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8 Things To Know Before Starting An Online eCommerce Marketplace

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Starting an ecommerce business from scratch in no longer needed as the process has become seamless with the advent of ecommerce platform. But the fact remains that there are still few things that are needed to be kept in mind, in order to ensure success. Many aspiring entrepreneurs have a common query of the steps needed to be undertaken, before launching an online marketplace. Here is a list of all important things to do before launching your ecommerce marketplace to make sure it gets buzz once launch.

1. Market Research /Competition

For entrepreneurs, analyzing the market is one of the most important things to do before starting an ecommerce business. This gives them a nice idea about their competition, market reach, and targeted user base. Ecommerce sector, in particular, has seen mushrooming of several startups catering to niche areas. This is why an initial research offers proper insight using which one can tweak their business model.

2. Contact Sellers

After creating a business model, one must reach out to sellers and garner their support. This would help you avoid the situation where you have a marketplace but no seller to sell on it. Therefore, even before launching the marketplace you must take a few sellers into confidence that they would support your website and start selling on it once it launches. You should also create a list of sellers who show interest and arrange their contact info for further contact.

Recommended Reading: How to Connect with Vendors for Your Multivendor Ecommerce Store?

3. Compare and Choose the Ideal eCommerce Platform

In the current market dynamics, the most economical and feasible way to launch an online marketplace is via ecommerce platform. Therefore, the next practical step should be to compare ecommerce platforms and choose the ideal one. The best to do that is check all the online demos of these platforms from the front end, admin, dashboard, and merchant view. For example, YoKart offers an in-depth demo for all four aspects of a marketplace. Additionally, you must also look at the feature set which is critical for your marketplace, which choosing the platform.

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4. Pick the Right Pricing Package

Choosing a platform based on its feature set is one thing but one must also look at the cost input. An ecommerce platform with a long list of features that put a big hole in your pocket is not always recommended. YoKart, for example, has a startup-specific package that offers all the required features at an economical pricing. In addition, there are other types of costs associated with running a marketplace. The biggest one of them is post-launch maintenance. In this case, also, YoKart offers free technical support for the first year.

5. Setup Store

After finalizing the platform the next step is to just setup the store. YoKart in this aspect is miles ahead of the competition as the process of launching an ecommerce marketplace with YoKart is highly streamlined. The overall process just involves getting some custom banners, logo image and you have an ecommerce marketplace up and running in no time.

6. Invite All Sellers

Now that your ecommerce marketplace is online, you can start inviting sellers, helping them setting up a shop and listing products. This is a critical step, as you also need to discuss your commission, which should less or at par with the market rates.

7. Create Social Media Profiles

You must also create social media profiles for your online marketplace, as it is one of the biggest channels of reaching your targeted user base. Also, ensure that you provide exactly the same information across all the social media profiles. Consider these set of unique social media tips to increase sale of your online store shared by industries top experts.

8. Promote Your eCommerce Store

In order for your store to gain popularity among the targeted user base, you need to market and promote your store. No matter what ecommerce solution you pick you do not earn substantially is you do not market the marketplace. You must set the budget for marketing. Pre-launch marketing earns much-needed popularity before the marketplace even starts operations. You can also use paid marketing for the promotion of your marketplace like Google Adwords.

Conclusion

All of these points ensure that you have an online store up and running without any hassle. Although launching an ecommerce marketplace has become highly easy, thanks to ecommerce platforms like YoKart, there are certain key points to be kept in mind before launching the marketplace. By following the above-mentioned process, you can easily start your ecommerce business and drive your online store towards success and ensure a smooth sail during and after launch.

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