Globally, 1000s of B2B and B2C vertical marketplaces are coming up in hundreds of sectors like Agriculture, Travel, Commodities, Music, Sports, Books, etc. By the end of 2024, the top 100 marketplaces are projected to achieve a staggering $3.8 trillion in Gross Merchandise Value, double what it was just six years ago!
Expertise, curation, sustainability, local, and customization are major drivers for such vertical marketplaces and businesses are racing to keep pace with evolving consumer behavior and cutting-edge technology. Since it is no longer just about painting relevance, businesses must survive in this digital revolution too. Moreover, the key to their success is seamless tech integration.
Continue reading along to explore key technology components to build a successful marketplace.
No-code online marketplace software are increasingly prefered over custom building to accelerate marketplace development and reduce costs.
Online marketplaces require a strong tech foundation.
Here are 7 key components for success of online marketplace development:
Shipturtle lets you connect vendor websites, and automate listings, orders, shipping, payouts & much more. You can scale unlimited with open APIs for custom development.
The front end may be considered the public face of your marketplace. It comprises every feature the users touch, ranging from website templates to the mobile application interface. The user interface must be easy and smooth to engage the users with the site incessantly. Here are key considerations:
Learn more on how to build a marketplace & considerations.
A good search mechanism is critical in enabling the user to locate what they require quickly and efficiently. The availability of precise search algorithms, as well as filtering tools, improves the satisfaction levels of the users.
A robust search and discovery function is essential for a successful marketplace. Here are key considerations:
You may be interested in learning more on how is technology shaping modern eCommerce.
A significant component that defines the functionality of any marketplace is the payment system. This entails the incorporation of payment processors, handling transactions, and meeting the set finance policies.
Key Considerations
A good and proper flow of information from the buyer to the seller and vice versa is essential for a healthy marketplace. The application of communication instruments can increase user satisfaction and trust.
Key Considerations
No-code marketplace software is revolutionizing how businesses launch their eCommerce. By eliminating the need for extensive coding knowledge, they empower entrepreneurs and businesses to build a marketplace rapidly.
Shipturtle is a prime example of a no-code tool that is democratizing e-commerce, enabling brands to create new sales channels in addition to Amazon or Flipkart, using collaboration and marketplace.
By leveraging such platforms, you can:
Decisions made in your marketplace such as Shopify should be based on the data analytics gathered to increase efficiency. Analytics and reporting functions also enable you to measure progress, recognize users’ activities, and make smart decisions.
Key Considerations
You might be interested in learning about the cost to build an online marketplace website.
It refers to the core of your marketplace and is responsible for computation, rules, and procedures occurring on the server side.
Key Considerations
Moreover, as a business owner, making informed decisions about hosting and infrastructure is crucial for your marketplace's success. This pertains to carefully selecting the servers, cloud services, and database management systems relevant to improving online presence, security, and reliability.
But...
While platforms like Shopify, WooCommerce, Magento, etc. offer convenient solutions for building online stores,understanding hosting and infrastructure is crucial for several reasons:
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Our Vendor Sync feature works via Webhooks and not APIs. This eliminates overselling and underselling completely, promising upto a 5% boost in revenue. Moreover, Shipturtle's super strong reconciliation mechanism and change log ensures accurate inventory almost all the time!
Creating an online marketplace demands a holistic approach that encompasses technology, user experience, and business strategy.
Key components for a successful marketplace include:
While building from the ground up provides maximum control and customization, no-code platforms like Shipturtle offer a faster route to market with essential features.
Shipturtle, specifically, offers:
Book a demo with Shipturtle to understand how we can help businesses grow from an e-commerce store to a multi-vendor marketplace.
Get advanced shipping, configurable vendor management, payment features, and more. Install Shipturtle today from the Shopify App Store and enjoy a free trial to experience its benefits firsthand.
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