{"id":6444,"date":"2019-01-21T10:38:00","date_gmt":"2019-01-21T10:38:00","guid":{"rendered":"https:\/\/www.intexsoft.com\/?post_type=blog&#038;p=6444"},"modified":"2022-07-19T13:07:55","modified_gmt":"2022-07-19T13:07:55","slug":"online-marketplace-what-you-need-to-know-before-building","status":"publish","type":"blog","link":"https:\/\/intexsoft.com\/blog\/online-marketplace-what-you-need-to-know-before-building\/","title":{"rendered":"Online Marketplace Development: What You Need To Know"},"content":{"rendered":"<section  class=\"hero hero-blog \">\n\t<div class=\"content\">\n\t\t\t\t\t<div class=\"hero__overlay\"><\/div>\n\t\t\t\t<div class=\"hero__container\">\n\t\t\t<a href=\"https:\/\/intexsoft.com\/blog\/\">\n\t\t\t\t<div class=\"hero-blog-btn\">\n\t\t\t\t\t\n\t\t\t\t<\/div>\n\t\t\t<\/a>\n\t\t\t<div class=\"hero-blog-date-author\"> January 21, 2019 \u2022 by \t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tAlexandra\n\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<h1 class=\"hero__title \">Online Marketplace Development: What You Need To Know<\/h1>\n\t\t\t\t\t\t\t\t\t\t<div class=\"hero-blog-categories\">\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"hero-blog-category\" data-id=\"23\" data-parent=\"0\">\n\t\t\t\t\t\t\tBusiness\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t<div class=\"hero-blog-category\" data-id=\"24\" data-parent=\"23\">\n\t\t\t\t\t\t\tBusiness Process Automation\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t<div class=\"hero-blog-image\">\n\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t<source type=\"image\/webp\" srcset=\"https:\/\/intexsoft.com\/app\/uploads\/uploads-webp\/2021\/07\/360\u0445510-Online-Marketplace_-What-You-Need-To-Know-Before-Building-min.jpg.webp\" media=\"(max-width: 480px)\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source type=\"image\/webp\" srcset=\"https:\/\/intexsoft.com\/app\/uploads\/uploads-webp\/2021\/07\/768\u0445773-Online-Marketplace_-What-You-Need-To-Know-Before-Building-min.jpg.webp\" media=\"(max-width: 992px)\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<source type=\"image\/webp\" srcset=\"https:\/\/intexsoft.com\/app\/uploads\/uploads-webp\/2021\/07\/1920x437-Online-Marketplace_-What-You-Need-To-Know-Before-Building-min.jpg.webp\">\n\t\t\t\t\t\t\t\t\t\t<source srcset=\"https:\/\/intexsoft.com\/app\/uploads\/2021\/07\/360\u0445510-Online-Marketplace_-What-You-Need-To-Know-Before-Building-min.jpg\" media=\"(max-width: 480px)\">\n\t\t\t\t\t<source srcset=\"https:\/\/intexsoft.com\/app\/uploads\/2021\/07\/768\u0445773-Online-Marketplace_-What-You-Need-To-Know-Before-Building-min.jpg\" media=\"(max-width: 992px)\">\n\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/intexsoft.com\/app\/uploads\/2021\/07\/1920x437-Online-Marketplace_-What-You-Need-To-Know-Before-Building-min.jpg\" loading=\"lazy\" alt=\"image\">\n\t\t\t\t<\/picture>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\t\t\t\t\t\t\t\n\t\t\n\n\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:70%\"><section id=\"\"\n\t\t\t\t\t class=\"custom-wysiwyg-editor wysiwyg-portfolio \">\n\t\t<div class=\"content\">\n\n\n\n\t\t\t\t\t\t\t\n\t\t\t\t<div class=\"custom-wysiwyg-editor__anchors\">\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<p><span style=\"color: #333333;\">During recent years, the way we run a business has been changed by the growth of various internet platforms. Nowadays, sellers, retailers and enterprises explore new opportunities and standards offered by online marketplaces.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6453\" src=\"https:\/\/www.intexsoft.com\/app\/uploads\/2019\/01\/OnlineMarketplace-1.jpg\" alt=\"\" width=\"1132\" height=\"755\" srcset=\"https:\/\/intexsoft.com\/app\/uploads\/2019\/01\/OnlineMarketplace-1.jpg 1132w, https:\/\/intexsoft.com\/app\/uploads\/2019\/01\/OnlineMarketplace-1-300x200.jpg 300w, https:\/\/intexsoft.com\/app\/uploads\/2019\/01\/OnlineMarketplace-1-1024x683.jpg 1024w, https:\/\/intexsoft.com\/app\/uploads\/2019\/01\/OnlineMarketplace-1-768x512.jpg 768w\" sizes=\"(max-width: 1132px) 100vw, 1132px\" \/>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">There\u2019s no doubt that<\/span>\u00a0<a href=\"https:\/\/intexsoft.com\/ecommerce-development-services\/\">e-commerce platforms<\/a>\u00a0<span style=\"color: #333333;\">are gaining popularity and becoming one of the most profitable online businesses for people who start them and their clients. What is more, this field allows online vendors to be more competitive among other merchants and offers everyone an easy way to sell their products and services. According to the<\/span>\u00a0<a href=\"https:\/\/www.emarketer.com\/Article\/Worldwide-Retail-Ecommerce-Sales-Will-Reach-1915-Trillion-This-Year\/1014369\" rel=\"nofollow\">eMarketer<\/a>, <span style=\"color: #333333;\">retail sales will increase to more than $27 trillion by 2020 worldwide while retail <a href=\"https:\/\/intexsoft.com\/ecommerce-development-services\/\">e-commerce<\/a> sales will reach $4.058 trillion in 2020.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">However, running an online marketplace is not a trivial task. It\u2019s better to know in advance how to start and which challenges you might encounter. In this article, we\u2019re going to discuss important issues in this type of business and the different phases of online marketplace development.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>Marketplace Business in a Nutshell<\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">Marketplace is a virtual collection of stores where customers can browse and exchange goods\/services from varied vendors. Amazon, Etsy, eBay, Tmall and Airbnb are great examples of this type of business.