2. Challenge 1: Choosing the Correct Development Strategy
Make use of an open-source option.
Take advantage of a software-as-a-service (SaaS) solution.
Invest in a white-label approach.
3. Challenge 2: Getting to the root of the chicken-and-egg dilemma of the marketplace
First and foremost, appeal to the vendors
Start by drawing customers.
Attracting both sides at the same time.
Taking on the role of producer
4. Challenge 3: Poor Brand recognition.
Make use of search engine optimization (SEO) methods
Collaborate with other brands
Take advantage of social media advertisements.
5. Challenge 4: Customer acquisition costs are minimal.
Use storytelling to your advantage.
Recruit brand ambassadors.
Use social media to communicate values.
Create a personal blog.
Provide consumers with guidance and promises.
6. Challenge 5: Abandoned cart rate is high
Make use of one-click checkout.
Reduce the number of steps in the checkout process.
Provide a variety of payment options.
Gain the confidence of your customers
Make it easy to contact you.
7. Challenge 6: Keeping track of vanity metrics
The proportion of committed sellers/buyers
The expense of acquiring new customers (CAC)
Average order value (AOV)
Gross merchandise value (GMV)
8. Challenge 7: Poor customer retention rate.
Make use of a subscription-based business model.
Encourage consumers to buy.
Provide the best customer experience possible.
Making the consumer service more personalized.
Make the marketplace more fun to be in.
9. Wrapping up
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