Auction Marketplace Checklist
-
Build with right platform & features
-
Manage your Vendors
-
Generate Revenue
-
Grow with the right strategy
-
Launch Your Marketplace
The latest report by Technavio noted a trend in growth of online auctions to be around$1.9 billion progressing at a CAGR of 9.7% from 2021 to 2026.
Encouraged by the ease of ordering at home and the ability to quickly compare prices and product reviews among retailers the annual rate of increase in online auction is about16.1% to $934.2 billion in last five years. If online auction is your thing, don’t hesitate to take a look at this guide.
Fun Fact:
-
Most auctioneers supply bidders with a catalog ahead of time.
-
Art is one of the item whose value does not depreciate over time
-
The entire Roman Empire was once put up for Auction
Select Your Platform
Select the best plan that suits your marketplace business
CMS Platform Recommend
CMS is a content management system with a set of scripts for creating, editing, and managing site content.
- Get ready-made infrastructure from the provider
- Add any feature compatible with WordPress
- With many developers, you save time
- The Support team's got your back
- Save cost on development
Custom Platform
Custom platform is created keeping specific needs of users in mind.
- Personalize your platform
- Added feature equals to added cost
- Customisation takes time
- Create a unique platform
- Not ideal for future customisation
Top Auction Marketplace Features
Know Your Vendors
Understand the variations available in the marketplace
Solve the Chicken and Egg Problem
Who Comes First Buyers or Sellers? Easy tips to add sellers
Marketplaces are built on the premise of buyers and sellers transacting with each other. But when you start, you have none of those. So how do you convince sellers to join a platform without buyers and vice versa?This problem is referred to as the chicken and egg problem of online marketplaces. Read Here to gain an in-depth insight. Ensure excellent service providers Build a community
-
Ensure excellent service providers
-
Build a community
-
Find an enterprise client
-
Be the single-player
-
Promise to find buyers for your suppliers
-
Create a super niche and leverage
Marketplace Monetization Strategy
Study of Important Marketplace Module
Key Takeaways
Components | eBay | Etsy |
---|---|---|
Type | An all-inclusive auction marketplace. | Etsy is an online auction site for handmade goods and crafts. |
Revenue Generating Process | eBay derives maximum profit by charging its sellers listing fees, advertising fees and after-sale commission. | Etsy charges a listing and a transaction fee from its users for the use of the website. Along with offering charges for availing extra features |
Mode of Operation | Sellers registered under eBay have the option to either list their products for auction or to sell them at a fixed price. | Registered sellers can list items for auction, wait for the highest bidder and then complete the transaction. |
Analysis | What makes eBay successful is that fact that it in one of the first online auction website. | What makes Etsy stand apart from its competitor is it’s focus on niche which makes client management easy. |
Time of work | Host can freely list out the dates when they'll be able to rent out their services and so | Service Providers can choose the time and date and also separate slots according to their preference |
Grow Your Marketplace
If you are looking to grow your business, here are a few option for you to try