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">There are several types of online marketplaces categorized by participants:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><span style=\"color: #333333;\">P2P (Peer-to-Peer), where individuals are selling their goods to peers. Ebay, Airbnb, Etsy and Kiva are included in that category;<\/span><\/li>\n<li><span style=\"color: #333333;\">B2C (Business-to-Consumer), in this case, existing sellers and businesses enter the online marketplace. Examples include Tmall, Foodpanda or Rakuten.<\/span><\/li>\n<li><span style=\"color: #333333;\"><a href=\"https:\/\/intexsoft.com\/blog\/how-to-ace-b2b-ecommerce-website-development\/\">B2B<\/a> (Business-to-Business) connects suppliers, exporters, importers, retailers, manufactures and other merchants on one platform. Examples are Amazon Business, Alibaba, and Indiamart.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">Marketplace is a website where thousands of merchants sell their products to customers. Quite on the contrary, traditional online stores offer their users one brand of goods and services. The main advantage of this type of business for sellers is that the website with a variety of goods and services draws more visitors and allows merchants to increase their earnings. Meanwhile, customers enjoy the convenience of searching for everything they need at one platform. All the merchants on an online marketplace are united by one checkout process; therefore, clients don\u2019t need to click to different websites to complete the transaction. They can pay for their goods from different merchants at the same place.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>The way to start is to find and validate the idea<\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">Marketplace businesses are long-term projects on which you need to expend a lot of effort and money. A lot of startups fail because the chosen business model doesn\u2019t ensure sustainability in the long run, or the product can\u2019t satisfy demand at the market. In that case, you need to focus attention on finding and validating the idea.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\"><b>If your product doesn\u2019t solve a particular problem, and there\u2019s nothing new about it, you are not likely to succeed.<\/b><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">Below, we\u2019re going to list some steps you should complete before online marketplace development.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">1. You should\u00a0<b>be familiar with online marketplace businesses<\/b>: which types they are, which difficulties challenge you and how to overcome them. What is more, you need to decide which goals you want to achieve through developing your marketplace. It\u2019s best to ask yourself why, what and how you plan to build your business.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">2.\u00a0<b>Everything starts from a particular idea<\/b>. But, even if your idea sounds great for users, that doesn\u2019t guarantee that they will use your product. That\u2019s why your project should solve problems, both for customers and providers. You can think about the problem in terms of money, so find out how much money people will pay someone to solve their problem before starting their online marketplace . You can come up with a totally exclusive idea in many areas, make a central collection of different services, improve an existing solution or target a special niche. There are still many opportunities for different startups.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">3. You should\u00a0<b>validate your idea<\/b>. The first step is to understand the problem fit &#8211; that should be done before building MVP. Writing down assumptions will help you reveal problem fit. The assumptions should approach different aspects of business: value propositions, distribution channels, revenue streams, and others. During the validation process, you will realize which assumptions are right and which are wrong.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">4.\u00a0<b>Find a business model that suits your startup<\/b>\u00a0and ensures sustainability. The marketplace monetization includes options like commission, membership\/subscription fee, listing fee, lead fee, freemium, featured listing and the combination of different methods. In the beginning, it\u2019s better to have one revenue stream to focus your attention on. With the growth of your business, you can explore new combinations of options.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">5. One of the reasons marketplace business scale is great is that you don\u2019t need inventory in the beginning. However, you should\u00a0<b>convince others to bring their inventory to your marketplace<\/b>\u00a0and find ways to attract customers to your platform. In such cases, one of your tasks can be changing people\u2019s mindsets as well, but it requires a lot of work to convince buyers to use your product or service.