Marketplace is platform where product and services are operated by the third parties. All transaction are processed by marketplace operator, but delivery done by retailers and wholesalers. However creating a marketplace startps needs a big heart and courage. Not all marketplace business are equal some flourish fast and hit the online market, while others take time. It all depends on what you have, with the new revolution of things we are going to see many online marketplaces.
Know where do you really start? With all the technology and building a good successful marketplace is not far from achieving. Remember you have to build your community of buyers and sellers merge them to get proper outcome. Basically starting the marketplace you don’t need a catalogue all you do is convince sellers to bring their inventory to your marketplace. Hard and crazy thought? I know, there no buyers yet, or try bring in buyers when you don’t have sellers. Promising to get them soon, it all about the chicken- egg thing.
What to do to achieve and what do you really want to achieve?
The lingering questions in our mind. Before starting and bring everyone into the marketplace ask yourself. What, where, how, why.
Why do I need a marketplace? Because I want to be rich, I want self-employment and see people working for me.
Make the world a better place with my marketplace ensure they are happy with all services. Whatever the reason but remember your ambition will determine your achievement. Have clear goal and clear problem you want to solve when you open a marketplace.
Look for a niche that you are passionate about, think on building your marketplace platform. Look for professionals to help you in things like creating a code, do you have partners if not can you do it alone? You require a good team behind which has the same vision .understand the characteristic of all marketplace especially your own. Find good supply chains for proper liquidity.
Marketing a marketplace
For every business to start and be known you have to spread the word either by mouth of social media and many other ways. But with the new technology marketing has been made easier, we have platforms like Facebook, twitter, blogs etc. for a marketplace to gain popularity it doesn’t just happen you need a lot of marketing and spread of information. Marketplaces also need marketing here are several steps to take in marketing a marketplace.
- Have good and proper strategic position
You can begin in categorizing the product or service. Show its key benefit to the clients, know your competitor and learn the strategies and plans to launch it. The most significant questions are who are my customer and why should they buy from my marketplace do I have enough sellers to cater for their demand.
- Brand development
your name and Logo has to be attractive and stand out. Appealing to both buyers and sellers in the first sight. Ask experts to formulate a logo and URL for your product. Many clients simply buy or like products by just the name and logo then the features will come later. This will attract many buyers and sellers who want association with your beautiful marketplace.
- Web presence
the new era of social media has come in handy to assist in marketplace. It’s significant when you choose a media which will reach a great number of users. Let take like Facebook page and twitter. Don’t just post on any site look for a sophisticated website which will give full information to clients. Ensure your website can be hosted by all devices mobile, PC and tablets. Always have relevant keywords, with your product appearing on search engines like Google, Amazon, and EBay.
Businesses sprouts out of good blogs. Blogs are the backbone of marketing and communication. Companies promote their products and services through blogs, they should be professional and well managed always updated and user friendly. Publishing good content on the blog attract people to see, comment and review your blog.
- Digital PR and partnering
To kick-off a marketing strategy for new marketplaces digital PR is essential. Have tools which reach your users effectively. Twitter being the top notch tool should be well linked to your marketplace. Word of mouth works wonders in marketing a marketplace to buyers and sellers. Develop nice PR to retain and gain new users in your marketplace, use common tools and get feedbacks from all those who visit your site. Maintain good relationships with media for your product or service to gain visibility and access. I know being a new marketplace can be tricky having press attention. Try local newspapers and advertisement programs. Yes it painful financially but worth for your marketplace.
Characteristic of a good and promising marketplace
We said earlier than marketplaces are not equal some will shoot fast others will take time.
Liquidity: what is liquidity is getting what the client want or are looking for in the marketplace. Satisfying customers is the most significant thing in marketplace. Does the marketplace have enough buyers and suppliers? You need a balance in both not lose either as they look for better marketplaces.
give your clients offers to the products you have on the marketplace. A starting marketplace should be cheaper than the existing ones. This one way to attract users to your platform. It should also give you some profits but special offers of low prices will give you a great push and build your marketplace.
- Time and speed
can you deliver on the demands of the buyers or can you get sellers on time to satisfy the market. Slow production leads to losses buyers move to other quick marketplaces. This is bad for business you might keep looking for new buyers and not maintain old ones.
- Split marketplace
the best marketplace have buyers and sellers in equal numbers. They are well represented and satisfied in the marketplace. If you have sellers offering invaluable or products which don’t meet needs of buyers. That a split marketplace with chances of down fall.
