Positive growth in online shopping has inspired many budding entrepreneurs to build their own online stores and get better returns. Great evolution has happened in customers’ shopping behavior. Many statistical reports have clearly proved how customers are getting accustomed to online shopping. This has opened the doors for transformation and every brick and mortar shop is moving digital and reaching its right audience through the right platform.
- Around 230 million people are shopping online currently and this count is expected to increase in the coming days.
- 62% of buyers prefer to buy online rather than visiting their nearby stores.
- 85% of Americans have stated that they are addicted to online shopping and they shop on a daily basis.
- In the U.S, ecommerce sales have increased to 33% compared to last year.
- 37% of online buyers have stated that they will repeat their purchase with the same marketplace platform they initially started their online shopping.
Focus On Great Multi vendor Marketplace Business Ideas
Successful marketplace platforms have followed unique marketplace business ideas that have made them to compete well and stand alone in the market. If you are a startup and you plan to build your own marketplace platform then this article will provide multiple marketplace startup ideas. You can wisely implement ideas and build an excellent multi vendor ecommerce website.
Top Online Multi vendor Marketplace Ideas in 2021-22
1. Grocery Ordering & Delivery Marketplace
Online grocery marketplace platforms have witnessed tremendous growth in the last few years. Its popularity has increased during this pandemic period as consumers get the privilege of ordering grocery items online and getting them at their door steps using BOPIS. This supports social distancing and buyers can protect them from the contagious disease.
This is one of the best online marketplace business ideas that will get you unimaginable returns. Walmart is one of the prominent players of this marketplace business. If you want to succeed then make sure your multi vendor platform contains all essential features that are necessary to run an online grocery store.
Challenges and Solution
There is a huge demand for online grocery delivery service and many entrepreneurs have already launched their platforms online. You need to be prepared to face the competition and should find ways in attracting more vendors and audiences and retain them to succeed in your business.
High operational costs may occur and there will be more complications in setting your delivery procedures. To overcome these issues you need to have a perfect business model and innovative management strategies that will support you in building a perfect online grocery marketplace platform.
2. Fashion and Apparels eCommerce Marketplace
The perfect marketplace for any budding entrepreneur is the fashion and apparels marketplace platform. Selling and buying are more simplified that will benefit both sellers and buyers. All you need is to set up an online fashion store and connect more sellers to your multi vendor platform.
Amazon, Flipkart, eBay are a few of the top eCommerce marketplace platforms that have inspired many entrepreneurs. These platforms have already set a milestone in this industry and when you go through their success stories you will come across more marketplace business ideas that will help you in framing one for you.
Challenges and Solutions
Connecting more sellers is a challenging task for any multi vendor platform. Sellers will wish to get connected only with the reputed marketplace platforms like Amazon. You need to build brand for your online store and for this you need to have an SEO-friendly platform that will get you better visibility.
Satisfying customers is a major task as there are numerous online fashion stores. Buyers will keep checking what is new in the platform and if they are impressed they will shop. You need to provide more customer-centric features like product comparison, notification on new arrivals and offers. This will get you more customers to your platform.
3. Service Booking Marketplace Platforms
Apart from selling physical products, another best marketplace idea is selling services through the platform. There are several niches like professional services, salon services, laundry services, house cleaning services and many more can be included in this service marketplace platform. Consumers show more interest in approaching a service booking marketplace that will deliver the service they require.
Consumers are allowed to communicate with the service providers and they can get their work done easily. Since the service provider represents the service platform we can have hold of their work. Consumers feel more secure as the platform will have only genuine service providers in their marketplace. Key players in this on-demand service industries are urban clap and Fiverr.
Challenges and Solutions
Providing quality service is the real headache for any service marketplace platform. Since the service is provided by the service provider who is connected with the platform, the admin needs to take responsibility for the quality of service. If the service is not properly delivered then that will highly affect the reputation of the platform.
To maintain the quality of service, the platform should offer a review and rating system to consumers. By analyzing reviews and ratings given by consumers, the admin can easily identify the quality of service delivered by service providers and can support them to enhance their work that will sustain the credibility of the platform.
4. Online Learning Marketplace Platforms
Building an online learning platform is a perfect marketplace idea that will get you better branding and visibility among your target audience. The education industry is getting evolved and more online platforms are already available in the market. Today, students show more interest in accessing all online study resources to enhance their academic qualifications. Udemy is one of the leading online learning platforms that have thousands of learning materials that will meet the demand of users of all age groups.
Challenges and solutions
The main challenge of any e-learning platform is to keep learners active as they get bored easily. They may not be attentive to their online classes and this will affect their results. To make it more interactive you need to use advanced technologies like AR, VR that will allow learners to enter the virtual world and get connected with their learning.
To make them have the more practical knowledge you can have simulators that will recreate the real-life situation. This will help students to practice in a controlled environment and can be safer too.
All above marketplace business model ideas are well-tested and have proven results. You need to analyze each idea and should build your marketplace for local businesses. Give more focus on features you integrate and make it more user-friendly that can gain the attention of users and make them stay in your platform.