Written by Ordering | Nov 11, 2021 1:00:00 PM
Do you have an incredible idea for an online marketplace, but find yourself stuck on the vision? Imagine what it would be like, to bring your idea into life smoothly and effortlessly.
The answer is simple, it is all about having the right technology in place. You might not be an expert in design and coding, but with a little help and the right software, your marketplace will have a strong foundation for you to build its successful future.
Since the beginning of 2020, more sellers are moving to the omnichannel model and selling via multiple traditional and online channels.
Many startups, as well as established e-commerce retailers, turn to online marketplaces as an expansion strategy. According to Forbes, B2C online marketplace worldwide sales could reach an estimated $3.5 trillion by 2024.
This is the perfect time and opportunity for you to take your ideas further and create a successful marketplace.
Let’s dive into the exciting journey of building an online marketplace with Ordering!
Choose the right model for your marketplace
Before proceeding to set up an app and website, think about which model would suit your marketplace idea the best?
There are various options when it comes to the business model that matches your supply and demand. The most popular marketplace model is commission-based, making a profit on transaction fees.
You can also choose a membership marketplace, listing-based fees, or a freemium model, where users pay for additional features along the way.
Before getting into designing, list all the features that you will require and compare them with your close competitors.
Be sure to use a system that meets the requirements of all the custom features including design, third-party integrations, and payment methods.
Create a strong website and app with Ordering
What makes the perfect marketplace website? Usability, speed, and most importantly immersive experience across all devices. Using the right software is a crucial element of building a successful marketplace.
Surpass your competition with excellent usability
A seamless and well-featured app will help to put your business in the same caliber as other big players in the online marketplace industry such as Etsy, Uber, or Deliveroo.
Ordering is able to tailor the website and app features in accordance with your needs and aesthetics, and shorten the check-out process to the minimum, in order to make sure your customers stay engaged and do not leave their carts!
One of our software features allows you to follow the driver in real-time and track the order status with your Ordering Website 2021 & Native Ordering Apps 2021. You can keep in contact with the driver during the whole delivery process and set up custom notifications.
The consistent interaction makes the customers feel engaged and taken care of throughout the entire customer journey.
Big brands like KFC, Domino’s, and Starbucks have already trusted us, so no matter if you are a startup or an enterprise, we are prepared to overcome any challenges, regardless of how complex your idea might be.
Provide the right payment options
Make sure to do thorough research on which payment options are the most prevalent and most frequently used among your target market and be sure to include them in your app. This will highly reduce your cart abandonment rate and prevent customers from leaving mid-process.
Customers are looking for two things when completing their purchases: security of their payment information as well as a convenient and speedy payment process. According to a report released by PayPal, purchases are 54% more likely to be completed at check out, when their logo is present.
This data shows the advantage of not having to enter payment details each time, and shortening the payment process.
Our system allows you to securely accept a wide variety of payment methods, including credit cards, Paypal, cash, card on delivery, or any custom payment process of your preference.
This way you ensure that the payment method that is the most widely used among your target market, will be available for your customer right away.
Start off the right foot by collecting data
Remember that you can always improve your marketplace over time! Start small and make sure to gather as much feedback and take a proper analysis of your first reviews, after your initial launch.
The second marketing launch will be based on more accurate and practical metrics, which you can use to improve your products, customer service, and features on your website and app.
Ordering can get your website and app going in less than a week! By starting out right away, you can gather a lot of precious customer data and test out your features.
Are you ready to give your idea a go?
Building an online marketplace can be a little tricky at the beginning, but the best way to learn is to start!
Having the right platform will give you support throughout your online marketplace journey and make your experience as a business owner enjoyable and very rewarding.