A Step-by-Step Guide to Creating an Online Marketplace like eBay
Online multi-vendor marketplaces like eBay and others are growing at rocket speed these days. These online marketplaces are expected to grow 10x by 2025. Such online malls are strong dominator over traditional marketplaces. Undoubtedly, it is just a matter of changing time and users’ interest.
Therefore, if you are planning to develop a website like eBay, you must move on in the right direction. Building a marketplace is a big deal; you need to have a proper idea, business model, domain, marketing resources etc. If you have all the required resources and tools with you, it is easy to start a marketplace business.
According to Statista, “eBay is the most popular vendor option among the US online marketplaces. During this survey, sellers asked to rate and recommend the marketplaces. And the rating factors were easy, of use, communication, customer service and profitability.
Know what a multi-vendor marketplace is?
Before we start a discussion on how to create an online marketplace, you must know what a marketplace is. It is an online marketplace that enables customers to purchase goods and services from multiple suppliers and sellers. Such platforms also offer different products from more than one brand and sellers.
Considering user-friendly experience, easy navigation, and streamlined processes is vital for you while creating an online marketplace business. Additionally, focus on order management, third-party vendor deals, website optimization, transactions and customers’ behavior.
The time has changed when there were limited numbers of online marketplaces available. Nowadays, many online marketplaces are available on the web, offering different featured-benefits and advantages to both sellers and customers.
How to build an online marketplace like eBay?
When eBay came to the market, there were not more choice and technological advancements available. However, with the increasing developments in technology, building a marketplace website has become easier. Still wondering how to create a multi-vendor marketplace like eBay; keep reading.
Find a specific niche
While starting a marketplace website, lots of eCommerce businesses face tough competition and challenges. eCommerce giants such as Etsy, eBay etc., have taken over the lion’s share of the total market and achieved customers’ trust across the world.
Finding a specific niche is vital to win the competition and grab the attention of competitors. You should bring a strong focus on choosing a unique niche. Settle down your marketing strategies and offer unique USPs (Unique Value Proposition) to the sellers and customers.
Your online marketplace must be lucrative and eye-catching against your competitors and capable enough of generating revenue.
Select a monetization strategy
What is the next step after choosing a specific business niche? Choose a specific monetization model for your marketplace. Your online marketplace model should offer the best results and help vendors to generate revenue.
Let’s check the available monetization models you can choose from are as follows:
- Commission-based model
- Membership fee model
- Listing fee model
- Freemium Model
- Ads business model
Choose a trustworthy and unique domain name
Choosing a unique and suitable domain name is vital for your business growth. Whenever you step into the multi-vendor marketplace business, you must have a domain name. It also helps your brand in getting a unique position in the market.
What you need to remember while choosing a domain name is:
- Easy to remember,
- Simple and short,
- Catchy and unique,
- Include relevant and targeted keywords.
The increasing number of smartphone users has made online shopping websites more profitable for sellers and vendors. With smartphones, users can easily access any marketplace through the website or an app.
Most probably, smartphone users prefer marketplace apps and mobile-friendly websites. So while starting an online business, you must focus on creating a responsive website and a specific mobile app.
Integrate payment methods
One of the most vital things to consider while creating a multi-vendor marketplace website is payment methods. Integrating different payment gateways and offering multiple payment methods to sellers and customers is mandatory.
To ensure the success of your online marketplace website, provide multiple payment options.
Define the key features
You need to include some other relevant features while creating a multi-vendor marketplace and to drive customers to it. Let’s check some of the vital functions you need to integrate while building a multi-vendor marketplace.
Some of the features your eBay like online marketplace must include:
- Authorization process
- Product catalogue
- Product description
- Advanced product search
- Inventory management
- Easy checkout
- Chat support
- Powerful analytics
- Admin dashboard
- Advanced product search
- Shopping cart
- Shopping cart
- Order reports
- Product pages, images and video
- Discounts and special offers
- Customer Review System
What is the cost to develop a multi-vendor marketplace like eBay?
To develop a multi-vendor marketplace website like eBay, you must focus on the key features; it enables you to achieve your development objectives. Undoubtedly eBay is the biggest giant in the U.S; your marketplace website can be less costly.
To save money and complete the task with essential features, you must have a cost-effective approach that utilizes scalable, enterprise-level CMS, as per the web site’s needs and affordable.
You can hire a professional website development company to get the best, eye-catching and user-friendly multi-vendor marketplace website within your budget.
Creating an online marketplace like eBay needs proper follow-up and experts’ help. Irrespective of your business size, it is profitable for buying and selling goods online. Create a profitable and highly functional online marketplace to enhance your online presence and profits.
Do detailed planning, analyze the market, identify customer experiences, technology selection, expert’s help are all the key ingredients you should always focus on while building a marketplace.