What is a
Marketplace?
A marketplace differs from a traditional B2B or B2C ecommerce platform as a marketplace allows for multiple retailers and buyers to share a single portal. This creates a secure ecosystem that facilitates transactions and encourages commercial activities. Buyers can search for listings across multiple sellers in order to find their desired products or services. Popular examples of marketplaces include Amazon, Lazada and Qoo10.
What can a marketplace
do for you?
Marketplaces give you the opportunity to own an ecosystem that connects buyers with sellers. If you see yourself providing multiple services or reaching out to different groups, marketplaces are adept in bridging buyers and sellers as one stop centres.
Apart from facilitating the trade of products, marketplaces also act as a platform for connecting service providers and potential customers. You can customize your marketplace to cater for property agents, pet sitting services or even cleaning solutions.
- Grow your revenue
- Engage your buyers and sellers in a single place
- Fully tailor the shopping experience
- Manage a business without producing goods or providing services
- Customize the fields required for your stakeholders and partners to submit
- Upload rich media with no compromise on quality and quantity
- Conceptualize, design and own your monetization model (from commission, subscription or advertisements)
What are the features of
a successful marketplace?
Responsive, mobile-
friendly design
Powerful administrative portal for tightened control
Easy to use and user-friendly portals for both merchant and customers
Analytics to extract meaningful data to identify user behaviour and traffic patterns
Scalability with the ability to grow and succeed with your business
Social sharing options so your business get maximum exposure
Language and currency settings to reach customers anywhere in the world
SEO-friendly to ensure your marketplace is easily found
What are the features to look out for in a customized Marketplace Web Application?
A great marketplace will allow for a range of categories that broadens the pool of sellers and buyers, providing you with more avenues to increase volume and potential customers. Whetheryou’re sel ling products or services, it’s vital that your marketplace be customized to suit your offerings. Each feature, function and field is deliberately designed to bring value to your users and you.
Apart from these benefits, a good marketplace creates opportunities and capitalizes on benefits for both buyers and sellers.
Buyer-friendly
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Single account with access to multiple seller and easy price comparison
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Increased trust and security with marketplace acting as a middleman
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Hold function and splitting of payments to reduce risk
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Messaging and chat options to reach seller
Seller-friendly
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Little experience required to set up an account
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Integration with multiple
payment options -
Reach a wider group of customers with an established marketplace
-
Intelligent shopping cart system that increases conversion and retention
How can Verz help you?
As with all custom web applications, the possibilities are limitless. Whether you’d like a marketplace with live auctions, settings for different languages and currencies or the ability for 3rd Party Logistics (3PL) integration, you can build a marketplace that’s uniquely yours. With complete customization, you get to align your virtual marketplace to your marketing strategy.
Want to make your marketplace stand out and achieve a greater return on your investment? Get in touch with our friendly consultants and they’ll work with you to create a marketplace that’s built on your business goals.
