how do I create my own marketplace?

Today we bring you tricks and shortcuts to create your own Marketplace, increase your sales, reduce costs... In short, we are going to share with you the necessary steps to create your own digital showcase to facilitate the user's search for a product at any time and place.

The pandemic has triggered interest in the marketplace and other digital platforms. Or rather, it has brought about a change in the way we consume. And despite the number of modifications that have come with it, people have not stopped buying or selling, but have transformed the way they do it.

we tell you how to create a marketplace!

what is a Marketplace and what is it for?

Let's start with the simplest, it never hurts to remember key concepts of the digital era. A marketplace is a shop of shops. A platform where online shops show or offer their products, as if it were an online shopping mall. This digital showcase makes it easier for users to search for products anytime, anywhere. Do you have a marketplace in mind? Take Amazon or eBay, for example.

We usually refer to it as emarketplace to refer to its electronic character and differentiate it from the physical marketplace.

The momentum of the Marketplace during COVID-19

As we said at the beginning of this post, marketplace shopping has been boosted during the pandemic. On the internet we can find all kinds of digital platforms that constitute a new way of buying and selling. Marketplaces, for example, bring buyers and sellers together, becoming their meeting point.

If we add to this the necessary social distancing caused by the coronavirus, many physical businesses have seen digital platforms as a golden opportunity to continue operating and avoid closure. In short, to survive. With this objective in mind, platforms have been created for neighbourhoods or municipalities, among others.

According to IAB Sapin's Annual eCommerce Study, "in Spain there have been 2.2 million new online shoppers in 2020". The report itself indicates that "marketplaces such as Amazon, eBay or AliExpress continue to be the reference for product information among users, even gaining weight vs 2019".

However, COVID has not been the only driver of these platforms. We all like to be well informed about products before making a purchase. In this sense, marketplaces are one of the best sources of information available to consumers today. Their convenience and simplicity make them a place of reference.

did you know that 3 out of 4 online shoppers look for and formalise their purchase in this channel?

4 essential steps to create my own marketplace

Often, when we need to create a custom marketplace from scratch, we turn to platforms like WordPress and WooCommerce on our own. However, there are professional application, eCommerce and marketplace developers who specialise in creating and launching them.

take note of these steps!

1. Geta domain and hosting, i.e. an address for your website to run and a home for your marketplace to live in. Hosting is a rented space on the server's hard drive.
2. Install WordPress if you haven't already done so. This content management system (CMS) allows you to create your own website quickly and easily.
3. Then install WooCommerce- this plugin allows you to implement a functional online shop on a website and includes everything you need to start selling online.
4. Install a plugin for order management and vendor setup, e.g. WC Vendors (vendors can upload their products and services, sell and manage them, while you get a commission) or Donkan (considered one of the best front-end multi-vendor marketplaces in WordPress).

In addition to these steps, it is also important to take into account these keys when creating your own marketplace:

1. Know your potential audience well before launching into developing your digital platform.
2. Start by designing a MVP or minimum viable model to create the first rapid prototype.
3. Think about the growth of the marketplace in phases.
4. Do market research to find out where you should differentiate yourself or how your platform should work.
5. Reduce barriers to entry that may slow down the user in the process of using the platform.
6. Have good commercial support to meet the needs of your users.
7. Verify all user information.
8. Check if you have the rightbudget.

do you have doubts about how to create your own marketplace? Ask us without obligation.

what kind of marketplace would you like to create?

We have compiled the main types of marketplaces you will find on the market for you to have at hand:

1. Generalist: As the name suggests, you will find a wide range of general products and services, from any category, the first example that comes to mind is Amazon.
2. Niche: They are more specific and specialise in a certain sector, for example: sportswear. An example? Runnics.

The user not only values the price, but also the convenience and ease of use of the platform.

Benefits of having a marketplace

To tell you about the main advantages of having a marketplace, we are going to differentiate between sellers and buyers.

For the seller:

• Increases your visibility.
• It improves your positioning in search engines.
• It is easier to be found by the user.
• Increases sales.
• There is agility in shipments.
• It is an additional sales channel.
• Access to a large audience.
• You save costs by not having to create your own online shop.

For the buyer:

• You have all your products and services in a single digital storefront.
• There is greater availability of products.
• Prices are more competitive.
• You can shop anytime, anywhere.

are you thinking of creating your own marketplace? Find trusted professionals to launch your project. At Occam Digital Agency we solve all your doubts.