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How To Choose The Right Online Marketplace Software For Your Business

By Kruthika Vadhera 17th January 2021
How To Choose The Right Online Marketplace Software For Your Business

Unable to pick the right online marketplace building software for your business? The below-listed questions will help you choose a sound marketplace software solution. 

When choosing between building an online marketplace platform from scratch or using existing marketplace software solutions, the latter has taken precedence in recent times. It is undoubtedly hard to beat hassle-free, codeless and reliable services that an online marketplace software extends for a generation that believes in ‘now or never.’ That’s correct! 

However, comparing dozens of service providers to choose the best online marketplace software can be quite challenging for your business. The right decisions are based on the right questions that we’ve collated for you in this guide today. So let’s see if you can build a marketplace platform by answering these five basic questions. 

Ques 1. Does an online marketplace software support your business goals? 

The first principle for hiring the best marketplace building software is your business goals and how seamlessly the platform aligns with the services you offer. The more focused the software is towards your marketplace niche, the more likely it will be a good fit for your business. But before that, you must have your business goals, target market, future expansion plans, budget, and technical skills laid in front of you. Once you do that, you can determine whether or not the technology powers your business idea

Most online marketplaces have many standard features such as listings, reviews, user profiles, etc. However, to excel in this division, you need exceptional features that make your operations faster, more efficient, and reliable enough to gain maximum traction. For this, you need a complete list of necessary features to support your unique marketplace idea and business model. 

Ques 2. Is the platform flexible enough to adapt to evolving business requirements? 

With technology evolving at a pace this remarkable, we’re confident that the online marketplace platform will be a long-term commitment, which means that the software must be capable of constant evolution. 

Business agility must be factored in before hiring any marketplace building software. While any software can be efficient enough to create an MVP, you will need to eventually build on the basic set of features. 

The market requirements will gradually change, and so will the expectations of customers and merchants from your platform. The competition will be more intense once you’ve entered the marketplace. To keep up with such changes and increasingly tough competition, you need to up your game by integrating the right features at the right time. 

The Saas-powered platform also offers the convenience to upgrade any time you want, while building a platform from scratch requires more time, resources, and money. However, with an existing marketplace platform, you just need to upgrade your package, the new features will be automatically added to your marketplace. 

Ques 3. How efficient is the company’s business model? 

An efficient business model is a key aspect in choosing one of the best online marketplace building software. Undoubtedly, all that matters, in the end, is profit generation; therefore, it is essential to look into how the software helps you generate revenue. Is their business model aligned with yours, and are the merchants/customers satisfied? 

Choosing software that helps you build, sustain, and expand your business is the one you should go for. For this, you must select a revenue model that focuses on transaction volume or user count. Remember, hiring a marketplace building software is just like a partnership in which all three parties should be equally benefited. 

The platform that puts your business first will be the right one since it knows that revenue generation depends on mutual benefit and satisfying services. 

As a marketplace administrator, you must also have the flexibility to choose between different pricing models or combinations, whichever benefits you the most. For instance, you can either charge a percentage of the total transaction price or set a minimum fixed fee for the transaction, or u may also opt for a combination in your favor. However, not every platform offers such flexibility. Yelo is one marketplace platform that gives you the kind of leverage you’d want for your business. 

Ques 4. What unique services does the marketplace software offer? 

Multi-vendor marketplace platforms are tough to manage; therefore, keeping on toes with the evolving customer/merchant requirements is essential. If you’re hosting your website, keeping up with the increasing business volume could require a full-time developer, and a big chunk of your monthly budget could be exhausted in introducing new platform services. But you can avoid all of this trouble by hiring a marketplace building software

Some platforms also offer a free trial period in which you can test how best it fits your business commitments. Having a sound customer support system and pricing structure are also vital to the selection criteria. For instance, if you look at the Yelo marketplace pricing criteria, it varies based on whether it’s a hobby, a startup, standard, or growing, and they are highly flexible. 

Ques 5. How good is the platform at relationship building?

Well, hiring a marketplace platform builder is nothing less of a long-term partnership. Relationship building is one of the most important attributes of creating a marketplace platform. You must gauge the level at which the software connects with marketplace administrators to offer the most efficient services that benefit everyone in the business. Getting customers to like the platform is also one of the most challenging tasks, but it can be established with quality, trust, and constant communication.

Therefore, having a robust customer support system for both suppliers and customers could help you expand your business in every domain while generating decent revenue. 

Speaking with the potential marketplace owners to understand the performance indicators is also a great idea. Remember, for any online marketplace business to be successful; you, to be successful in need to generate that bond and trust with everyone in the cycle, but most notably with the provider itself. So before you pick your software, be as transparent as possible, let them know your expectations, and see what they have in store for you. 

So, ready for the big start? 

Hiring a trustworthy marketplace partner will help you reach great heights and stay with you at every stage of your business, from exemplary highs to tragic lows. Hence, choosing the best online marketplace builder for your business should be your top priority. So if you’ve missed out on anything, here are some end-notes for you to consider:

The marketplace platform builder should be trustworthy, reliable, responsive, easy to communicate with, and most importantly, it should benefit all parties involved in the marketplace business. Having a business model that aligns with your business aspirations and scalability are two of the most important deciding factors. So, no matter how much time you take to weigh your options, always remember that you have a tough competition to beat and a massive seller/customer following to cater to. 

Choosing the right software solution will have a massive impact on your growth prospects. Therefore you must approach the process with a well-laid plan in mind. The above-listed questions will help you pick a sound software solution for your business. 

And yes, if you’re still unsure, taking a free trial is always a feasible option. Platforms like Yelo have made it much more convenient for marketplace administrators to create a successful MVP before actually reaching out. This has tremendously eased the decision-making process for businesses. So get in touch with the Yelo team now to take more inputs. 

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