5 Tips towards Successful Marketplace Development

Online marketplaces are now so common that over a million goods are sold by the largest of them. That makes it hard for sellers to get heard, of course.

Platforms like Shopify, OpenCart, PrestaShop have streamlined the process of creating an eCommerce store, but when attempting to ensure smooth functioning, marketplace managers run into problems. Managing a pool of millions of goods and thousands of vendors that respond to the needs of more than 1 billion consumers involves steps that are hard-to-implement.

How to get the most from a multi-vendor marketplace?

If you have a start-up for a marketplace then here are 5 tips that would help you to stand out & grow your business.

#1 Choose your marketplace platform wisely

Firstly, to create a marketplace, you need to know the basics of a multi-vendor marketplace and its working. A marketplace has a lot of advantages over an eCommerce single seller website. It provides you with continuous demand from various customers.

Look for the options available for creating a marketplace.  You can build your marketplace on the OpenCart 2 platform with the aid of Marketplace extension. The OpenCart marketplace extension is featured rich, easy to install, and highly configurable. It supports the commission revenue model, incorporated with a proficient seller dashboard, and a lot of features for marketplace managers, sellers, and customers.

Read this to know everything about OpenCart marketplace extension’s commission model.

#2 Look matters: Product images should be attractive

Quality product illustration is of utmost importance, just as on your website. A seller is going to compete with other sellers of similar items, and for the usual things, they won’t want to stand out. A significant point of distinction can be high-quality images, and low-quality shots would mean that prospective buyers are thrown away. Ensure that the seller must choose the best possible images that they match in with the overall look and feel of the website and the main brand of the retailer.

Tips to follow:

  • Keep the background white
  • Use high-quality images
  • Allow sellers to add a short video of the products
  • Product description should be clearly mentioned

#3 Approve and Allot Categories to Sellers

The marketplaces have hundreds of sellers(startup) and even with this number, it is necessary to give them equal opportunities. The marketplace has a plethora of products and this can be a problem for sellers if the marketplace does not ensure transparency.

You can approve the enlisted products and allot categories to the sellers to limit their niche. The OpenCart Marketplace module allows sellers to raise category requests and the admin can approve it. Some marketplace experts have a contradictory opinion and they believe in offering varied and exhaustive product listing.

If you are a newbie then we suggest you define the seller’s categories and let them add several products in that particular niche.

#4 Leverage the marketplace with social proofs

What are social proofs? In order to influence future clients, social proofs help businesses to take advantage of external legitimacy and consumer advocacy.  Social evidence is successful at the end of the day because it empowers real customers to share their stories and product reviews.

A full flagged marketplace like OpenCartextension allows customers to add social proofs like product ratings and seller reviews on the web-store. Social proofs can be influential to change customers’ opinions while buying a product. So, why not to add them!

#5 Integrate marketplace with social media account

Look out for the ability to connect accounts, so that your customers can keep up to date on your new additions and learn about the interests of your customers. Allow sellers and customers to share products on social media accounts. This increases brand awareness and brings to new potential buyers.

For example, Etsy allows you to connect your account to your Facebook page.

Wrap up:

When fully leveraged, e-commerce marketplace management tips described in this article will help marketplaces monitor return rates, increase conversion, provide a quality experience, and keep sellers satisfied onboard.

Increasing online rivalry is coaxing existing players to up their game and marketplaces should ensure that their current buyers and sellers do not churn by exploiting these management tips.

Are these tips helpful? Drop a comment or share your project requirements at [email protected].

The Marketplace extension is available for the following platforms: Magento 2, PrestaShop and OpenCart

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