Learn the best-learned lessons around the world from successful online marketplaces.
In the second half of the last decade, the global business environment has seen massive growth within the number of online marketplaces blooming in every domain. Amazon may be a classic example, a service-based tech giant started as an online seller of books in 1994, and later pivoted into a marketplace offering home decor, electronic gadgets, clothing, stationery, and more.
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Today, it’s a net worth of $134.5bn, making it one of the foremost successful eCommerce platforms within the world. But what exactly may be a marketplace?
It is an eCommerce marketplace model wherein multiple businesses/vendors (which in Amazon’s case would be the vendors) sell their products or services on one platform. There’s one admin, i.e., Amazon, that doesn’t sell anything of its own but merely takes a commission from the sales that vendors make on the platform.
Sounds easy, doesn’t it? Since the survival rate of the latest startups is simply 10%, becoming a hit for budding marketplaces isn’t as easy because it sounds. No entrepreneurs began to fail, and that we at Webnexs don’t want that to happen and are always determined to assist online marketplaces thrive.
That’s why we’ve put together an inventory of 5 lessons from popular eCommerce online marketplace brands to not be missed:
Best lessons from successful online marketplaces of 2021
1. Having a perfectly crafted website is key to successful for most online marketplaces
Airbnb sells a thought, which is to visit and stay in beautiful locations. Attractive imagery is critical in its branding, and nobody leverages that better than Airbnb. If you visit their website or mobile app immediately, you’ll find high-quality imagery everywhere on the platform.
The search box is true at the highest to interact with the user as soon as he lands on the platform. The findings are complete with clear reviews and ratings for every property, which makes it easier for the user to narrow down his options quickly.
Therefore, always keep reworking on the platform’s UX. confirm it loads fast, is easy-to-navigate, and has compelling visual content.
2. Concentrate on one domain and personalize it to the core
As a marketplace, you’ve got all the vendors within the world to return and sell on your platform. It’s easy to travel overboard together with your offerings. But merely having a huge product base isn’t getting to engage your customers for long. You ought to offer what makes your business stand call at the market and makes your customers happy.
Zeekas, an online apparel store, sells designer clothes and accessories that are handpicked by multiple designers. Tons of thought goes into how could an apparel store can reach such heights with a slow start. Zeekas goes on a roller coaster ride before finding actual traction on the market. So don’t overwhelm yourself within the beginning.
3. Provide a similar value both to your vendors and customers to be successful
What all successful online marketplaces have in common? Only their best practices make difference. Another thriving niche marketplace is Etsy that permits individuals to sell handicrafts, artwork, and handmade design items in the shop. While sellers enjoy secure and safe payments, customers get to select vintage products from the platform at affordable rates.
Additionally, Etsy takes the responsibility of shipping for the vendors, and only cuts 3.5% out of each sale made by them as a commission fee.
4. Ensure an open line of communication together with your online marketplaces customers
Amazon excels during this category with its real-time package tracking system. From the minute an order is placed until it’s delivered, Amazon sends multiple push notifications or text messages to the customer, keeping him posted about the movement of his order.
While this might not be possible for a replacement marketplace, you ought to still be ready to cover the fundamentals like fixing a little but dedicated customer support team that manages queries on social media and therefore the platform.
Alternatively, newsletters also are an efficient marketing tactic to teach customers about ongoing sales, new product arrivals, company news, and more.
5. Keep posing for customer feedback for improvement
This is the best lesson from successful online marketplaces, that is no matter how brilliant your business idea is, your customers will always offer valuable insight into what they need or expect from you. Consider offering short surveys that they will fill online, and do this for both new and existing customers.
Ask them to share what they like and don’t love and supply space for his or her suggestions. To incentivize customers to finish the survey, include a reduction coupon or gift vouchers as a gift for his or her cooperation.
80% of consumers tend to go away a survey halfway through, so make yours short and direct.
The key to becoming a thriving marketplace is to be according to your efforts. To hear your customers, do your marketing research, and evolve your marketplace continuously for fulfillment to be yours. What do you think?