Samiksha Hiwase | 7 Min Read | December 28 , 2020

Critical factors in selecting your online marketplace software

1. Introduction

Creating an online marketplace typically comes with the standard “build or purchase” choice of technology. The vast majority have come to believe that it’s smarter to leave the technology on specialists who know best, leaving them to focus on the online marketplace platform business. This leads us to the search for the best marketplace software program.
Among the multiple software programs available online, finding the right online marketplace software suitable for one’s particular requirements resembles finding an extremely elusive needle in a haystack. It is the software that empowers an organization to display its brand and products in the online marketplace, ensuring outstanding Return on Investment (ROI) thereafter.
An unsuitable software will force organizations to battle to accommodate their plan of action or model to inflexible technology. While there is no ideal structure for deciding the correct online marketplace software, there are a few pointers to be taken into consideration when selecting the software platform most relevant to you.
In this article, we have summed up the three main components that permit you to gain benefits and scale over the long haul.

2. Basic prerequisites

Plan of action

Before building your online market, study and understand the market and its dynamics. Assemble data on the issues which you may need to address with your products or services, and who your targeted crowd is.
This will help you with the basic highlights and functionalities required for your business, finding the online marketplace platform that is the best fit for you.

Team

What are your organization’s specialized abilities and accessible assets? What is your group organizing? While one can make a platform with minimal technical information or assets, some extra focus is required towards customization or adaptability.
There are different kinds of marketplaces: Standalone Self-Hosted Multi-Vendor Solution, Multi-Vendor Plug-In Extensions, and Cloud-Based Fully Hosted Marketplace Solution.
We offer the best-in-class online marketplace platform software. This caters to the technological necessities of organizations of all sizes with differing client profiles. For businesses searching for customization and complete control over their platform, the independent self-facilitated multi-seller arrangement may be more suited. Some technical expertise is expected to get this kind of marketplace up and fully operational.
Then again, those searching for adaptability may discover answers with multi-seller module extensions more valuable. Hence, to receive the advantages of this platform, our organization has experienced developers in their group to work with the fundamental framework.

Platform Price

While this may appear to be a good judgment proposal, actually various platforms may offer differing features at different costs. A few platforms offer one low-level rate, with optional extras.
Some platforms have a base rate, cost per transaction, but later require add-on memberships for various applications to improve the basic marketplace platform. This can rapidly add up, implying that your general rate could wind up being a lot higher than one which offers generic software with some basic levels of add-ons. These add-ons can include customization requirements or related costs like security. A few e-Commerce companies may prefer this kind of cost which provides them with adaptability and control. However, you have to sort out the hidden costs that affect platform pricing.
If an essential pre-packaged software contains all the useful fundamental features for an online marketplace by default, future extensions may cost considerably less.
Some marketplace platforms may also provide extra features within their base cost, including some unique features to set them apart from the competition. Prior to making a decision, it’s essential for you to determine what are features which you desire and whether these are being provided, and at what cost. After this, you can finalize the platform which offers you all those functions.

Features required

Have you ever bought a cell phone or other electronic gadget having numerous features, but then found out that not even 50% of them are useful to you? The same occurs with the online marketplace platform. If you select a marketplace platform with features that are not relevant to you according to your business logic, you are wasting money.
There are numerous online marketplace platforms accessible from basic to advanced features. To start with, you need to explore the salient features which all these platforms provide.
Various platforms have different features. A few stages offer some basic functions, integrated advertising, and marketing tools like bulletins, v, reward programs, everyday deals, etc.
Decide the features which you would be really utilizing and furthermore the features which would help you in giving the best seller and buyer experience on your online marketplace platform. While the default features will be great, utilizing applications that you are familiar with, may be important for developing your platform in the future.

3. Marketplace Management

After concentrating on your marketplace software platform, it is important to check if the marketplace software allows your requirements at each step of execution, from implementation, technical assistance, to management of dealers.

Integrations

You need to have a few API integrations, modules, extensions, and so on, to complete your required responsibilities. For example, if you are selling on any marketplace platform alongside your own Magento store, you should have the option to incorporate your marketplace platform and Magento store with inventory management software. That would help you in dealing with your orders, shipments, providers, and so forth, from a single dashboard.
Does your online store coordinate with the maximum payment modes? In the event that you need to build deals and accept payments from even worldwide clients, your online marketplace platform should be prepared for accepting payments in different currencies additionally.
Other than a smooth onboarding method, the accessibility of a free trial form or demo is fundamental. If it permits you to get admission to full functionality, you can set up the best experience for your customers, check the online marketplace platform in action, and examine if it meets your requirements.

Management of Sellers

When your online marketplace has been released, it is critical to handle merchants from that point. An online merchant that has an online marketplace giving a wide scope of functionalities empowers them to gain and hold vendors, in turn, assisting with extending their client base and effort.
Any online marketplace has three default client types with instinctive interfaces – Marketplace Operator (site administrator), Third-party Seller, and Guests. Other than having the option to help businesses with limitless sellers, listings, and transactions for the respective events, we at OSC Professionals provide online marketplace business help services like client support and merchant management on the board.
Dealers are not just ready to explore through the site effortlessly and handle orders effectively, with capacities like product reviews, email notices, and seller- customer chats, they are also ready to build up solid relations with their customers and to boost their own income.