- Embrace technology
All business need to technology, they should go digital and work smart. Big markets like uber use online services for their client you know your fare before the ride. Make your marketplace unique by offering all business and transaction online many clients don’t have time. They only need to press buttons and get their product.
no business will function without trust, sellers and buyers are people from different parts of the world. They trust your platform to make money and to receive products. Ensure your sellers deliver quality services and on time and won’t disappear once transactions are done. The best way to build trust is introducing rating and reviewing for every seller in your marketplace. The buyers will judge and know who offers what. On the other side sellers will be petrified to scam around.
- Market effects/ network effects
Marketplace grow with time and become big business we hear and see around. As it grows the first buyers and sellers continue gaining and producing more according to the demand. But what about the new sellers who would like to join the marketplace? The suppliers don’t get chances since the previous sellers can supply all the need of the buyer. You find that a market runs on the same sellers but new buyers.
Best WordPress themes which support marketplace
Wow! It amazing online store with WordPress has gone from complex to being easier. It has space for marketplace online business themes. You can now create a multi-vendor marketplace online store easy and fast. You only need one of the themes and a WordPress plugin and your marketplace is good to go.
You can create a store where your buyers and sellers can sign up, give what products they have. They have the privilege to own and manage their account, but from your WordPress website. WordPress plugin has design best themes to suit your marketplace and help it add more rates and clients. Moreover they have forms to assist in registration, account and report pages of any buyer or seller to give organized work and platform.
Give your marketplace a perfect design and class by creating a place where sellers they will list their products/services. They can use any of the themes from WordPress plugins. Here we believe building a strong marketplace is attracting the right customers and service providers.
an innovation by Array it helps you build your own marketplace with WordPress. It works well in marketplace by bring about free digital download plugins. It will handle all files and can receive payments done by the clients. It will manage all payments files and profits for even a multi-sellers in your marketplace.
It’s not time consuming and your sellers or buyers gain more trust with the marketplace. Check out themes have very nice recommendations page for writing the customers or sellers feedback. It beautifies you marketplace by adding features like
• Pricing table builder tool
• Gallery creator
• Product slider
It is mobile responsive it makes your website easy to use and beautiful to look at. It works on all devices which are used to access it.
Marketify: this a high and professional WordPress theme of marketplace owner and can create a multi-sellers’ marketplace for sellers to sign up. They can list their products for the buyers to choose and get them fast. The theme has registration forms and new product form to be added on the market. Marketify works with easy digital downloads plugin which is an online store to help proper functionality of your marketplace.
It is hassle free theme and can be used by anyone no matter the knowledge of online stores. It has an automatic profit sharing system once goods are sold the payment get to the seller and your share will be paid too. Marketify enables social media registration easing the process and also removing friction. It is easy for your site to grow and become a big marketplace. It is very flexible for it can create single and multi-vendor online marketplace. This the perfect choice marketplace business.
As the name describes stocky it there to create an online marketplace which can host sellers selling their stocks photography and images. The plugin allows even single user to show case their products online using stocky.
Basically stocky helps take photos and put them in registered account and you can sell your marketplace with all the beauty. Stocky attracts clients to your market by design a wonderful front store. The WordPress plugin theme is handled by free easy digital downloads plugin. It has great extension available for your marketplace. This the only theme is built to sell digital photos and other images.
brand item in the market with great features to suit your marketplace. It has a new home page and inner pages, your only need to replace them with the information about your marketplace. How it will work: it is create on Woo commerce ecommerce plugin it can build WC vendor add-on. With two combinations the sellers and buyers can make list of items they have or want on your marketplace website.
Sellers can open their own accounts and check their sales through your WordPress plugin theme. All payments and distribution will happen making your marketplace run smoothly. This theme bring more people on board for its wonderful features. It tries to make multi-seller market with WordPress, it has videos and photos and documents to guide you in making a successful marketplace.
It has lots of feature which go hand in hand with creating a good marketplace. Join to Woo commerce plugin special for handling inventories and shopping cart for you marketplace.
Anyone interested in your marketplace can create an account and give a list of their product/service. The sellers can have their own account in your marketplace and also create a public profile to promote their products. This benefits your marketplace since buyers will have to use your platform to buy from the vendors.
They can connect to the buyers with their sellers profile to make more sale but it has to happen in your marketplace. Using the control panel you can change the appearance of your website, making the theme of your own. It has great features like content sliders, fully responsive design and front-end form to bring other sellers on board.
This a theme build from scratch to help multi-sellers build their own marketplace. It merges with the WOO commerce online shop plugin and many add-ons available. It has the chance to form a list your products/ services online or allow other sellers to join you platform. They get equal chances of having a list of products on your website.
