An online marketplace is a website (and a mobile application in many cases), where several vendors offer products listings, in exchange for some marketplace fees. Marketplaces are in high demand among retailers as it’s an additional sales channel which they can utilize along with their online and offline stores. Marketplaces also fit customers’ needs: they can find anything in the same conditions because all product pages look quite similar regardless of the brand, vendor etc.
So how does the perfect marketplace look like? What are the most required features marketplaces should have for benefiting buyers and vendors? Let’s look at the checklist we have prepared for those who consider starting marketplace and who just want to improve the current one:
Features for vendors
The vendor’s account and dashboard are created when the user visits a marketplace for the first time. The vendor’s profile gives more details on the company or individual’s expertise and services, location, prices, portfolio gallery, etc.). Powerful Dashboard is a great idea for allowing vendors to manage their products, sales, and inventory from one place
Import/Export feature allows sellers to import/export all the data that they need to migrate from their system to the ecommerce marketplace. Instead of doing all the work manually, an automated system makes things quicker.
Product review management helps admins establish credibility for products and services, it also helps maintain its brand value among customers. This feature can be used for showcasing high-value products.
Shipping Information providing your sellers opportunity to choose a shipment company of their choice is a great way to enhance convenience for sellers. Moreover, shipping info also helps them inform customers of the time it may take the product to reach their doorstep.
Product Catalog not only makes thing easy for vendors, but admins also get to reduce the hassle of managing various stores. One catalog where all the vendors simply add their price, managing vendors doesn’t get easier than this.
Features for buyers
Clear sign-up process gives users the opportunity to use either email or social networks authentification (Facebook, Linkedin, Google are the most popular ones) to faster finish the registration.
The buyer’s account allows users communicating with vendors, leaving testimonials on a certain service or product etc.
Categories section lets users know what products and services they can buy or sell. You can show the main categories on the main marketplace page. The platform becomes easier to understand, and visitors could use a certain link to turn to the needed service right away.
Easy Checkout helps you generate more sales from the same amount of traffic and not losing your customers at the checkout stage.
Multiple Payment Options/ Multiple currencies by giving your customers the freedom to choose a preferred payment mode, you are improving their shopping experience, and moving them quickly through the checkout.
Check out the TMotions marketplace solution perfectly met all the requirements mentioned above.
