Updated On: 7th December 2023
Noon is an eCommerce marketplace that was founded in the United Arab Emirates in 2017 by Mohamed Alabbar. The marketplace is headquartered in Riyadh, Saudi Arabia, and operates primarily in the Middle East, with a focus on the UAE, Saudi Arabia, and Egypt. It has experienced rapid growth since its launch and has also raised significant funding from investors to support its expansion.
Tracing the Expansion of Noon – A Successful eCommerce Marketplace in UAE
At the outset, Noon encountered several unique challenges such as building trust among consumers. If that was enough, the postal system of Saudi Arabia was also unreliable as a major chunk of consumers did not have home addresses and collected their mail from the post office. To overcome these fulfillment challenges, Noon kept its delivery and fulfillment services in-house.
Noon seeks to own 15% of the eCommerce market by 2026, approximately $70 billion worth. As of 2021, Noon had over 20 million products listed on its platform, and it has become one of the top eCommerce companies in the Middle East.
In addition, as Noon is a venture of Emaar Group, one of the largest real estate developers in the region, it enabled Noon to open physical stores that offer its customers a chance to experience the products before buying them online. The perks of launching a marketplace like Noon are unparalleled and almost every aspiring business owner dreams about setting foot in this flourishing sector.
If you are also one of them, then we have a detailed guide to let you acquire knowledge about building a similar marketplace like Noon. By the end of this guide, you will have a good understanding of what it takes to launch a successful marketplace and be well on your way to creating your own eCommerce platform.
What Makes Noon a Popular Marketplace?
Noon is a popular marketplace known for several key reasons and benefits that set it apart in the competitive eCommerce landscape.
Diverse Product Range
Noon offers a vast array of products across numerous categories, ranging from electronics, beauty, fashion, groceries, home essentials, etc. This extensive selection caters to a wide range of customer preferences and needs, making it a one-stop shop for customers to meet their needs.
Convenience and Accessibility
Noon’s user-friendly interface, intuitive mobile apps, and website design prioritize ease of use for customers. Furthermore, its seamless browsing experience, coupled with multiple payment gateways ensures hassle-free shopping experiences.
Competitive Deals and Pricing
The platform frequently provides attractive discounts, deals, and offers, enhancing its appeal among cost-conscious customers. Seasonal sales, regular promotions, and exclusive deals make Noon a more enticing and affordable platform.
Improved Brand Recognition
Noon’s brand recognition is derived from its capability to quickly attract a large number of buyers and sellers. This platform facilitated multiple businesses with access to a large customer base and opened doors to customer engagement and retention.
It’s worth noting that building a marketplace like Noon will require a lot of effort and resources and when done well, it can be a very rewarding and profitable venture.
Noon’s partnership with diverse sellers and wide range of offerings fueled its popularity and scalability. Moreover, with the increasing number of buyers and sellers on the platform, Noon’s revenue increased.
Leverage the Benefits Of Building a Marketplace Like Noon
It’s worth noting that building a marketplace is not an easy task and requires a lot of effort and resources, but if done well, it can be a very rewarding and profitable venture.
How Does a Marketplace Like Noon Work?
Let’s dive into how a marketplace like Noon works.
The platform allows sellers to list their products for sale, and buyers to browse and purchase those products.
- Sellers register with the platform, and once their account is approved, they can list a wide range of products on the platform.
- Buyers can browse and purchase products through the website or mobile app. They can search for products by category, brand, price, and more.
- Once a buyer has found a product they want to purchase, they can add it to their cart and proceed to checkout.
- Multiple payment options, including credit cards, cash on delivery, and online banking are available. Once the payment has been processed, the platform will arrange product delivery to the buyer.
Overall, Noon works as a platform that allows customers to browse, purchase, and get products delivered, and also provides customer service support for both buyers and sellers.
Revenue Generation Streams of Noon
Overall, Noon generates revenue through a combination of commissions on sales, advertising, delivery fees, subscription service, and physical store sales.
- Commission: Noon charges a commission on every sale made on the platform, which is typically a percentage of the total sale price. The commission varies depending on the product category, and sellers set their own prices.
