Here are the questions you should ask before starting your marketplace. These are not just questions; they will give you hints and help you strategize the roadmap to success.
Who Are My Customers?
Asking this question will always help you in starting any kind of business. After all, you are offering something to your customers, that’s why you need to define them. Who are they? What do they like? What is the demography of your customers? A successful entrepreneur knows how it is important to define them. Also, remember that there are two categories of customers to attract. People who buy goods or vendors who need to have their store.
What’s the Business Model Going to be?
Let’s assume you have defined your target audience. Now how will you earn money from them? It’s a very important aspect to think of charge as it will directly impact your business. You can charge them monthly or take a commission from them. You can charge them for each transaction. This method is known as the fee model. You can take a share from the profit of each transaction, and this method is known as the commission model. Another is the freemium model, where all the basic stuff is free and for special features, they need to pay fees. Do the proper market research to define your business model.
What is My Niche?
Niche means a highly specified area to sell the products or services. It is important to define your niche, as it will cut down your competition and help you create a faithful community. For example, you are selling fitness clothes for women. This is an example of a highly specified niche, your target audience is women that too in the fitness industry. Before making any decision, always look up to your competition and the market’s potential.
Who are Your Competitors?
Be it everywhere, you are going to face the competition. And competition isn’t a bad thing it will motivate to improve your product or service. You can look out for what your competitors are not offering. Or what is the prevailing problem in the market you can solve? Then, think about how you can make it better for your shoppers.
How will the transactions safely occur?
Payment is the most concerning thing for your clients. You need to offer a secure way to process the transaction safely. For this, you need to integrate the third-party payment gateway. This solution works so that the transaction journey should be secure. There are many payment gateways available in the market. Consider these features to select any payment gateway.
How will I attract customers to my Marketplace?
A primary goal of any business is to generate enough revenue for the business. And of course, you need to attract customers to your store.
Simply keep in mind, you don’t need to attract all the people. You just need to attract the right target audience. If you attract only customers not sellers, then no transaction will be going to take place due to the unavailability of products. If you attract only sellers and no shoppers, then there will be frustrated sellers and an empty marketplace.
Conclusion
We hope this article will help in solving your dilemmas. Answer the above questions, which will make your tough-looking road smooth. If you want to learn more related to the marketplace, visit our site. Also, feel free to contact us, in case of any query.
