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Do you have a passion for fashion? Or maybe you're an avid gamer who would love to see a marketplace that only sells gaming products. No matter your niche we are here to help.
Here's a guide to get you started! Build your very own online marketplace catering to specific audiences!
Niche Marketplace Checklist
Did you know that Etsy is a billion-dollar company? According to recent projections, they have hit around $13.5 billion in gross merchandise sales.That's pretty amazing for a website that sells handmade and vintage items, don't you think?.
If you weren’t surprised by that,then a niche marketplace like Chewy (a store for pet supplies) had a net income of around $22.3 million includingshare-based compensation expense of $39.7 million. which left us all flabbergasted.
Select the best plan that suits your marketplace business
CMS is a content management system with a set of scripts for creating, editing, and managing site content.
Custom platform is created keeping specific needs of users in mind.
Understand the variations available in the marketplace
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
Key Takeaways
Components | Etsy | Shein |
---|---|---|
Type | Etsy is a marketplace dedicated to handmade goods. | Shein is a marketplace for clothing and fashion items . |
Revenue Generating Process | Etsy makes money from sellers by charging various fees for selling on its marketplace and fees for some other services. | Shein is marketplaces with multiple suppliers but draws maximum revenue from the sale of it's products. |
Customer Benefit | Etsy caters to specific customers base. It’s charm is that its connects customers to sellers who share the same passion. | As a brand popular among the youth, Shein gained it's popularity by delivering to cutomers trending items. |
Advertising | Customers are attracted to Etsy due to their investment in influencer markeking, digital marketing and traditional advertising as business stratergies. | When it comes to making profit apart from it's investment in digital marketing Shein relies mostly on influencer marketking stratergy. |
Synopsis | Due to in small range Esty knows their audiences in-n-out. Having a good understanding to customer demands is the key to its current success | The fashion industry keeps changing but manking popular item available to the masses at an afforable rate is the genius stratergy that worked for them. |
If you are looking to grow your business, here are a few option for you to try
Transform your WordPress site into a seamless multivendor platform with MultiVendorX. Get a 15-minute free consultation today!