Want to know how to build an online Marketplace in 2021? Here is a detailed overview to create an online marketplace website. Want to set up your own marketplace or transform/upgrade your existing business?
If you are looking out for ways to create a marketplace store in the fastest and most cost-effective way possible then be patient as today in this article, you will learn exactly what it takes, and the best way to quickly develop your marketplace.
What is an online marketplace?
First, let’s explain “what is a marketplace”. A marketplace is a platform that allows multiple sellers and buyers to sell and buy goods on a single platform. Third-party vendors can sell services or items. Unlike eCommerce stores, the marketplace offers more choice or alternatives or more unique options to buyers.
You will need to decide if you want to build it from scratch or use a ready-built marketplace store. To reach the decision you need to fully understand the pros and cons of both the procedures.
Marketplace build from scratch
How much it takes to build an eCommerce marketplace store from scratch?
The cost and time it takes to develop a marketplace are too high for developing your own Marketplace website. The development costs of a basic marketplace can cost at least thousands of dollars to around to a hundred thousand dollars depending on the complexity and what you choose to develop.
Time taken to develop a basic marketplace can take up thousands of hours if you develop it from scratch. From country to country the average hourly rates can vary, which would end up with a high price structure.
For developing a marketplace from scratch you need developers, a project manager, web designers etc. And all this expenditure will also add to the expenses. The only advantage is that you can design a unique website that will work seamlessly as per your requirement.
Marketplace using the plugins
The other alternative is to use an eCommerce Marketplace plugin solution for your online store to transform your single vendor store into an Etsy, eBay, Amazon-like Marketplace. All, marketplace extensions usually will be much more cost-effective than a marketplace build from scratch. Many of the OpenCart plugins will have plenty of features, as well as functionality to customize the store per as your requirement.
One such multi-vendor marketplace builder for OpenCart store is offered by Knowband. Knowband offers an OpenCart multi-seller Marketplace plugin to transform your store into 3 simple steps. Using the OpenCart marketplace module you can easily build a marketplace that fits your needs and requirements.
Since its a SaaS marketplace platform, so its very cost-effective way to set up your marketplace. Also, you can anyway make any feasible custom changes by contacting their support team. Additional Knowband offers 3 months full free support to assist you while upgrading your store.
What features you should include in the Online Marketplace?
You need to add these basic features in your own marketplace website whether you are building from scratch or using a software plugin to develop. These features will help you to grow your website. At Knowband, we offer all the below mentioned must-needed features in the Marketplace extensions:
User profile/ dashboards:
In an eCommerce marketplace, both buyers and sellers must be able to create their accounts or profiles. Sellers must have a dashboard to add a description about themselves, their businesses, profiles, logos, social accounts etc. Similarly, a buyer need profiles with some basic information about themselves and a panel where they can see their account notifications, track orders. Change account details etc.
At Knowband, we offer an additional feature to customers of upgrading themselves as Sellers on the Marketplace. Yes, you read it right. With a single click, any customer can start selling their products on the Marketplace.
All product support:
To run a successful marketplace store admin needs to need to get a variety of products/services listed there. It’s a way to catch the users attention. A marketplace with multiple products compatibility enables the admin to target a wide customer range. Also, a marketplace with a simple checkout procedure for a seamless shopping experience to customers.
Another feature to add in a Marketplace is an easy payment solution. In order to enhance the conversion rate, its important for the store owners that all buyers must be able to pay for their purchases. A store with a smooth and quick checkout procedure is often performed by buyers. At Knowband, we offer multiple payment method compatibilities.
The success of a multi-vendor marketplace is majorly built on trust. Both sellers and buyers need to know how the product is performing and how the services are. Customers want to know what they are buying is a quality product or service as they are going to spend their money on that product whereas sellers want to in order to grow their business wants to keep a check on the feedback and improvement areas. That’s why it’s important to include the review feature in the marketplace as it lets users review each other. At Knowband we have both product and Seller feedback options in the frontend of the store.
Some of the additional features that we can include to enhance the reach and conversion rate are Mobile app compatibility, search engine optimization and customer-ticket support. Knowband offers Advanced OpenCart marketplace with a mobile app that can upgrade your single vendor site into a Marketplace site and provides a mobile app for your store. Mobile app developed will be available for both iOS and Android users
Developing a unique online Marketplace store from scratch requires a lot of resources whereas you also build a unique eCommerce marketplace using the plugins at that too at an affordable price. In case you want to know more about over OpenCart Marketplace contact us at [email protected]