The marketplace platform joins the buyers and sellers. The concept of a marketplace is expanding rapidly. It is working as a token to boost the revenue of the businesses. The right to marketplace enables you to support a growing buyer/seller community, encourage a diversity of products or services, and increase sales. It is a bridge that connects vendors to the right target audience. A marketplace is a blend of three elements – the buyer, seller, and store owner.
Generally, people think that a marketplace will benefit their business. But a bitter reality is that the marketplace model for startups is far more complex. It offers hundreds of custom-built features, and new businesses find it hard to select a perfect business model. In this way, customers perceive challenges to use those features, and it directly affects their revenue.
Today, we are here to introduce some must-have features for a marketplace.
Do you know that an accurate payment system for online marketplaces can develop your e-commerce business and its success?
Of course, payment solutions are a core feature of online marketplaces. When customers would find payment challenging, they may cancel the transaction. So, you can rely on a payment method with the necessary features for your e-commerce platform.
Marketplace payment systems need to have sufficient functionalities like split and delay payments. Split payments are vital if a customer adds products to the cart which belong to more than one seller. It reduces the risks of fund transfer. It is also useful to deduct your commission and sales tax.
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Elegantly designed product management practices are certainly an important part that provides truly marvelous experiences to users.
To run a thriving marketplace, keep in mind that it may not be the single way to sell products. Vendors might be already running their own Shopify stores and selling products on prominent online retailers and cloud services providers like Etsy and Amazon.
To get rid of all hassle, you need to apply smart management of wizardry across operations, product, design, and customer services.
Implement SEO Tricks
It is advisable to implement the right SEO practice to increase your market visibility. When a customer searches for a relevant product, they can easily find it on your marketplace. To do so, you can test the right keywords for product listing. Use a content optimization process and insert proper keywords into the existing content. And you can practice meta tags for individual products and pages. These SEO tricks will attract more traffic, and people can easily access your services.
Admin interface feature
A marketplace is a multi-vendor platform. You are ultimately responsible for every single event in your marketplace. Therefore, you need a gadget of admin interface tools that track your key metrics and support customers in essential adjustments. In short, the admin interface is your mission control. It’s your toolset for making the daily arrangements to provide an ever-evolving business. To build a suitable administrative interface, you can use WordPress. On the other hand, you should allow buyers to create an account. So they can readily obtain all the items and services.
Streamlined Purchasing Process
Once customers decide to buy the product from your marketplace, the purchasing method should be seamless. Make sure the process is efficient for both parties involved. In the case of customers, it means quickly filling in the details to place the order. The next time they want to order from the same address or the same payment account can easily copy their details. For vendors, it means a quick way to analyze the purchase and the delivery details. Therefore, they can manage the order in a suitable time.
The feedback system is the lifeblood of the marketplace. It helps you to understand customer practices. Feedback is the vision of trust between vendors and users who are otherwise strangers. A marketplace must have a way for customers to provide real-time feedback. The positive feedback engages more customers, and a negative review warns you that your vendors are not working ethically. This system also should have ways to counter reviews and mechanisms to filter out fake reviews.
Building a community environment in a marketplace means providing a platform where sellers and customers can communicate. It benefits the vendors who personally manage sales processes. It impacts customer service and improves engagements. Your customers will be much more likely to purchase again if they can communicate with vendors. Before placing the order, they can ask for more specific details and contact the seller to buy again.
Customers are shifting toward smartphones. Due to the easy accessibility of the internet, people are more comfortable using handheld gadgets. Therefore, your marketplace should quickly load and easy to use on mobiles and other screen sizes. For this, you need to design a responsive website with a suitable WordPress plugin. It enables your marketplace site to adjust automatically according to the screen.
Advanced Search Functionality
Advanced Search is essential if your store has an abundance of products and services to supply. Users cannot browse through all of the listings during a short span of their time. They ought to be ready to look for the specified item by applying relevant filters.
Google Maps integration is a crucial consideration when building advanced search functionality. It tells users the precise location of the service provider(s) in their vicinity.
In The End
These are some of the trending features that one should include in his/her marketplace. Go through proper market research and look out for the market gaps. Apply strategic approaches to create and maintain a high-class marketplace.