Choosing a right marketplace platform plays a great impact on your business, strategy and investment. This is crucial for the success of your business strategy. Choosing the marketplace which is inappropriate for your business leaves you open to the issues such as reduced profitability and loss of brand equity.
To avoid this, prioritize your chosen marketplace based on an in-depth analysis of positioning, target audience and market share of each marketplace. This will help you find the marketplace that best fits your business.
In order to have a better chance of succeeding, here are some common mistakes to avoid when choosing a multi vendor marketplace platform for your business:
1.Not Researching the Market
Researching the competition and understanding the market is important to stay ahead of the pack. Your market includes your merchants, your customers, and your competitors that define the success of your online business. Do a good research of your industry to find the gaps in the market. Spend a lot of time and resources in researching the market and understanding what others are doing and where can you create value.
2.Trying to be good at everything
Everyone is not going to like you and no one is expecting you to be good at everything. When it comes to building a highly scalable and disruptive marketplace platform, simplicity and focus are the prime mantras to ensure long-term sustainability.
3.Not Checking Company’s reputation
Today, companies are fighting for growth, but the #1 asset for any company is its reputation. Before purchasing a marketplace platform, make sure that the company is trustworthy and has expertise in providing high-end marketplace solutions. Besides, the support offered by the company should also be considered.
4.Not Focusing on the software offerings
When it comes to establishing your own Magento2 multivendor marketplace platform, there are a lot of things to be considered. From catalog management, vendor management, customer management, logistics, payment methods, customization options to performance management, the solution should be highly scalable, feature-filled, SEO-optimized, secured and capable of running on any device.
You should look into many things before you decide to purchase online marketplace. There are some very good ecommerce software available for online marketplaces, but Rocket Bazaar is a step ahead of them.
Marketplaces take longer; often 7-8 years from when you’ve nailed it to reach the stage to be product-market fit. However, build your marketplace with a big vision and passion that adds a positive impact to the people surrounding it.