An online marketplace refers to a business model that facilitates commerce between buyers and sellers. A common connecting platform that facilitates the sales and purchase of products like Amazon, Alibaba, Etsy, etc., is a marketplace website.
In 2019, an estimated global population of 1.92 billion shopped for goods and services online. The same year witnessed e-commerce sales of 3.53 trillion USD worldwide. According to market research giants Statista, online marketplaces’ growth will undergo a boom in the coming years. If you intend to establish a multi-vendor marketplace, following this lead of a trusted, Web Design Services will help you.
What are the must-have features that a marketplace website should have?
The right tech stacks can accelerate your business transformation and deliver personalization at scale. While each online marketplace has its distinct features, you need to integrate a few common characteristics when you are building them. Let’s do a brief rundown on the essential features that every marketplace website should possess.
The Seattle-based e-commerce giant- Amazon has recorded more than 5.2 billion unique visitors in June 2020. Its 1-click ordering system is a game-changer in the world of e-commerce and has contributed greatly to a positive user experience.
These features account for user-friendliness. A customer enters his billing, payment, and shipping information. Once these are done, the click of a single button will place an order. This single click replaces a series of actions involving shipment and payment. Customers can also continue shopping after hitting the single-click button.
User profile registration:
When you create a marketplace website, you should be conscious that it will interact with two sets of online users-buyers and sellers. As a result, the marketplace website requires two types of profiles to enter and update their required set of information. This information could be unique, like names, addresses, contact details, company names, tax information, etc.
In 2019, smartphones accounted for at least 60% of total worldwide retail website visits. The users contributing to m-commerce know that if they can use certain platforms where they can buy and sell simultaneously, it will be ideal for them.
Leaving the site every time they want to commit a specific action becomes highly tedious. The switching profile feature enables buyers to become sellers using the same user account. It is immensely more convenient than logging in and out each time.
Marketplace Home page:
The share of worldwide digital purchases concluded through online marketplaces is 47%. But it will be interesting to know that the global online shopper conversion rate is just 2.58%. What contributes to these staggering numbers?
The marketplace homepage is one of the biggest stimuli to the growth of online retail customers. The homepage provides clear navigation to the users and filters the products using factors like location, price range, ratings, etc. Users also get relevant product suggestions based on their purchasing and viewing history. The integration of AI and ML in these marketplace websites has enabled them to become smarter and enhance user experience.
Advanced Search feature:
Online marketplaces have numerous products. Therefore, an advanced search feature is a true necessity in each of the marketplace websites. When you build an online marketplace, you should focus special attention on creating advanced search online features like Amazon.
The retail giant Amazon helps its users search easily within its 12 million listings using the advanced search option. It employs a unique searching algorithm called A9 that helps users sort out products using multiple user behavior aspects.
These are some of the fundamental aspects of an online marketplace. The sellers on the marketplace website need to create and manage new products effortlessly. Hence the product pages should contain a plethora of illustrative information. The description of products, price range, availability, rating, warranty, delivery info, high-quality product images, etc., are some of the essential items that should stay on product pages.
Good product descriptions are not only useful for buyers to make purchase decisions, but they are also useful for SEO. Sellers must be encouraged to make the process easier. Autocomplete forms, category recommendations, error corrections, etc., are necessary details that one should enter to make the entire process more streamlined.
Buyers store their products in the shopping cart before making the final purchase. These carts are ideal for viewing the product details and changing them as required. All the pricing information is also clearly stated in the shopping cart.
On the marketplace website, customers choose their preferred shipping options. In the case of Amazon, one can choose the Fulfilment by Amazon or delivery using various other vendors.
Payment and easy checkout:
Minimizing the required fields, providing clear and crisp CTA, and showing payment security proof are basic steps that reduce checkout abandonment and increase the efficiency of performing the payment and the associated steps.
Payment reconciliations, notifications, and order reports are some of the essential features that every marketplace website requires. According to a seasoned Website Design Company, it is about thinking with a clear head and integrating the necessary features in your marketplace website to offer your customers a positive experience.