Choosing the right marketplace platform is the most crucial decision that every entrepreneur needs to make when he plans to shift his business from his brick and mortar shop to an online store. To manage your online store effectively you need to wisely select the eCommerce platform. Entrepreneurs can add numerous features to their existing platforms and can earn good revenue. But there are certain fundamental aspects that need to be considered before you select an eCommerce platform. Let us analyze the factors in detail.
The website types
The website determines the business model you are going to follow and it comes with few options. The options are SaaS-based platform, Ready-to-launch platform, and customized platform.
SaaS platform – choosing the SaaS platform will be the first choice for any start-up as it requires the minimum investment. If you focus only on the local audience then you can completely rely on SaaS software. On a regular interval, you need to pay for their hosting server. But you may not own the eCommerce site but you can utilize the functionalities. For additional features, you may need to pay additionally.
Ready-to-launch platform – There are certain restrictions while using the SaaS platform so in this case, entrepreneurs can go for a ready-to-launch solution. The price is quite affordable and you can enjoy maximum features that are essential for any eCommerce website. You can upgrade and customize the software as per your business needs.
Custom platform – to meet out the complete operational challenges one needs to build a website from scratch and you can have all the features that your business demands. The cost will be high compared to the other options.
Any online promotion mainly depends on how the search engine optimized your website is. You can expect high traffic only when your site is listed on the top pages. So, it is very essential to make sure that your eCommerce website is developed with in-built SEO. This will help you to meet your target audience. You can gain organic traffic and will get more genuine leads that will have a greater conversion rate. So, before you finalize an eCommerce platform you need to make sure that they are developed as SEO friendly.
The main objective of developing a multi-vendor marketplace platform is to increase revenue and make the business grow. The eCommerce platform you select should be capable of giving you more options to generate income. There are many ways like having a subscription method where the vendors can sign up and subscribe either on a monthly basis or yearly basis. Even you can place ads on your website that will get you a regular income from the advertisers. You can also have affiliates you can promote your business on their portals or their social accounts and can get you more orders. These simple processes can let you earn more with your existing eCommerce platform. So, it is very essential to have an eCommerce platform that supports all the above revenue sources.
Business needs and demands keep changing over a period of time. So, it is undeniable that the eCommerce platform should be scalable for all the changes. The software should be more flexible and should adapt to frequent changes. You may need to add many more features to your existing platform or even you may remove a few features that are totally unnecessary for your business. You need to post frequent blogs on your site. Continuous posting of blogs will ensure the search engine algorithms that you are always active online. This will increase your online credibility.
When we say online business then we should be prepared for online payment as well. People will be more cautious about all the online transactions they make. They will always stick on to their comfortable payment method. The eCommerce platform you select should support all sorts of online payment. The software should support digital wallets like PayPal, AmazonPay, ApplePay, or GooglePay. The main benefit of online shopping is that it facilitates impulse purchases. If you are focusing on international clients then you should be well-versed with their payment methods and your eCommerce platform should be integrated with those payment options.
This should be the key factor you may need to check on the e-commerce platform. Being an admin, you are the sole responsibility to protect your consumers and should preserve their information from hackers. There is a high-risk factor when we do the payment online. So, it is very important to secure your e-commerce website with proper SSL certification and should have PCI compliance and secured data backups. This prevents data theft and your customers can trust your site to do further shopping.
Launching an e-commerce platform is an easy process that doesn’t need much technical knowledge. But while running the online store you may need continuous support from the technical team at least initially for a few months. You may face bugs and errors that have to be rectified then and there to avoid interruption of your online store. If you don’t get proper support on time then you may face huge order loss and sometimes you may even lose your customer’s trust on your website. Ensure that the company that provides you the e-commerce platform has a good technical team that can support you 24/7.
We all know that mobile users have a major role in online purchases. People use their mobile to search for a product or even they will visit the website through their mobile and will buy through their phone. They even pay for the product with their mobile payment apps. So, the e-commerce platform you select should be completely mobile responsive. The software should be device compatible.
Conclusion The real success of running a multi-vendor marketplace platform mainly depends on all the above factors. Before you launch your platform, you need to personally check each and every feature and then you can start your online store. Never be in a hurry in starting your business online. The credibility you gain matters a lot. Have a perfect eCommerce platform and rock the digital market.