Know your purpose.
Knowing your purpose and being clear about your marketplace vision will help build strong foundations as you start to develop your marketplace platform. Will you be an online service marketplace platform, a product marketplace, or a combination of the two?
Evaluate a lucrative business model.
Monetisation options need to be considered when designing the marketplace business model. Revenue generation for online marketplaces is largely derived from commission and membership fees. As the marketplace grows in scale and traffic increases, the operator can make advertising available to sellers, who can pay for various placements inside the marketplace to direct traffic to their stores.
Map the experience.
With the introduction of multiple sellers, new categories, and new product types, the path to creating unified commerce is opening up a wealth of opportunities, but it can also add a layer of complexity for both sellers and buyers. It’s important to map out the experience throughout your marketplace – from how you onboard sellers and how shoppers buy from your marketplace – to minimise barriers causing friction in their shopping journey.
Scale with Marketplacer Today
At Marketplacer, we take the guesswork out of building marketplaces through our tried-and-tested methodologies for success. Thanks to over a decade of experience, we’ll help you leapfrog the steep learning curve of running marketplace sites to generate more profit and drive true commercial value.
We’ll guide you through every step of the discovery process. Schedule a demo with us today.