4. Essential marketplace platform features
While the purchasers and vendors populate the marketplace, you, as the owner, are eventually answerable for it. You will require a bunch of tools in the form of an authoritative interface that permits you to monitor and make the important modifications to help your clients.
An administrative interface should be able to monitor activity on your platform and send out alerts when certain rules are broken, such as your terms of service. Your administrative system can also be used to authorize vendors and merchandise, develop customer outreach materials, run contests, and adjust marketplace settings.
It assists you in keeping track of the main measurements, such as which vendors are doing well and which could use any assistance. In a nutshell, the administrative interface serves as the command and control center. It is the toolbox for making day-to-day changes to meet a rapidly evolving market.
Smart Phones Friendliness
Online shopping is progressively moving from PCs to mobile phones and tablets. As per a 2020 study, just 27% of individuals utilized a PC or laptop to connect to the internet away from work. Conversely, 56% of people utilized smart handheld gadgets, for example, cell phones and tablets, to access the web.
Your online store must be where your prospective customers are, and that is where your vendors want to be. This means that your marketplace should be simple to use on any computer or screen size. Responsive web design allows the marketplace site to dynamically adapt to whatever screen size is being used to display it.
Your marketplace should also launch easily on every smartphone, as 53 percent of mobile users would abandon a platform if it takes more than 3 seconds to load. Google has also officially made mobile page speed a search ranking element. Faster loading marketplaces usually have higher traffic and sales results.
Currency and Language
The web was made to overlook limits and divisions. However, if you compel users to communicate in your language or pay only in a single currency, then you will lose clients. Dealing with a worldwide scale implies having the option to communicate in more than one language, selling in different currencies.
When it comes to language, you would prefer not to lose customers. So, huge numbers of your merchants compose product and service descriptions in more than a single language. They are probably going to put in writing on one version, and it will be dependent upon your platform to make a translation of it into different languages.
Similarly, after language, the currency is the next crucial issue. Currency can be complicated with exchange rates fluctuating from minute to minute. Buyers prefer rates in their chosen denomination, while sellers prefer to be paid in their native currency. Your marketplace should keep track of numerous exchange rates and make real-time adjustments to ensure that your buyers and sellers receive correct, equal pricing regardless of the medium of exchange they use. Is the market platform up to the task?
The best marketplaces aren’t static; they advance. The simplest way markets can develop is through client feedback and continuous data. Regardless of the industry, there are certain factors that must be measured. For example, which vendors sell the most, or which goods do not sell. However, each niche necessitates a unique emphasis and metric. To take the marketplace to the next level, you’ll need to watch not just the traditional metrics, but also the ones that matter to your consumers and market segment.
At OSC Professionals, we initially assist our customers in finding the correct measurements they expect to monitor. Then we build a dashboard so they can monitor those parts of their business. The outcome is that time spent on authoritative responsibilities reduced by 20%, maintenance proficiency doubled, and conversion ratio improved by 30%.
For your marketplace, search engine optimization can be a perfect source of traffic. More future buyers would click through to your website if your marketplace, its vendors, merchandise, and services rank high in search results.
There are three parts of SEO: technical, off-page, and on-page. Off-page SEO is mainly concerned with content promotion activities such as backlink creation, but the other two can be done by you, the marketplace owner.
Technical SEO is concerned with the platform’s structure. You will make the sellers’ and their goods more discoverable, readable, and shareable by using HTML elements like meta info. Using metadata, for example, ensures that the seller’s product will show up in search results with star reviews and pricing. These rich snippets have been shown to maximize conversions and click-through rates. Making sure the platform is quick, stable, and has a user-friendly site design and navigation is also part of technical SEO.
On-page SEO involves building a structure for the sellers’ content that is optimized. You can make their content stand out by paying attention to items like heading tags in listing form fields.
Since organic search makes up 46% of web-based business traffic, you can’t ignore this significant development driver. At OSC Professionals, we have a proven track record with regards to actualizing SEO structures, with traffic increments of 100x, and that’s only the tip of the iceberg. We can do likewise for your marketplace platform.
Customizable Shipping Service
If you can’t guarantee the delivery of products or services, all the work you put into building a fantastic customer interface is for nothing. When it comes to marketplace shipping, there are additional obstacles.
In addition, vendors would not want to pay for the customer’s delivery. Amazon has developed a norm, and the general public seems to have adopted it. Buyers are normally able to pay for packaging, but they prefer a personalized service and want to cut their costs as much as possible. As a marketplace user, you want to keep delivery costs as low as possible because they don’t help the bottom line and can alienate consumers.
We looked at a number of platforms to see how each one dealt with shipping. This has taught us how to develop a simple, clean interface that helps consumers to choose the most suitable shipping process. Buyers should still know how much each shipping alternative costs and when their goods will arrive. Although the interface appears to be straightforward to the buyer, it hides a complicated but well-organized workflow that ensures flawless execution every time.