Tech

Top 9 Features of Every Successful Marketplace Platform

A successful online business will have a marketplace platform with all essential features to operate the business effectively. Every start-up should have a clear idea about the key features that its own marketplace should possess. The features will allow you to grow your multi vendor marketplace platform and will help you to retain your customers. Now let us check out the incredible features that your marketplace platform should own.

Secured User authorisation

A marketplace platform should have a legit way of authenticating its users. This is where most of the eCommerce platforms fail. Hackers have shaken many leading marketplace platforms and only a few were able to survive out of the security threats. So, make sure that your vendors and the customers have a safe login and they should be able to set their account settings. The login process should be simple and easy. There should not be much complicated forms to fill the registration process.

Vendors management

A multi-vendor marketplace platform should always give priority for vendors and their back-end processes because they play an integral part in any marketplace software. Vendors should be able to add or remove any payment gateway. Their company details should be editable and they should have a complete control over the social media accounts. They should have customisable themes, fonts, etc. The marketplace platform should let the vendors get instant notifications on each order that has been placed by the customers. Proper inventory control should be available in the marketplace platform so that the vendors will always have enough stock in their store.

The User’s Interface

We all know that the customer is the king and the experience he gains when he enters your marketplace platform will let him decide either to leave your ecommerce platform or to stay there. So, it is very important to have a perfect user interface that will give him a unified shopping experience. Your marketplace platform should have a clear cart management system so that the user can add his favourites in his cart and can buy them later. Help him to have a personalized page so that he can keep a track of his purchases and his interest in purchase.

Payment systems

The real transaction happens between the buyer and the seller only through the payment system. So, the core feature for any marketplace platform will be its payment processing. A robust refund mechanism is highly needed in a marketplace platform. Also, it should support multiple payment methods that will reduce the bouncing rate of the customers. Ensure that the marketplace platform has all the security protocols including PCI Compliance. A secured financial management solution can gain credibility in your marketplace platform.

Review, Ratings & Testimonials

Survey has stated that around 55% of online shopping happens only after reading the reviews of the product. Customers want to hear from other customers and they want to know their personal experience about the product and will also check the ratings for that particular product. This will help them to decide on purchasing the item from the marketplace platform. This will also help the vendors to improvise their products and to maintain their performance level. Marketplace platforms that own good ratings will be ranked high on the search engines. Allowing the customers to mark their opinion about their purchase is a form of delighting them.

Social connect

All social media channels play a major role in decision making on buying products online. People show interest in sharing the product on their social media accounts and getting their friends’ opinions about the product. Social media is the coolest way to spread about your brand and you can easily promote your marketplace platform within your target audience. When you post a product on a social media platform it will help you to increase your website traffic as many people will visit your website after checking the post. So, it is very important to have all social media platforms being integrated with your marketplace platform.

Messaging & notifications

Proper communication is highly needed for any marketplace platform. There should be a clear communication system between customers and vendors, vendors, and store owners. So, the marketplace platform should have a real-time notification alert system that will give instant information to the vendors, the store owners, and also to the customers. Each seller and the customers will have their own inbox and you can communicate with them freely. Customers can be informed about the latest arrivals and about special discounts and offers. Likewise, the sellers can be informed about the stock availability and also about the commission slabs.

Ordering and shipping process

The real success of any multi-vendor marketplace platform lies only when the customer successfully completes the check-out process. Your marketplace platform should have minimum steps to check-out otherwise the customer gets frustrated and may leave the site abruptly. The checkout should be connected to the seller’s inventory system so that every time the stock gets cleared, proper information should be sent to the seller and this will help him to maintain the stock. The store owner should take the responsibility of delivering the product on time to the customer place.

Mobile friendliness

The time has come that all online businesses have moved from desktops and laptops to mobiles and tablets. According to the recent survey, around 71% of people use hand-held smart devices to purchase online. So, your marketplace platform should focus more on smartphone and other hand-held devices users. This means your eCommerce platform should have a responsive web design that can automatically fit the screen size of the user’s device. Also, make sure that your marketplace platform has good mobile page speed that will avoid users to leave your page.

Conclusion

The multi vendor marketplace platform that possesses all the above mentioned features will get more vendors and also more customers. The main objective of running a marketplace platform is to gain more users and also to increase sales and revenue. Be sure with the features that are present in your marketplace platform and make good business.

 

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