Building an online marketplace platform like Amazon: Here is the complete business plan
It’s impossible to ignore the success of the online marketplace Amazon, Etsy, Namshi, etc…!!
Once the co-founders of Flipkart, Binny, and Sachin Bansal said — an Indian based eCommerce company, “We weren’t brooding about numbers then, but we knew SOMETHING BIG are often built out of eCommerce”.
They have surely visualized the vast potential of eCommerce and realized the potential of eCommerce very soon and explored the outcome of the online multi-vendor marketplace. Let’s talk numbers.
Here are the great online global eCommerce sales(2014 to 2021):
Amazon has shown everyone that there’s a bright way forward for eCommerce. It’s inspired by most business owners to start an online marketplace platform.
To save all of your time and efforts to research, here is your complete business decision to start an online marketplace platform like Amazon.
Steps To Start An Online Marketplace Platform Like Amazon: An Entire Business Plan
Step 1 — Market Study To Spot The Necessity And Provide Gap
The time of launching your online business is everything. Like, the simplest time to start an ice-cream brand is during summer.
So, the primary step to launch your online marketplace is to spot the gap between needs and provide. Also, it is best to have your business niche and launch time chosen. The most preferable time to launch your business is when the demand is high for your product alongside restricted supply. It’ll assist you to create a robust foothold within the market.
Step 2 — Choice Of Audience And Geography
Now that you simply are sure about your business niche, choosing your audience and market geography should be the second step. Well, you can’t expect people to shop for from your multi-vendor marketplace if you don’t know who you’re selling to. a number of the fast questions you ask are:
- What’s your online store all about?
- Who are the purchasers seeking your business offerings?
- What does your online store represent?
- Who are your ideal customers?
- What’s the foremost preferable geography for your business?
Once you’ve identified the audience and geography for your business, you’ll make an online store look perfectly consistent with the expectations of your prospective customers.
Step 3 — Onboarding Vendors For Your Online Marketplace
If you’re getting to start an online marketplace platform like Amazon, you ought to think scalable and profitable right from the beginning. Vendors are your indispensable assets, and they are those who drive your online marketplace.
For an equivalent reason, onboarding of vendors is a vital step. You’ll face tons of competition in selling products online. It’s not all, easy but quick vendor onboarding is the requirement.
With webnexs Magento marketplace software, multiple vendors can be easily onboarded by offering an easy registration process and ensure to bring true value to the market.
Step 4 — Documentation/Domain Registration To Start
Now, it’s time to travel ahead with one among the foremost crucial parts of starting an online business — registering and completing the legal formalities.
- Apply for the director’s number with necessary documents
- Collect the Permanent Account Number (PAN) and Digital Signature Certificate(Indian standards)
- Decide the corporate name
- Apply to the corporate name registration
- Register a perfect domain for your online business
- Apply for the products and repair Tax (GST) certification(Indian standards)
You can also stop to get these and operate your business and generate revenues first. Once your revenue wheel is in, you can start ahead on these areas.
Step 5 — Finding The Proper ECommerce Marketplace Solution To Create Your Multi-Vendor Marketplace
While you’re building a multi-vendor marketplace, either you build the website from scratch or build it with a fully-built and managed eCommerce solution.
Let’s mention the difference between building from scratch and a pre-built eCommerce platform. There are many advantages of pre-built platforms over building your website. A number of them are:
- Saves loads of cash
- Saves hiring of IT resources
- Automated marketing solutions
- Integrated payment and logistics
- Vendor and customer management
- Ready-made beautiful website themes for your business, and tons more.
For example, if you are into online fashion, you’ll choose a colorful website with tons of space to accommodate visual content. You’ll not get to waste some time and resources on building the website from scratch. With Webnexs, you’ll simply fiddle the ready-made themes, technology, and solutions that will assist you to achieve online success.
Step 6 — Choosing The Right ECommerce Business Model (B2B/B2C)
Choosing the right eCommerce business model is the utmost important step to start an online marketplace platform. B2B online stores require enterprise-grade features, streamlined business processes, a managed dashboard for manufacturers, distributors, brand owners, and retailers.
Both B2B and B2C require user-friendly features, but B2C stores require more of it to possess the capabilities to handle the height load.
Whether you opt to create a B2B or B2C business model, Webnexs can assist your success as have already built many successful online marketplace websites and stores that set the clients to scale their online business.
Step 7 — Cost To Create An Online Marketplace Platform/Website
Simply said, you would like not to incur heavy costs to start an online marketplace platform if you’ve got chosen to create it on Webnexs. Still, some factors to be considered are:
- Choice of B2C, B2C, or any out-of-the-box business models
- Project complexity and customizations
- Choice of the answer — custom-built, turnkey solution with plugins, fully-hosted and managed multi-vendor solution
- Additional requirements like mobile apps etc.
One of the foremost common reasons for the recognition of the online marketplace on eCommerce platforms is its low setup costs. Don’t think anymore about building your marketplace website with Webnexs. Inspect the various pricing plans for your multi-vendor marketplace now.
Why Choose Webnexs To Start An Online Marketplace Platform?
The win-all formula of an online marketplace is here to remain, and that we want you to form the foremost out of it. Webnexs offers a scalable marketplace solution and comes loaded with over 300 inbuilt features for your online business.
Choosing the ready solution for your multi-vendor marketplace helps you begin your online business at a fraction of the value of building it from scratch.
Webnexs has the multi-faceted expertise of building and managing a spread of vertical and horizontal marketplaces for B2B also as B2C businesses. The platform is extremely flexible to assist businesses to implement out-of-the-box models with customized solutions.
Contact the eCommerce expert and build your online marketplace today.