Online Marketplace is something everyone has heard of. It has become the buzzword for quite some time now. But what exactly is the Online Marketplace? And what are the essentials to create a successful marketplace website? If I define it in the simplest words, Online Marketplace is a kind of e-commerce website. The difference here is that the products in an online marketplace are shared by a third party. We offer various services to create a stand-out marketplace website.

So, it is like going to the grocery store but in a digital way. It’s a place where sellers and buyers meet on a digital platform. Some of the well-known examples of Online Marketplace are Flipkart, Amazon, Zomato, etc.

What are the advantages of an Online Marketplace?

• It cuts marketing costs.
• Sellers can have a massive customer reach.
• An array of products/services to choose from for the customers.
• It helps to gain trust among the brand and customers.
• Customers can compare prices of the product/services with similar items and services.
• There’s no need to close the shop. Websites work 24/7.
• Brands can sell their products overseas.
• It creates a sense of transparency between the buyer and seller.

Online Marketplace is the future of consumer services and these are just a few advantages of Online Marketplace. Now let’s talk about how to create an online marketplace on a short note.

How to Create an Online Marketplace?

As we discussed earlier, Online Marketplace websites are taking the Internet by storm and it’s going to stay here for a long time. Here are some beginner-level steps to create an Online Marketplace:

1. Choose your target market.
2. Choose the right business model that will work best for your target audience.
3. Create a marketplace MVP (Minimum Viable Product).
4. Create & launch your marketplace website.
5. Promote your marketplace on various platforms.
6. Grow your business and platform.
7. Understand the business metrics and work on the strategies to get better revenue.
8. Learn from mistakes and focus on constant growth. There are no limits in an online marketplace.

Click here to check out an ideal marketplace website created by Nyusoft.

7 Essential Elements to create a Successful Marketplace Website

1. Integration and security

The integration will help you to reach a wide range of audiences via a marketplace website. You can cover almost every price range and type of customers by integrating your marketplace with vendors. The same way your marketplace can be the best place for small business owners to sell their items on a larger scale. This will also help to build the trust of the customers. Hence they will choose your marketplace website for shopping in the future, too.

Security is also an essential part of any successful marketplace website. Thus, it is a good idea to invest in a high-level cyber security plan for your marketplace website. Things like two-factor authentication and using a VPN for your marketplace can help you to improve the security of the website. Without well-established security, your business is at risk of cyber-attacks.

2. Search Box and other Advanced Filters

The search box is the most used feature of any marketplace website. Customers will write whatever they are looking for in the search box. Even though you have a brilliant navigation system, search boxes have their own fan following.

You should make sure that the customer buys the desired product/service as soon as possible. The search box will help to achieve that. Other advanced features work as a cherry on the cake. They will further help the customer to find the exact product that is in their head.

Advanced filters can be sorting, preferences like color, size, budget, etc. Featured or most viewed items of the day, similar products/services, delivery time, and many more. These elements will make customer’s experience on a marketplace website a great one. It’s a smart way to stick them on the website for a longer time.

3. Online Chat Support

Chatbots are a must-have thing for a marketplace website. Chat support is usually 24/7. Thus, it creates a feeling of support to the customers every time he/she visits the marketplace website.

Online chat support will help customers whenever he/she is stuck somewhere and solve their doubts immediately. He/she can also give some information about their order or other concerns about the product/service or website. This is the most powerful element of Online Marketplace and customer handling.

4. User Experience

User experience is dependent on UX design and easy navigation. These features can really make or break your online marketplace. Customer’s visit to your website should be a smooth and hassle-free experience. They should be able to easily find what they want. Customers should get an idea of what the website is about within a few minutes of their time on the website.

A user-centered marketplace website design can enhance the customer experience. Also, it is important to make UX with technical expertise. So that you can focus on the conversion rate at the same time.

5. Integration with Various Payment Gateways

There should be a freedom to choose the payment method most convenient for the buyer/customer. This way, there is a minimum chance to lose a customer. Various payment methods will cover the needs of a large number of customers and their payment preferences.

In this digital era, there are still some people who choose to do the cash-on-delivery payments. While others prefer to make the purchase using cards. Some of the most-used payment options are debit and credit cards, UPIs, E-wallets, points or coupon redemption, and EMIs,

6. Mobile Friendly

More than 50% of your marketplace website can come from mobiles. A mobile-friendly website has the ability to change the game of your online marketplace. People want a faster response and this can be achieved by a mobile-friendly website. Visitors will spend significantly more time on your website when scrolling through mobile.

A responsive marketplace website with flawless design is here to solve every issue a traditional website might have. According to Google, a mobile-friendly website has a greater chance to appear on the top of the Google search. Thus, a responsive marketplace website will increase the chances of ranking your marketplace website on top in search engines.

7. Rate & Review Feature

Allowing customers to add their views on any product/service helps to gain trust from the visitors. It increases the chances of turning a visitor into a customer. Every person who visits a marketplace website will check the ratings and reviews of the product/service before making the final purchase.

If there are honest reviews added to each product/service, it will improve the credibility of your marketplace website. Also, this is a great platform for the customers to express their reviews and experiences with your product/service/website.

There are plenty of other things that help to make a better marketplace website. But do not miss out on these essential elements to create the best online marketplace. Create a checklist and make sure your marketplace website is not missing any of these features. Thank you for reading. Please share your feedback with us in the comment box below. We love to hear from you!

Nyusoft Solutions is dedicated to creating a comprehensive marketplace website that not only satisfies the customers but also helps you to get noticed by Search Engines. Click here to check our services to create a marketplace website.