Samiksha Hiwase | 6 Min Read | December 23 , 2020

Features of a fully functional marketplace

1. Quick read

The e-commerce world is continuously growing. Top online marketplaces engage clients via website design, newer highlights, features, merchandise, and offerings. However, the functionalities are what make up the body of a successful website.
There are 3 fundamental components that make a market platform viable – sellers, buyers, and the platform itself. Sellers promote their products – listing, promoting, and dispatching products effectively. Buyers purchase products – looking for the best deals for the items they desire, ordering them, and paying for them. The platform connects buyers with sellers to provide necessities for the former and generate revenue for the latter – this involves having the right tools and features to facilitate these online transactions.

2. Desirable marketplace features for ‘Sellers’

Ease of joining

Entrepreneurs need to be multifaceted and learn to divide their time efficiently. A successful entrepreneur should aim to make business transactions less complicated. So the first thing in the design of any marketplace is the online signup and onboarding process. This process should be fast, simple, and easy, as much as possible. The lesser effort it takes to get started on your platform, the more people will join to sell with you.

Convenient Order processing

Maintaining an internet business requires a great deal of smartness. You have to offer your sellers ease of handling and processing orders rapidly and proficiently. Notify sellers about new orders and allow them to print shipping slips and mark orders as dispatched.

High-quality product data

One of the most visited places in your market is the product web page. It aims to provide buyers with all the data about the product they are looking for. This page must be as informative and valuable for clients as possible. Towards this end, the product web page consists of the following main characteristics:

Images

You can secure clients by giving them high-caliber and genuine photographs. This may include review videos. It allows you to build strong relationships with consumers and create a high level of trust in your platform. Buyers can also ensure whether the product will meet their requirements or not.

Description

The buyers first study the images because visible recognition is a lot higher. Then, they pass to the product description which includes essential details about an item. For this, you need to make this segment as informative as possible, in the most concise manner.

Features to promote listings and sell more

Give your dealers the power to promote more! Let sellers take part in discount campaigns, create and distribute coupon codes, and place their products prominently to drive deals.

Tools to speak with the buyers

Communication builds trust and makes it less difficult for the client to commit to the purchase.
Chatbots talk with shoppers through your platform interface. Staying continually online, they provide clients with rapid answers and solutions. That is what your customers expect when asking a question or posting an inquiry about an offering.
Chatbots are a noticeably new web development pattern. And they are being effectively utilized by online businesses. Basically, this marketplace function can perform any or all of the following:
  • Offer customer support
  • Send buyers product recommendations
  • Helps to complete the purchase

3. Desirable marketplace features for ‘Buyers’

Advanced search and filters

Search

Users look for their required products or services through various means. For example, a few people can utilize the specific model number or enter an item type. In any case, a successful marketplace should offer purchasers an option within the platform to search for the desired products and services. For example, eBay has implemented Advanced Search capability which allows consumers to specify the info and narrow their search.

Filters

When clients get their search results page, you can assist them in finding the specific product to save time. This is possible with additional filters. Filters sort through the list of items and short-list those products which meet the specific needs of the buyers.
For example, category filters. These can help customers narrow down the search page results to give only the required product or products similar to that. Allow visitors to utilize filters simultaneously with the search results to get more exact results.

Convenient checkout process

A complicated checkout can cause users to abandon their cart and leave your marketplace platform without completing their purchase. Therefore, you need to optimize this factor to reduce cart abandonment.

1. Focus on the shopping cart

It’s not possible to assume any e-trade platform without this marketplace feature. Because this is the raison d’etre of any marketplace. Hence, it requires primary attention. It isn’t sufficient to show just the number of products. Your shopping cart must also display the following important information:
  • Display the delivering type – free or paid
  • Option to remove a product
  • Option to change the number of products
  • Option to add notes to an order.

2. Offer customers with guest checkout alternative

According to a survey, 23% of clients give up midway through an order because they are forced to enroll with an account first. Given that, it might be sensible to add a visitor checkout alternative. Just permit clients to enter their email address and proceed with checkout. Thus, users will give their payment information more rapidly and make a buy a lot quicker.
After customers make a buy, you can offer them to join through making an account. After enrollment, their payment information will be reserved, and customers won’t need to enter them again when they return for repeat purchases.

