Many entrepreneurs are ready to start their own selling platforms upon witnessing enormous growth. According to Statista, retail selling sales will be 5.5 trillion U.S. dollars.
Even in a pandemic, many businesses face loss, but selling rocked the world.
Customizing is better than creating. I suggest that getting partnered with a selling SaaS vendor is preferable to creating a selling marketplace from scratch.
This article will teach you how to start an online store using a SaaS platform.
Design Your Own SaaS Selling Marketplace
Now you know why the SaaS Marketplace is popular. Let’s start designing your marketplace. Follow the below-mentioned steps.
Step 1: Market Research
Firstly, conduct market research. Despite the time commitment, it is worthwhile. Without market research, you cannot reach your audience.
Understand your target audience
Your business idea can be best only when you understand your target customers. While understanding your target audience, find answers to the following questions.
- Who are your potential customers?
- What are their needs?
- What is the demographic of your target audience?
- What are the pain points of your customer?
Identifying your target audience is the crucial step in market research. Understand your customer’s needs and values, and try to satisfy all their expectations.
Know Your Competitors
Competitors may teach you more about a market, so identify your top rivals and study them carefully.
Be aware that even while conducting market research for e-commerce, you shouldn’t focus just on online retailers.
While knowing your competitors, find answers to the following questions.
- What is their marketing and pricing strategy?
- What features in their product attract customers?
- What is their workflow?
- What are the services they are providing?
From these, you can know what works for your business and what doesn’t.
Step 2: Revenue Model
Secondly, design your Revenue model. After figuring out your audience and competitors, it’s time to build a revenue model.
The listing fee is an amount collected when a seller posts a listing. Every time seller needs to pay for posting a listing. You can set the listing fee depending on the value of the product the seller posts. Higher the product price, the higher the listing fee.
Setting the listing fee in your platform benefits you by providing a stable income because there is no reliance on the standard of the product or service or the vendor’s expertise.
The commission fee is an amount collected when a product sells. Every time seller and buyer need to pay for the selling items. You can set the commission fee depending on the value of the product the seller posts. Also, you can decide whom to get the commission fee.
The bigger your marketplace becomes, the more your income from the commission fee.
If you set both the listing fee and commission fee, I suggest you get the commission fee only from the buyer.
Step 3: Design Your Key Features
Thirdly, offer the best-selling experience that is delightful to your customers. For the ever-evolving technical landscape and the demands of their clients, selling entrepreneurs must look beyond the basics.
Here are some features to make your audience’s experience pleasant. Always look for a SaaS selling Platform provider with the following features.
When visiting a new website, the audience first looks at the navigation. Make sure your website has user-friendly navigation as much as possible so that visitors can navigate your site quickly and effortlessly.
Always have user-friendly navigation regardless the user was there to buy something, get extra information, or even try to contact customer support.
Advanced Search Option
Customers can easily and quickly locate the goods they’re seeking thanks to selling search capabilities and filtering, which are top-selling website design features. Better yet, if a search engine uses artificial intelligence, your website can foretell a user’s search.
Filters, nonetheless, let customers focus on the things they’re genuinely interested in while ignoring the sites and goods they don’t require.
Push notifications are the next-best method of signing visitors to your e-commerce business as subscribers if you want to get past spam filters and social network algorithms.
Visitors can subscribe to your most recent changes in their browsers via push notification providers.
You may send a message that will be delivered to subscribers’ notification centers via their browsers when you wish to let them know about an offer.
One of the most vital aspects of a B2B e-commerce website is customer reviews, which increase trust and demonstrate that you have to pay customers. Additionally, client reviews will increase the number of keywords in your online store, improving the SEO of your website, another crucial component of any e-commerce website.
Multiple Language Support
There are two ways to support the most popular languages used by your target market if your online business caters to clients in a specific region:
Customers may convert your website into their language with Google Translate. Make many translations of your website for various languages.
According to recent research, emails sent by selling companies typically have a click rate of 2.01% and an open rate of 15.68%.
Given the potential for selling emails to generate income, this is significant.
The highest conversion for your shop after getting people to make purchases on your website would be to add them as email list subscribers.
You may then contact them for upcoming sales and email marketing campaigns.
Hear Out My Final Thoughts
Using a ready-made selling solution, you can save time, money, and effort in developing custom software. White-label solutions, such as selling ready-made solutions, also require customization to meet business needs. The only modification in this process is the website’s frontend design.
These pre-made solutions are simple to deploy and ideal for new businesses and small companies with limited resources. For the success of their online store, they may rely on it.