A marketplace is a great way to source new leads and grow your business. But when choosing the right platform, there are some key factors you need to take into consideration:B2B
Does it Provide Transparency?
If you provide full visibility of all transactions in real-time, customers know exactly what they’re getting for their money and can see how many other people want it. This transparency creates trust between providers and buyers and encourages both sides to complete the transaction.
What Type Of Applications Does It Support?
Depending on your needs, there may be more than one marketplace that will suit your company. For example, if you only need a simple supplier directory, an online product catalogue might be enough; however, if you require features such as order management and supplier rating, you might need a more advanced platform.
Can The Marketplace Be Integrated With Your Website?
You’ll want to make sure that there is an easy way for customers to get from your site onto the platform and back again. This will ensure they have one place to go for all of their eWorldTrade customer service needs — everything they need should be in one location. An integrated approach helps you appear as a single experience rather than separate entities and builds trust between buyers and providers by allowing them greater visibility into what’s happening behind the scenes at all times.
What Type Of Transaction Does It Support?
There are many kinds of transactions possible on marketplaces: auctions, reverse-auctions, fixed-price sales, bidding, and many others. Depending on what you’re selling, some may be more suitable than others.
Is It Secure?
No one wants their business to suffer or put their clients at risk of fraud or data theft. You need to make sure the platform is safe for everyone who uses it, including providers who are publishing information about themselves as well as buyers making purchases with payment methods such as credit cards. You should also make sure that your website is secured by an SSL certificate so that all customer information remains private and secure both online and offline. It’s also advisable to opt for an escrow payment service to allow buyers extra protection against fraudulent transactions.
What Types Of Fees Does It Charge?
You’ll find that marketplace platforms have a range of pricing models. Some may offer monthly fees plus a commission on every transaction. Others charge an upfront fee for access to the platform as well as a percentage of each sale made through it. In some cases, providers who pay nothing but opt to advertise on the marketplace might also be charged for visits from buyers or clicks from suppliers. You need to make sure you understand all charges related to using the platform and how they affect your business before signing up.
How Is It Different?
There are many marketplace solutions out there, with new ones appearing almost daily, so don’t feel compelled to use only one type of platform. Think about what’s important for your business and choose a solution that’s the best fit. For example, if you need some flexibility for your suppliers to manage their own content, then a self-service model with full API access might be your best option; however, if you need complete control over the user experience, it may be better to go with an out-of-the box solution that’s fully customizable according to your needs.
What Additional Features Does It Offer?
When choosing marketplace technology, make sure you look at all of the different types of technologies included as part of the platform. Things like mobile applications and geographic targeting are just two of many possibilities that could improve user experience and increase revenue potential.
How Easy Is It To Implement?
Unless everything goes perfectly each time you make a small change to your website, you’ll want to work with a marketplace solution that can be implemented quickly and easily without disrupting your business or that of buyers and suppliers. Look for an option that’s accessible via mobile applications as well as one that integrates smoothly with existing technologies.
What Other Features Should I Consider?
Depending on what type of sales you’re hoping to facilitate through the platform, there may be some additional considerations to take into account before signing up. Is multilingual support important? How about customer service options such as chat, phone calls, help articles, or email so suppliers can communicate effectively with potential customers? Some marketplaces even include video conferencing options so everyone involved in the transaction has the opportunity to speak face-to-face.
Does It Work With My Website?
You’ll need to check that the marketplace solution you’re considering is compatible with your existing infrastructure and can be easily integrated into your website. If you need assistance, make sure there are qualified experts available to help you get started and offer ongoing support whenever necessary. Some marketplaces also allow sugar buyers and suppliers to interact without ever leaving your site, making its integration even more important for allowing a smooth user experience.
Is There Good Customer Support?
No one wants to deal with technology issues or have questions that are difficult or time consuming to answer, particularly when they arise at critical points in the sales process. This is why clear documentation, tutorials, FAQs, and 24-hour customer support are all important features of any marketplace solution you consider.
How Scalable Is It?
You may be just getting started with your first marketplace or aiming to grow by adding more products. Either way, look for a solution that can grow with you so you don’t have to switch platforms again in the future. Alternatively, you might need something specifically designed for small businesses or one that caters to enterprises. Whatever your needs, make sure the platform you choose has the flexibility to accommodate them over time.
What Additional Services Do They Offer?
Some marketplaces include specialized services like marketing assistance. Sales management tools, and enhanced security on top of their basic technology solutions. Check what’s included in the cost of your platform and what you’ll need. To pay for separately or as an add-on.
How Much Does It Cost?
Most marketplaces offer monthly plans with tiered pricing based on usage. Number of suppliers, types of products, etc., so there’s always a solution that fits within your budget. Don’t forget to factor in costs like customization, website integration. Customer support, and possible add-ons like extra features or specialized services. Make sure you know exactly how you’ll be charged each month. So there are no surprises when you get your bill.
What About Security?
You won’t want any security breaches on your new marketplace to compromise the safety of buyers’ personal information. The best marketplaces include security tools like SSL certificates. Dedicated hosting, and regular backups to ensure all data is protected from malware, hackers, and other threats.
How Will It Affect My SEO?
Even if you have a mobile-friendly platform chosen for its ease of use. Your business may suffer from negative SEO issues due to duplicate content or links. Check what your marketplace offers with regard to marketing assistance. So you can improve search engine rankings without having to pay an agency or do the work yourself. This could potentially save you hundreds of dollars each month down the road.
What’s The History Of The Company?
Before signing up with any new technology solution. It pays to learn more about what they offer and who they are. Their website should be easy to navigate with clear information about their company. Including a timeline of key milestones and anything else you’ll need to know about the team behind the product. In addition, look for customer ratings and reviews from past users. So you can determine if it’s a stable, long-term solution that has withstood the test of time.
How Will Disputes Be Resolved?
Depending on your industry, there may be specific requirements in terms of how transactions. Must be handled in case of a problem with a supplier or buyer. Be sure that any marketplace platform you consider offers dispute resolution services before deciding to proceed. You’ll want something tailored specifically for your needs with guaranteed resolutions so everyone involved is satisfied with the outcome.
How Can I Get Help?
The right marketplace solution should have a well-documented knowledge base. And be easy to contact in case you need assistance with any part of the process. Look for a solution that offers in-app support, FAQs, forums, and email. Or chat availability so that when you have questions or run into an issue. You can get immediate answers from someone who knows the platform inside and out.