Interesting fact is, you can assign the already existing products to the new sellers from your control panel. Moreover they can create their own account and manage their own products still at your marketplace. You can let the theme plugin design a service where sellers will be giving you the profit portion automatically. It has different features like premium visual composer and revolution slider plugins.
It has automate animation on every page and creates custom page layout to save money and time. It a modern responsive WordPress theme plugin which helps in all aspects of building your marketplace.
It will give your marketplace a nice look. The theme integrates well easy digital download plugin. You can choose from the easy digital downloads extensions to add as many marketplaces as you can. After you have taken one easy digital download plugin you will choose one market theme to start you marketplace started.
The themes look wonderful and will certainly make your marketplace look attractive, bring more sellers and buyers in. The control panel helps customize your marketplace easily. Market theme plugin give option to change colors and fonts and upload your own logo. You don’t have to worry about page builder tool the theme also caters for tool and you can use it to make your own page layout. It has front-end form for the sellers to make their own list of products and have an account. This simplifies the process of login in to your marketplace and when they make sales the shared profit will get into your account automatically.
Powered by easy digital downloads plugin, it has a lot of uses towards online marketplace. Due it connection with easy digital download and add-ons your website will function like fully ecommerce marketplace. The sellers can sign accounts and have lists of their products for buyers to see and make a buying decision. You can make commission rate fee structure, where your share of profit after a sale will be stored. It is well tested to work on marketplace and very easy to use. Olam has four types of demos which help you create many types of marketplaces with the same theme. Sellers can create their own profile to promote more sales. It also works for buyers who book and have appointments with experts to learn on certain products in the marketplace. This helps build the trust between the vendors and the buyers as they buy genuine products. You have the control of anything happening on your marketplace using this theme plugin. You can have videos and photos for buyers to see what offers the marketplace has and choose the right products.
it helps build multi-seller marketplace website with WordPress plugin themes. It helps sellers and buyers meet online and make sales. It has made it easy for buyers for they can pay using PayPal, skrill Moneybookers and many other. The vendors create their own accounts and profile to make good sales and benefit the marketplace. The marketplace owners create an account for the sellers to automatically put part of profit. You can sign in more vendors and buyers easily and woks fast.
How to launch marketplace
probably you are very enthusiastic about launching and testing your marketplace. Do have you proper flow between clients and service providers? Have you stretched to the liquidity level? Now this are fine questions you need to answer.
Liquidity on the clients flank is getting what you are looking for. Satisfying your clients is more significant than just an immense number of customers. Hope this clicks in your mind, it better to have few users on your marketplace whose need are well catered for than a big group and none of their need is addressed. Give quality service and don’t mind the number.
How do I get customers before I officially launch my marketplace?
Customers are core pillars in the marketplace, make respectable communication from the start. Create an email list, collect subscribers and talk about the services offered. Set up a landing page for the clients to sign up, don’t stop at that. Do a lot of marketing as we had discuss before both online and offline. Look for your first clients and first service providers learn why they still stick around. Use different strategies to get the loyal customers by:
1. Join existing social Media
This probably is not what you expected. Come to think of it your target customers are already in other big social media like Facebook and twitter. Join the same groups and have debates and discussion. A firm bond will occur and there you can mention your marketplace, ask for ideas feedback and guide them to your website. Students are the best target group they always use social media and you can easily join in. word of mouth works well meet people in groups or individually tell them your mind hear the response.
2. Create your own community
After interacting with people on other platforms, create and invite them. It is important to know your customers and their schedules. You can build a blog, always be active on all social media, bring up discussions and all meet people face-to-face.
Do content marketing and let your target customers communicate and interact. Make sure the content is SEO friendly meaning people searching the topic will find then on search engines like Google, Amazon and others. Use social media to spread the content give options of sharing at the foot of the article.
Visit other blogs and ask for opinion let the analysis your content and accept the feedback.
Remember not all fall on blog reading teens and youth are more likely to use what’s App, instagram Imo messenger. Try getting them by word of mouth hear their views.
Good after setting all this strategic plans, you are close to launching. There are two types of launches:
• Product launch
• Marketing launch
Product launching and guidelines to follow
When we perceive of launching, we think of inviting guest to witness and celebrate our achievements. Oops! Which is not the case big business guru give part of their view and feel more problems follow after big bang launch. Why? If your product /service is not completely authenticated you might spend resources and waste a lot of time trying to cover. You might have gain the wrong potion of clients and this disappoints your current service providers if no sufficient sale flowing in.
