Niche Marketplace Checklist
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Build with right platform & features
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Manage your Vendors
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Generate Revenue
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Grow with the right strategy
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Launch Your Marketplace
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.
Fun Fact:
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Shoppers who first purchase something on their shopping list are likely to buy unrelated items later.
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Even before Amazon came into existence, Pizza Hut delivered pizzas online.
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Pablo Peñalver sold his soul for €47.51 on eBay in 2007.
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,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 Niche 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
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Ensure excellent service providers
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Build a community
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Find an enterprise client
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Be the single-player
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Promise to find buyers for your suppliers
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Create a super niche and leverage
Marketplace Monetization Strategy
Study of Important Marketplace Module
Key Takeaways
Components | Etsy | Shein |
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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. |
Grow Your Marketplace
If you are looking to grow your business, here are a few option for you to try