3. Consider mobile checkout UX

2020 was a watershed year for E-commerce when mobile phone transactions overtook desktop/laptop transactions. Given this, the fundamental strategy of the marketplace ought to focus on making mobile search, purchase, and check out more convenient for buyers. Because of smaller screens and incidental snaps, there may be numerous issues specific to mobile phones. For instance, the fields can be reset. Hence, clients may feel dissatisfied because they need to type their order details again. Hence, this risk should be minimized. To avoid this issue, fit the structure fields to the correct size. Moreover, you should ensure that there is sufficient space among fields and links. This ensures that clients have a lower chance of composing their order details in an incorrect field.

4. Essential marketplace platform features

Admin Interface

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 have the option to monitor tasks on the marketplace and issue alarms when for instance your terms of administration are being violated. Your admin interface can likewise be utilized to approve sellers and products, run competitions, make outreach materials for clients, and change marketplace settings.
It causes you to monitor your key measurements, including which merchants are progressing nicely and which could utilize some help. In short, the admin interface is your central goal control. It’s your device set for making the changes on an everyday premise to deal with a steadily developing business sector.

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 marketplace is the place where your potential buyers are, and that is the place where your merchants need to be. This implies that your marketplace should work smoothly and on any type of gadget or screen size. Responsive website architecture can help your marketplace webpage automatically adjust to whatever screen it is being seen on.
Your marketplace needs to additionally load quickly on any tool since 53% of mobile guests will leave a site in the event that it takes over 3 seconds to load. Google has now officially made versatile page speed a search ranking element. Quicker loading marketplaces have a tendency to grab higher site visitors 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. Purchasers need costs demonstrated in their favored denomination, while vendors need to be paid in their home currency. The marketplace should follow diverse exchange rates and make updates continuously to make sure correct, reasonable costs for your purchasers and dealers regardless of the mediums of trade. So your marketplace must be prepared for this.

Analytics Dashboard

The best marketplaces aren’t static; they advance. The simplest way markets can develop is through client feedback and continuous data. For example which merchants are selling the most, or which products are not selling.
However, every area of interest needs custom-designed metrics. To take your online marketplace to the next level you need to monitor, not just the commonplace metrics, but also the ones which might be important to your clients and your marketplace section.
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%.

SEO

Search engine optimization is a notable source of traffic to your marketplace platform. Ensuring that your marketplace, its vendors, products, and services rank high in search results will have more potential clients navigating to your marketplace.
Search engine optimization has specialized, off-page, and on-page segments. While off-page SEO generally concerns content advertising like backlink building, you as the marketplace owner have to take this responsibility.
Specialized SEO concerns the shape of your platform. By utilizing HTML components like meta information, you can make your dealers and their products more readable, discoverable, and shareable. For instance, utilizing meta-information implies your vendor’s products will show up in search results with pricing and star appraisals. These expand navigation rates and conversions. Specialized SEO additionally implies ensuring your platform is quick, secure, and boasts a user-friendly web page structure and navigation.
On-page SEO involves making a streamlined system for your vendors’ content material. By dealing with things like heading labels in posting structure fields you can take care of their content.
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

All the exertion that goes into making an incredible client experience is wasted in case you cannot assure the transport of products or services There are extra difficulties with regards to marketplace transportation.
As a rule, vendors don’t have any desire to pay for delivery to the client. That is a standard that Amazon has set, and the overall population appears to have grasped that. Purchasers are ready to pay for a delivery, however, they need a customized experience and need to minimize their costs. As a marketplace owner, you need to minimize delivery charges since it doesn’t profit your main bottom-line and can alienate clients.
We have analyzed various platforms to decide how every marketplace takes care of delivery services. This has shown us how to assemble a basic, clean interface that permits purchasers to pick the transportation strategy best for our clients. Purchasers should consistently be clear about how much each delivery option costs and when they will get their products. While it seems easy to the purchaser, a complex, however notably organized workflow process that works underneath the interface to guarantee wonderful delivery each time.

5. Summary

In the blog, we have covered the main marketplace features for purchases to be actualized on your website. This will make your marketplace more helpful for your shoppers and vendors. It will also lead to a growth in the number of users on your website. We have been assisting in building the best marketplace platforms. We ensure that the marketplaces designed and maintained by us cater to the demands of vendors, buyers, and owners, by incorporating the above features in the marketplaces. Feel free to contact us and let us assist your marketplace platform.

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