- Advertising: Noon also generates revenue through advertising. Companies can advertise their products on the platform, allowing them to reach a larger audience.
- Delivery fee: Noon also charges a delivery fee for each order placed on the platform, which is typically a flat fee.
- Subscription service: Noon also generates revenue through a subscription service called “Noon Prime”, which is a membership program that offers free and fast delivery, exclusive deals, and more to customers who pay a monthly or annual fee.
Ready to Unlock the Revenue Potential of Your Marketplace Like Noon?
Essential Features Required to Build a Marketplace Like Noon
Building a marketplace like Noon requires several essential features to be implemented to provide a seamless and efficient experience for both buyers and sellers. Some of the essential features required to build a website like Noon include:
|User Registration and Authentication
|Allows buyers and sellers to register and create an account on the platform, and also secure the registration process.
|Sellers can list a wide range of products on the platform, from electronics and fashion to home goods and more. Sellers must register with the platform, and once their account is approved, they can list their products for sale.
|Enables sellers to manage their inventory including adding, editing, and deleting products.
|Search and Filtering
|Buyers can search for products by category, brand, price, and more. This makes it easy for buyers to find the products they are looking for.
|Shopping Cart and Checkout
|Buyers can add products to their cart and proceed to checkout. Noon offers several payment options, including credit cards, cash on delivery, and online banking.
|Provides customer service to both buyers and sellers, including assistance with returns, exchanges, and refunds.
|Delivery and Tracking
|Manages product delivery and provides tracking information so that the buyer can track their order.
|Mobile apps allow customers to access the marketplace on the go and make purchases.
|Allows customers to track the status of their orders, manage their delivery address, and track and cancel orders.
|Analytics and Reporting
|Admin(s) can track and analyze data such as sales, customer behavior, and performance of products.
|This feature is crucial to ensure that the platform is secure and protects the personal and financial data of customers and sellers.
Planning to Launch a Feature-Rich Noon-Like Marketplace
How Can Yo!Kart Help to Build a Marketplace Like Noon?
Yo!Kart is a pre-built, customizable eCommerce marketplace software that can be used to build a website like Noon. It offers features such as multi-vendor support, product management, order management, and payment gateway integration. Yo!Kart also provides a variety of templates that can be used to give the marketplace a unique look and feel.
Additionally, Yo!Kart has built-in SEO-friendly tools which help to increase the visibility of your marketplace. To build a marketplace like Noon using Yo!Kart, you would need to purchase a Yo!Kart license, set up hosting for your marketplace, customize the platform to suit your specific needs, and then add your vendors and products to the marketplace.
Once your marketplace is built, you will need to launch and promote it. This will typically involve creating a marketing plan, as well as setting up social media and email marketing campaigns. You will also need to optimize your site for search engines, as well as create and publish content that will attract customers and vendors to your platform.
Start Your Noon-Like Marketplace Using Yo!Kart
In conclusion, building a marketplace like Noon is a complex and challenging task, but it can also be a rewarding one. With the right strategy and tools, you can create a platform that attracts customers, vendors, and partners, which helps you to grow your business. By following the steps outlined above, we hope you are ready to establish your eCommerce marketplace like Noon.
Don’t Miss Out on the Opportunity to Build Your Marketplace Like Noon
Q1. How much does it cost to build a marketplace like Noon?
Ans: The cost to build a website like Noon varies based on features, design, complexity, development time, and more. Usually, the costs range from hundreds to thousands of dollars. Even opting for the right development impacts the expenses. MVP approach focuses on integrating essential features, reducing initial expenses but requires scalability later. On the other hand, leveraging eCommerce software may cost less upfront. So, efficient planning, having a clear outline of features, and choosing the right approach can help manage expenses and build a marketplace like Noon.
Q2. How much time does it take to launch a business like Noon?
Ans: The timeline to launch a business like Noon depends on multiple parameters like market research, development process, resource availability, team expertise, tech stack, marketing strategies, and so on. Besides, it depends on the chosen development approach. Opting for a custom-built approach may take a few months while using a readymade eCommerce software can help launch a business like Noon in a few days.