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>How to Build your MVP<\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">After accomplishing the previous phases, you can start to build a minimum viable product (MVP) which will solve the main problems of your customers better than other solutions. After validating, launching and getting your customers to test your platform, you can really improve and provide value. Building an online marketplace is possible through one of these three options:<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">Make it from scratch yourself<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">1) Use the software or platform for building it<\/span><\/p>\n<p><span style=\"color: #333333;\">2) Pay somebody to build it for you<\/span><\/p>\n<p><span style=\"color: #333333;\">3) The method depends on several factors:<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">The method depends on several factors:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><span style=\"color: #333333;\">Which kind of marketplace do you want to build?<\/span><\/li>\n<li><span style=\"color: #333333;\">How much money are you willing to spend on your project?<\/span><\/li>\n<li><span style=\"color: #333333;\">Do you have some needed skills and resources?<\/span><\/li>\n<li><span style=\"color: #333333;\">Do you want to use the existing software?<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">When MVP is ready for you to launch it to your customers, you need to collect a lot of information about your assumptions so you can understand whether they are correct or not. However, your MVP needs to provide solutions to both sides &#8211; customers and providers.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>How to EnsureYour Online Marketplace Development<\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">When you have launched your platform and gained some users, it\u2019s time to help your business grow with some marketing tricks.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">Public relations help you engage with your potential clients by sharing information, gaining influencers and learning your crowd.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">Performance tracking will help you understand your users better, especially who they are, where they come from, and why they complete transactions. Tracking such activities is possible with the set up of Key Performance Indicators (KPIs). These show which areas should be improved and which marketing channels work.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">KPIs include:<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li><span style=\"color: #333333;\">Usage metrics &#8211; allows counting the amount of people that visit your website and how much time they spend on it.<\/span><\/li>\n<li><span style=\"color: #333333;\">Transaction metrics &#8211; checks the number of transactions and several ratios.<\/span><\/li>\n<li><span style=\"color: #333333;\">Business metrics &#8211; finds the volume of merchandise, customer lifetime value and acquisition cost.<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">Online marketplace development need more time to grow in comparison with traditional online businesses, so you need to stay patient and dedicated in order to optimize your business. You need to try different marketplace growth channels such as viral marketing, search engine optimization, content marketing, paid advertising, email marketing and so on. These channels will not only help you expand your audience but also broaden your categories and niche.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<h2>Conclusion<\/h2>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #333333;\">Remember that your idea and online marketplace niche should set your business apart from other platforms in the industry. Make sure to validate your idea before launching and don\u2019t skip the MVP building phase if you want to elaborate on your product in a long run. Online marketplace business is definitely not the easiest way to earn money, but the right idea and dedicated work can lead you to success.<\/span><\/p>\n\n\t\t<\/div>\n\t<\/section>\n\n\n\n<section id=\"\" class=\"authors \">\n\t\t<div class=\"content\">\n\t\t\t<div class=\"authors-container\">\n\t\t\t\t\t\t\t\t\t<h3 class=\"authors-title\">Written by<\/h3>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"authors-info\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"author\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"author-photo\">\n\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/intexsoft.com\/app\/uploads\/2021\/07\/825E8D50-CC0F-46FF-BC64-C4ED5F9B3E1A.jpg\" loading=\"lazy\" alt=\"image\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"author-info\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h4 class=\"author-fullname\"> Alexandra<\/h4>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"author-position text-tn\"> Marketing 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href=\"https:\/\/intexsoft.com\/blog\/features-for-cosmetics-online-shops\/\" class=\"our-blog__block-item\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"our-blog__block-item-image\">\n\t\t\t\t\t\t\t\t\t\t<picture>\n\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/intexsoft.com\/app\/uploads\/2021\/07\/640x400-Features-for-cosmetics-online-shops-min.jpg\" loading=\"lazy\" alt=\"image\" width=\"446\"\n\t\t\t\t\t\t\t\t\t\t\t\t\t height=\"278\">\n\t\t\t\t\t\t\t\t\t\t<\/picture>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"our-blog__block-item-content\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"our-blog__block-item-content-date\">December 17, 2020<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<h3 class=\"our-blog__block-item-content-title\">Features for Online Shops Selling Cosmetics<\/h3>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"our-blog__block-item-content-subtitle\"> <p>It&#039;s not a 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