#9 Things To Keep In Mind While Setting Up An Online Marketplace
Grow Your Business, Not Your Inbox
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
In the consequent years, we’re going to witness an enormous revolution in the field of establishing and managing marketplaces. The time is just ripe to become a marketplace entrepreneur. Even though the juncture is right—and the technology is finally nubile enough—building a triumphant marketplace is far from a trivial task. Having a sound plan and knowing the best methodologies are important, but you still need to lay the groundwork and put in lots of hard work to grow your community and make it flourish.
Here are 9 things to keep in mind while setting up an online marketplace:
FILLING THE ‘GAP’ WITH YOUR PRODUCT:
While we can all get absorbed in the whirl of technology, buzzwords, modifying of obsolete concepts, and much more, it is important not to lose sight of our purpose. The core essence here is to understand the call of the hour’ and build a platform that will help people to find products or services into one place, and making them easily accessible and searchable by customers. The trick is to distinguish yourself from the rest by spotting the gap, being able to see something you can provide which no one else does. Once you have identified a gap in the market, it’s essential to work out how to fill it in the best way possible.
BENEFITS OF ONLINE SHOPPING:
It’s impossible to overlook the potential and convenience of the marketplace in today’s online shopping environment. Consumers don’t falter to adopt these businesses, as they are doing a much better job at using technology to make services more accessible with streamlined networks, added convenience and fast, simple, and efficient experiences. Furthermore, it allows customers to enjoy a wide variety of products and items not only from a specific store but from a varied depository that includes all kinds of items. With the help of the new technology, people from all around the world have started to purchase items online by simply clicking on a button, sitting in their homes.
THE IMPORTANCE OF CURATED PRODUCTS :
Today, in order for merchants to compete better with the flood of online shopping sites of the retail world and create stronger connections with their customers, one should offer carefully selected product collections designed to appeal to their customers. This trend helps the merchants develop a more indicative brand accent while elevating brand loyalty and increasing average sales. Curated commerce taps a merchant’s unique understanding of its customers’ lifestyles and product selections to deliver a store-like shopping experience.
A PICTURE IS WORTH A THOUSAND WORDS :
We buy with our eyes. The products of an e-commerce must offer a flawless image to attract customers. A gesture as simple as clicking and introducing a product to a shopping cart will depend greatly on the image that the product conveys. The quality and quantity of images offered of the product are two key points to achieve making an e-commerce user into a client. The picture of the product is the introducing letter to the customer: it must be clean and neat, complete and true to reality.
PROMOTIONAL OFFERS AND COUPON CODES:
In today’s time of stifling competition, it is essential that businesses stand out. Consumers today are programmed to find a deal, so discount coupon codes are a must-have for any online business. Promotional offers are used to motivate consumers to buy. They help to overcome any probabilities of resistance to purchasing your product or service. An offer can encourage a buyer to order more of a given item. A well-planned, seasonally appropriate accent entwined around your products, will be taken note of by your customers and they will be alluded to buy them.
THE TREND OF CROSS MARKETING:
Promoting your business is a daily grind, but you don’t have to do it alone. You can expand your patron support and boost your profits by using cross-promotion, collaborating on marketing with the right business partners. Cross-promotion, or co-marketing, means associating with another business to create a teamwork that is beneficial for both of you. The key is to collaborate with a business that doesn’t directly compete with you. You can increase your revenue through strategic partnerships, simultaneously giving your customers an extra something—your partner’s offer—with only minimal or no cost to you.
SUSTAINABLE BUSINESS MODEL:
Over the last year, a new term has been rising up – the sustainable business model. A business is all about creating revenue, providing quality service and helping people grow. By making sure the business is structured to benefit all parties involved i.e. your customer and you yourself, we can create a win-win business. A customer wins when he/she gets value for the money they invest. For this, you need to make sure that you deliver more value than promised because a delighted customer is a regular customer and can be a great referral partner in the long run. The business owner wins when he/she makes a profit while enjoying what they do. So ensuring a win-win scenario is crucial for the growth of any organization. It is the sustainable approach that will be beneficial in the remote future.
VARIETY -THE SPICE OF ONLINE MARKETPLACE:
The consumer is one of the major sources of demand for variety. Each individual is characterized by having different quality assessments, tastes or budget constraints; hence we should strive to satisfy their needs by offering a wide range of products. But, it is also true that consumers get bored with current selections and desire something new. Hence, it is essential to introduce new and innovative products with an ever-increasing flow of product launches. These tactics also help you to break the monotony and create a buzz for your valuable customers.
AFTER SALES SERVICE AND CUSTOMER CARE:
Customer service is an undoubtedly an important factor when it comes to online retail. Good customer service can be the greatest sales asset a retailer can have, encouraging loyalty and word-of-mouth recommendations. After sales service plays an important role in customer satisfaction and customer retention. Customers start believing in the brand and get associated with the organization for a longer duration. From the first visit to your site to post-sales services and outreach - make sure the experience is memorable for your customer, and that they feel connected to your website. This way you can ensure that they will love shopping with you and will return for more.