Have you ever envisioned creating a vibrant online hub where buyers and sellers connect seamlessly? The world of online marketplaces offers a thrilling opportunity to do just that! Think of it as a digital marketplace bustling with unique products, eager buyers, and passionate sellers – all facilitated by your innovative platform. Launch a marketplace can be incredibly rewarding, fostering a thriving community and revolutionizing the way people shop. But where do you begin? This is where we step in – to guide you through the exciting process of bringing your marketplace vision to life!
The multiple success of marketplace project
What is an “online marketplace”? Like shopping centers, markets or even attics, marketplaces are web platforms that bring together two players: on the one hand, suppliers and on the other, buyers. In both cases, they can be professionals or individuals who exchange goods or services in different ways (renting, buying/selling, auctions, bartering, donations, service exchanges… Can you think of other ways to exchange?).
Amazon, Ebay, Craigslist are some of the generalist buying/selling marketplaces that immediately come to mind. There are also a lot of marketplaces dedicated to a specific field or with different operating modes. A small list of examples of all kinds:
- Vinted specializing in secondhand clothing items and accessories
- ebay, the famous classified ads website
- Uber, the highly publicized transport service that brings together users and drivers
- AirBnb, the world-famous platform for renting out property between individuals
- Etsy, which focuses on handmade products
- Google play, the marketplace for Android applications
- Winbids, the platform that connects companies that create tenders with consultants who respond to them
And many (more and more) specialized marketplaces on services like Fiverr, Offerup… etc
Launch your marketplace!
Yes, you too can create a marketplace in an existing domain or from scratch. I see two possible cases:
1) You already have a project
You already have an ecommerce site and/or a physical shop in a specific field, you sell bikes for example. You could therefore create a marketplace specializing in the world of bicycles and offer other physical or online shops in the same field to come and sell on your platform. Your objective would be to attract all bicycle buyers to your platform, which would then become the essential reference for bicycles.
Consumers would thus benefit from a wider range of products and more attractive prices due to the competition between sellers. Moreover, as the latter are specialized in their field, they are the best placed to respond to buyers’ requests.
Natural referencing thus greatly facilitated, will allow you not only to increase your own sales, but also to obtain additional remuneration via a subscription and/or a commission to be taken from your competitors, who would thus become your customers at the same time!
2) You start from scratch
You have nothing, no website, no shops, but you have the desire to undertake, so go for it! In this case either :
- a) you have an idea for a revolutionary new concept! You can detect a problem or a possible improvement in a matching process where there is no suitable marketplace. You can detect this in your work, in your daily life or that of your relatives, in your activities… be attentive, stay “aware”.
- b) you take an existing idea and try to add something new (new features, better design with more ergonomics, etc.). The business model and marketing can also be a source of innovation. And don’t use “it already exists” as an argument: there is room for everyone. Just avoid launching yourself on a saturated market without even trying to bring something extra that will make you stand out from your competitors.
- c) you could also take inspiration from what is done elsewhere and try to import a concept into your country, even if it means adapting it to the differences in culture, legislation or access to technology, for example. Think about niche markets, the different possibilities BtoB, BtoC, CtoC… CtoB?
There are obvious advantages here: you don’t have to buy anything, nor do you have to manage stock or delivery. To each his own!
In both cases, be aware of your responsibility towards the platform’s users. Indeed, even if you are not directly responsible for a malfunction (delivery delay due to a seller’s stock shortage, for example), you will always be the intermediary to whom the various parties will turn. To manage buyer dissatisfaction, you must impose strict rules on sellers that they must respect or they will be suspended from your platform.
Make a good platform
When you launch a marketplace project, and you want to succeed, you need to take into account the technical aspect on the one hand and the business aspect on the other. Your platform must have a modern and ergonomic design that makes navigation pleasant, but also a high-performance administration interface to facilitate management.
The website must of course be responsive to adapt to all devices. Not to mention that from now on, search engines, with Google in the lead, want to optimize searches made on smartphones and tablets by favoring websites with a mobile version or with a responsive design.
A very important and obvious point: you must also guarantee a high level of security for your customers’ data. You can refer to the criteria to be taken into account to make a good showcase site which are also applicable here.
Finally, the success of your marketplace will largely depend on your web marketing strategy. You will need to ensure good communication to increase traffic to your site in order to attract not only buyers but also sellers.
Know Your Target Audience
When you launch a marketplace, you need to identify your target audience, you must clearly define the product or service your online marketplace will offer. This involves understanding its features, benefits, and the problems it solves. Knowing what you’re offering and why it’s valuable forms the basis for identifying the people who would be interested in it.
With a clear understanding of your product or service, you can start identifying the demographics of your potential audience. This includes factors such as age, gender, location, income level, education, and occupation. Beyond demographics, understanding your audience’s psychographics – their interests, values, attitudes, lifestyle, and behavior – is also crucial.
Studying your competitors can offer valuable insights into your potential target audience. Look at the customer base of businesses offering similar products or services, analyze their marketing strategies, and read customer reviews to understand their needs and preferences.
Surveys, focus groups, and one-on-one interviews can provide direct feedback about your target audience’s needs and wants. Online tools like Google Analytics and social media analytics can also offer useful data about who is interacting with your digital platforms and what they are interested in. And on your collected data, create detailed buyer personas – fictionalized profiles of your ideal customers. These personas can include demographic information, psychographic traits, buying habits, and even potential objections they might have.
Conclusion
Launch a marketplace isn’t just about building a platform; it’s about cultivating a dynamic ecosystem that fosters connections and commerce. By carefully considering user needs, implementing robust features, and employing strategic marketing, you can transform your vision into a thriving online marketplace. Remember, success hinges on fostering trust and value for both buyers and sellers. So, are you ready to take the plunge and revolutionize the way people shop? With dedication and the right approach, your marketplace can become the go-to destination for your target audience.
If you want to see your marketplace idea become reality, contact us! After a first brainstorming, we can quickly start the development to realize a tailor-made and operational platform in a few months (the duration can vary according to your needs).