Technical Support

The way toward releasing and utilizing your online marketplace platform needs to be hassle-free. A marketplace content should be supported with a functioning network of clients and specialized experts that you can depend on.
Do take note that most free third-party modules on platforms generally don’t offer further technical help, thus you should be aware of the tools that you initially furnish yourself with when constructing a marketplace. Other than the help quality, other significant markers are the frequency of marketplace platform improvements and updates.
It’s additionally essential to consider the sort of help that is provided. A few platforms will just offer help on the sites, or through the chat. Obviously, the level of help that you will be able to get might be firmly connected with your service plan. Bigger platforms likewise have FAQs pages and tutorials for self-service assist.
If your clients can’t get on your platform, or they can’t complete a purchase, you lose business. Make sure that you have the help support they need, it is an essential part of your requirement while selecting your online marketplace platform.
If an online marketplace is not able to help issue related payment modes or flows that are more precise to your business version, then you have to analyze if the platforms can provide these different types of help. You can approach our Expert Partners who are specialized in front-end v and UI/UX that generate plans of action and technology together to make the best online marketplace platform for you.

Payment Options

Payment security is the single-most essential feature any online marketplace platform must offer. Various payment techniques have secure choices that are typically pre-inserted in a multi-merchant content, diminishing stresses over coordinating with a third-party payment gateway.
While huge numbers of the bigger shopping cart platforms offer different payment alternatives, others may just have restricted options. For example, not all platforms offer advanced wallet options like Amazon Pay, PayPal, Apple Pay, or Google Play. These may be alternatives that you’re not ready to sacrifice. Digital wallets are one of the simplest and quickest approaches to pay for products in the online marketplace.
Encouraging drive buys is one of the advantages of online marketplace deals. In the event that you sell globally, you may likewise find it necessary to have payment alternatives for worldwide purchases as well. Additionally, you can get a conventional payment connector that permits marketplace executions to incorporate payment gateways as per their decision. Besides allowing you to meet all online marketplace payment security necessities and guaranteeing protection for the consumers’ financial information, it also permits sellers to have adaptability in marketplace platform transactions.
Payments can be modified and can be divided between the administrator and merchant, or if one likes, transactions in the online marketplace can be able to go directly to the administrator, relying upon which payment gateway is generally applicable to your customers.

Inventory Management

Your online marketplace platform should be compatible with your seller’s current product information and assets. In the event that they have a limitless list of products to display, you will need a marketplace platform that can accommodate all.
Likewise, many sellers can deal with their product catalog which becomes hassle-free if your marketplace platform permits them to import their current information from another platform without any problem.
Hence, select a platform for your online marketplace which makes product inventory management simple and hassle-free for your sellers.

Portable Friendly

If your online store isn’t portable friendly, you will miss out on the ever-increasing customers who buy products through their smartphones.
According to Statistic, the average estimated price of the online orders put from a Smartphone added up to 108.83 U.S. Dollars. So, simply select the best online marketplace platform which assists responsive website layout features to give a versatile experience to your consumers across a range of gadgets – laptops, desktops, mobiles, and tablets.

Ease of use

If you are new to an online marketplace platform business, ease of use can be a significant integral factor for you. An online marketplace platform rich in features would not be of the best help to you if you don’t have an idea of how to utilize these features.
The online marketplace platform you pick should be easy to use so you can set up and update your marketplace platform with minimum technical help. Else, the maintenance price for your online marketplace platform will be exorbitant.
For instance, changing the layout of your online marketplace platform according to a new season should be simple for you, so you can keep your store competitive and updated.

Reporting

To design your future marketing approach, you need to analyze the current sales of your online marketing platform. What number of products sold for the current month? Which item was highest-selling? The software should be designed to provide responses to such queries at the click of a button through precise reporting formats.
Check out that your online marketing platform gives you the statistics that can assist you in making business decisions and facing business challenges.

Versatility

Being an online marketplace platform owner, you obviously expect your business to grow – the faster the better! Your online marketplace software platform should, likewise, be versatile enough to upscale at the same pace as your business grows. It should acknowledge the changes and updation in your business and develop alongside them.
For instance, on the off chance that you increase your product classes, your online marketplace stage should be adaptable to accept that change.

Promoting

How would you get traffic to your online marketplace platform if it is not advertised appropriately? In this case, you need to guarantee that your marketplace stage can
  • Support the latest search engine optimization plugin
  • Encourage clients to leave item reviews
  • Add articles to your site
  • Coordinate with social networking sites
  • Send messages and pamphlets to your consumers

Security

The biggest challenge for online marketplace platforms is procuring the trust of online customers. People do not prefer to give out their financial details to online marketplace platforms unless they are sure of their security. Hence, you should cross-check that the marketplace platform which you select should support HTTPS/SSL to create an easy checkout process for your clients. Likewise, it should be consistent with PCI (Payment Card Industry).

4. Marketplace business development tools

When it comes to your online marketplace platform, it isn’t just about the initial release and getting it to work. To guarantee that a marketplace platform can scale, a top to bottom analysis dependent on reports and statistics is required.
An online marketplace platform framework that furnishes or permits you to coordinate with well-known devices like Google Analytics to follow traffic and detailed statistics of sales. Monitoring, analytics, and reporting are conceivable and can be shown and imagined the manner in which customers might want with APIs. This is combined with a report uncovering absolute deals, top-selling goods, top viewed products, for both the marketplace administrator and for third party merchants.
We additionally equip customers with a marketplace record generator module and an integration with Google Analytics to analyze website online footfall. This permits you to change methodologies if necessary and keep steady over the game.

5. Summary

Before proceeding with a specific online marketplace platform, compile a business and technical analysis of your organization and the suppliers you are making plans to interact with. These studies range from creating and calibrating your business necessities to focusing on functionalities and features, which contain security and customization.
Consider how you can scale your business with our platform over the long haul. Furthermore, it doesn’t hurt to do additional research on the suppliers you are considering. You would need to search for a credible merchant who has your interests in mind. You can contact our team and we can assist you in creating the right marketplace platform for your online business.

For Further Details or Additional Information

OR

If you want to know more about our Services