5 Pillars Starting an Online e-commerce Marketplace

Starting an ecommerce business from basic in no longer needed as the process has become seamless with the advent of ecommerce platform. But the fact remains that there are still few points which needed to be kept in mind, in order to ensure success. Many aspiring new entrepreneurs have a common query of what are the steps? Which needed to be undertaken, before launching an online marketplace.

~ Market Research /Competitor – For New entrepreneurs, analysing the market is one of the most important things to do before starting an ecommerce business. This gives them a clear idea about their products & competition, market reach, and targeted user base. Ecommerce sector, in particular, has seen nurturing of several start-ups catering to niche areas. This is why an initial research offers proper insight using which one can tweak their business model. This also gives basic clarity visibility of the product.
~ Contact Sellers – After creating a business model, one must reach out to sellers and ask their support. This would help you avoid the situation where you have a marketplace but no seller to sell on it. Therefore, even before launching the marketplace you must take a few sellers into confidence that they would support your website and start selling on it once it launches. You should also create a list of sellers who show interest and arrange their contact information for further contact & engagement.
~ Compare and Choose the Ideal e-commerce Platform – In the current market dynamics, the most economical and feasible way to launch an online marketplace is via ecommerce platform. Therefore, the next practical step should be to compare ecommerce platforms and choose the ideal one. The best to do that is check all the online demos of these platforms from the front end, admin, dashboard, and merchant view.  All ecommerce portal must monitored very closely in terms of logistics, timely payments, tenure of payments, claim process & returning policy.
~ Pick the Right Pricing Package – First Choosing a platform based on its feature set is one thing but one must also look at the cost input. An ecommerce platform with a long list of economical features that put a big hole in your pocket is not always recommended .In addition, there are other types of costs associated with running a marketplace. There should not be any hidden cost involve in it because it will create unwanted pressure on sellers which is not recommended.
~ Setup Store – After finalizing the platform the next step is to just setup the store. Now getting your product listed category wise which bring more clarity while doing it in order for your store to gain popularity among the targeted user base, you need to market and promote your store , No matter what ecommerce solution you pick you do not earn substantially is you do not market the marketplace. You must set the budget for marketing. Pre-launch marketing earns much-needed popularity before the marketplace even starts operations. You can also use paid marketing for the promotion of your store marketplace like Google AdWords, Social Media & others medium which is more suitable.

Leave a comment

Your email address will not be published. Required fields are marked *