The inception of the online eCommerce marketplace provided a challenge for online merchants. Online shoppers have spent around $2 trillion globally only on the marketplace alone, this is accounting for more than 60% of online sales.
The only thing the retailers should learn to compete with so-called eCommerce giants is what they’re doing. At times in some rare cases, you can use up and capitalize on what they’re unable to do.
Find the way, make use of it now.
Amazon, Alibaba, and eBay are the big players in the eCommerce market and are already in taking-advantages of Artificial intelligence(AI) with recommendation engines. They are also investing in visual and voice search in enhancing the mobile shopping experience.
This changes the way people shop online through a big eCommerce marketplace with the advantages of digital possibilities.
Ecommerce marketplace: Finding the niche
But brands needn’t invest in these platforms to sell their products. there’s growing interest in ‘vertical’ — or niche — marketplaces, where they’ll deliver a specialised customer experience, rather than the generic experience provided by ‘horizontal’ environments.
Horizontal platforms — Amazon, eBay, Alibaba so on — sell a large range of products at low prices. Searches provide many results, of varying quality, styles, prices, and relevance.
Experienced buyers in search of specific products are more likely to want specialized buying journeys. Niche marketplaces deliver experiences that horizontal platforms cannot provide, selling products in one particular vertical, like fashion, home, or electronics.
By bringing specialized products and sellers under one virtual roof, these marketplaces offer more sophisticated products and greater expertise than horizontal platforms.
Two of the most important digital startups — Uber and Airbnb — are samples of successful niche marketplaces. These companies identified opportunities, built communities of ‘sellers’ (drivers and landlords), and provided an excellent user-friendly experience in a very centralized site and app.
Top tips for starting an Online marketplace
So, marketplaces provide a noteworthy opportunity for retailers to make a brand new revenue stream. And there are a range of eCommerce platform products on the market that make fitting a multi-vendor marketplace easier than before. Magento and Shopify for example, have solid offerings.
It’s worth bearing in mind that, compared to plain online eCommerce stores, multi-vendor marketplaces require some unique features, such as:
Easy registration and merchandise listing — It’s not nearly the tip customer user experience, but also the experience of the vendors. They’re searching for a fast and simple platform to register, list products, and receive payment. A customizable vendor profile page is additionally a plus.
Commission charges — the most source of revenue for marketplaces is thru charging commission on the products sold. The platform has to easily facilitate this and make payments transparent.
Quality search capability — For online marketplaces, search is very important. Unlike standard eCommerce websites, where visitors may use menu and navigation features, the search tab is that the first stop in most marketplace visits. And with a potentially huge collection of products, search results have to be quick, relevant, and ranked.
Reviews — Unlike buying directly from a widely known brand’s website, marketplaces allow customers to shop for from micro-vendors. These vendors have to establish a reputation for his or her vendor profile, moreover as their respective products. So, an integrated survey may be a handy function, and automatic for visibility on the face.
Specialised user experience
Specialised user experience design is that the differentiator. Whether through guided selling tools, mobile apps or more distinct faceted search or navigation, consumers trying to find a specialised experience are likely to be satisfied on a distinct segment marketplace.
Niche advantages also apply to digital marketing. Amazon buyers are likely at home with ads and emails accustomed tease buyers to their site. These often display a various range of things — one ad or email can include screwdriver sets, cycle helmets, office stationery, and cosmetic goods. Amazon casts a good net, but smart marketers know targeted marketing is simpler.
Social media ad platforms have made it incredibly easy to segment to the best detail, from gender, age, and placement to favourite sport, book genre, or pet. These businesses have more specific data insight to make targeted email campaigns.
Going niche in B2B Ecommerce marketplace:
Online marketplace principles apply to both B2C and B2B environment as Alibaba like business powers users with the ability to compare and buy the products from different vendors under one roof.
Through the marketplace, manufactures, distributors, and wholesalers expand their reach, sales, and marketing channels. So building your own eCommerce platform relatively lower the development cost, quick set up, and having the advantage of a ready-made audience.
This ready-made eCommerce marketplace solution simplifies buying and selling with detailed pricing and shipping option. Sellers can customize their storefront and engage with customers through online chat. These make the online marketplace a stellar place to earn and scale revenue.
Who knew even your online eCommerce marketplace would take off in near future, start building your multi-vendor marketplace today.