Did you know that worldwide e-commerce marketplace business is expected to grow by as much as 13 to 25 percent?
Projections from most comprehensive sources of information on digital world businesses are showing rapid worldwide eCommerce growth through 2025-2030.
No doubt for the reason in budding entrepreneurs and existing “bricks and mortar” businesses are turning to e-commerce as a business opportunity.
Starting an E-Commerce Marketplace today
There are many reasons why you should be starting an E-Commerce Marketplace today:
- Tremendous growth and unlimited opportunities in the eCommerce segment. Only in the US, it is expected an eCommerce growth between 11.5 and 16.4 percent (or more) through out this decade.
- Easy Earning. It is far different from a brick- and- mortar business. For any business, while the location is very important, you start your eCommerce business in your own domain and do business globally. No need for multiple storefronts across the entire world.
- Easy to build up and running. At present, a number of eCommerce Marketplace software are available in the market. Developing a portal or a website, doing SEO things and other marketing could be done without breaking the bank. Setting up a website with good selling products would be challenging but your line of passionate products will drive you to identify most needed product collections.
- 80% of web users have made online purchases. This math is only going to grow. eCommerce business owner just needs to build up the trust factor among his website users. Develop an attractive, easily navigable and user-friendly website. Security and privacy of customers are very first in building some loyalty in business. Allow customers to read and post their feedback, moderated by site admin with his comments too. Apart from these, constant maintenance and improvement of a well-developed eCommerce website will earn trust and loyalty among your customers.
- More Customers & More sales down the line. As the E-commerce segment is growing at a rapid pace, building one now will bring more popularity, traffic and sales down the line.
Steps to Start a Successful E-Commerce Business?
- Decide what you want to sell, how and whom. Define your niche area of selling items
- Have a plan
- Get Minimum funding
- Build a Good eCommerce Website using robust software
- Drive traffic to your site. Do SEO and social media marketing
- Follow legal rules in starting and doing a business
Read More: How to start an E-Commerce Marketplace
Use a Marketplace Software
With Marketplace software such as iScripts MultiCart , you can easily develop and setup your own E-Commerce marketplace. We have powerful, easy to manage back-end systems for not only the site administrator or owner, but also the sellers and customers. Try our free online demo now!
Also, consider using iScripts Cloud for MultiCart to setup your online marketplace in just a few clicks. It is a much more simple solution to building a website if you do not have a programmer or just need an online marketplace up more immediately. iScripts Cloud supplies the domain and web hosting for you. Just create an account to start your free trial today and begin creating your site.
Our skilled team of developers can even customize or modify the software to better tailor it to your business’ needs. If you would like to receive a custom quote for customization or have any further questions about our software or setting up your online marketplace, please send us an email to email@example.com.
BONUS: E-Commerce Marketplace ideas you can use
Amazon and eBay have been great marketplaces for a lot of merchants. At some point, Etsy decided there should be a marketplace for handcrafted items.
The market has rewarded them greatly for this innovation with near 1 billion in business.
So what kind of marketplaces you can build? Typically, online marketplaces are either targeting a niche market or a geological area. There are so many possibilities for successful online marketplaces that you can build.
Here are some ideas that we came up with for online marketplaces:
- You can begin an online marketplace similar to Amazon or Etsy that sells gourmet foods. Gourmet foods are becoming increasingly expensive. However, people are willing to pay more for higher quality, healthier food items.
- A more specific marketplace like Amazon or Etsy can be created for hypo allergic food. It is difficult to shop in a grocery store and check each item that you would like to purchase if there are peanuts because you have an allergy. Browsing through item descriptions online would save time and you could start a marketplace with many more options for these people.
- Start an online marketplace for cheese or other crafted food products. Fine cheeses and wines can be pricey. Even craft beers would be great!
- You can develop a marketplace like Amazon or Etsy for hand crafted items from places that people do not have the ability to find or reach such as Michigan. Smaller craft stores or handmade goods sell detailed products that would be sometimes impossible to replicate.
- Consider starting an online farmers market! Fresh produce and other goods are wonderful, but not necessarily available to everyone. Consumers would have to travel to a co-op or farm stand type store that may not be available in their area.
- You can have many artists and designers sell jewelry in a more specialized online marketplace. Rare gemstones, beads, and other materials are often extremely successful on the web.
- Online marketplaces do not necessarily have to sell physical products. Setup an online marketplace for e-books. Bookstores are becoming outdated since everything is now digital.
- Sell insurance products on a marketplace like Amazon or Etsy. Your sellers may have competitive prices and there can be hefty commissions.
- 3D printing is definitely a direction where technology is headed. Develop an online marketplace like Amazon or Etsy where you can sell 3D printed designs. Watches and other cool items that are 3D printed are trending, but hard to find.
- You can simply set up and online marketplace solely for children’s toys similar to Amazon or Etsy. Children’s toys can be either pricey or hard to find. Current toys that are trending have high demand, especially during the holidays.
- Finally, you could setup a marketplace like Etsy or Amazon for boutiques stores. The most fashionable clothing can be hard to find or be designed by smaller brands. They also have larger price tags.
Read More: 7 Deadly Sins of Bad E-Commerce Marketplace