More advice is that don’t syndicate your marketing and product launch. Make the marketplace open to people for a period of time then begin promoting it. Open a platform and let few people in, mostly the first clients when you set the maketplace. Offer discounts and let them give feedback, have responsible market providers let them know what you are doing behind scenes.
Now check your liquidity levels. How? The few people you brought on board check are they doing transaction on your platform. See the rates by which this is happening, piece of advice if you have a 100 customers and didn’t do any transaction. Call or email them key thing here is proper communication. Ask why they made no operation? Didn’t they find what they needed? Did they understand how the transaction are made or there were difficulties? Such question helps rate your liquidity. Next step make changes from the feedback and invite other clients same number plus the previous ones. Observer the difference will they make on transaction and has anything improve. Don’t ignore this small talks they will take you long way to success.
Yes it a long and slow process which saves you from wasting time, resources and saves you disappointments. Don’t be hasty to launch without proper demand and supply chain. You might have clients but less enthusiastic suppliers or vise-versa.
Finally when all this comes together, it’s time for the big launch bring many people on board. Focus more attention to your product/service. Invite others markets and have one-on-one discussion, let them give speeches of their success. Involve your team in all your achievements they are your backbone and will stand to correct you.
Marketing launch and guidelines
Marketing launch is getting service providers and customers into your podium and produce many transaction from the beginning of the marketplace. You simply use the email list to get contact of all the clients before launching. Wondering how to launch? Previously on product launch the contacts you made and email list used will assist to ease the launching. Already you have services providers and potential buyers. You just send an email and bang! You have your first sales at the launching.
Attach the right strings have sellers who suit the buyer’s needs. The prices or transaction rate should be fair not to lose the buyer’s. Keep in mind this a wheel which needs both efforts to make moss.
An advantage of launching product first making a smooth highway for marketing launch. With new revolution of media you can complement email list and use other channels.
It’s one of the simplest ways to launch, but is everyone reading or interested in it. Choose the right press for effective outreach. Reasons of good press have an attractive story, right journalist who can reach your audience and good concept.
please create a trustworthy relationship with your clients and service providers. Post engaging blogs which depict your services or products don’t let them doubt about your marketplace. Use social media or peer-to-peer, word of mouth as you influencers.
this is an influential media to launch your marketplace. Examples of product hunt, which makes new products and let the consumers rate them. They give more focus on your product for less efforts.
It depends on the channels which works and gives more attention. I advocate for quality than quantity and best services to retain and gain more users and providers. On the above channels choose one and modify to work on your marketing strategies. Launch will all glamour and do it your way.
Common mistakes which occur in marketplace startup
Have you asked yourself what if it fails? What’s next? Where should being? The above write up looks promising. No mistakes no disappointments, however mistakes might happen but on rare occasions. They strengthen you and always learn new ways to overcome them. Let me take you through common mistakes especially in launching products and marketing launching.
We ponder and think marketplaces happen overnight but I have brilliant questions and solutions for mistakes and fails.
1. What are the most common and repeated mistake when creating a marketplace?
Common as said, we think launching is easy and you will gain users right away. Friend it hard to bring an idea to reality creating a platform and people liking its part miracle part pure luck. The big brands like Uber took long to launch and gain trust. You’ve to work extra hard extra time and resources.
2. Challenges of already launched marketplace? We forget launching and making it grow gather vast users is another thing all together. Ask yourself do I have enough clients?
Are there enough suppliers and am I making adequate sales? Yes we use tones of money to market and popularize our products/services. But how sure are you that the online marketplace is ready can it offer the needs of the customers.
Check your demand and supply chain are they balanced? Don’t just spend but spend wisely on right project. Take time to study the marketplace first and know where to invest.
3. The often ignored thing in marketplace?
Yes your marketplace is up and going. Things are fixed but we overlook educating the consumer. This platform should educate users some blindly use the platform but can’t explain the products. Here you get clients dropping out and new one coming then leaving. Educate them on the importance of the service/products, if they have challenges give them hotline or email to raise questions and enquiries.
Problems will always occur but how you handle the matters. Plan ahead look for other organization or platforms learn from them. Remember good PR to your client matters a lot. Keep in touch and have fast problem-solving skills have the right team behind you and take things positively.
Advantages of online marketplace
• Connecting with many suppliers and buyers. It a nice way to meet people of the same interest.
• Consumers get a chance to compare and buy products/services online.
• The marketplace managers have less logistics and can easily manage their site.
• The suppliers focus on selling their products but not the platform.
• You meet people and form business relationships.