the funds.
This is the step to take after launching that marketplace website. You may act as per the following to onboard vendors on the web-store easily.
- List vendors who sell goods on other marketplaces.
- Email those vendors the advantages of selling through your site, and their pain points that it will address.
- Communicate with them through social networking websites.
- Start display advertisements on the other websites on which they sell products.