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From Amazon to eBay, these marketplace businesses have had massive success. Their ability to leverage technology to connect buyers and suppliers directly without middlemen make them an attractive opportunity for founders and venture capital.
To start a business you need to understand the business model for inventory management and sourcing the products.
Every marketplace has a physical product but adding a garage is not a good choice. Because one might like the idea of making their own products and others may hate. Therefore in the marketplace, you have to check each and every point of product management and inventory.
If you are using drop shipping then there is no issue of budget and managing inventory but you have to be more focus on the promotion of products. And if you wish to start by warehouse and wholesale model then you have to invest more. But it will absolutely help you to gain the faith of customer because in this model quality is managed by the store owner.
There is another model of the marketplace is service base which provides service to the customer with the suggested time interval. So it’s up to your reach with the type of business you want to start.
There are thousands of products and services available to consumers just a click away. Therefore to succeed as a seller becomes very competitive. So, you must select and offer the right products and services to your customers in this competitive market.
Always keep your target audience in mind on selecting a product, give more time on product value, quality and price. Only the best product and service make your marketplace special. Same way service selection needs to be fulfilled on time.
Always think, who you are? why is your store for? and who is your ideal customer? Then only you can start a proper marketplace.
Branding is a way you establish an image of your company in your customers’ mind. A brand is always targeted at a section of population based on age, interests, or gender. Therefore, it becomes highly important to find an apt audience. The more specific your targeting, the more your branding will resonate.
So, give a proper brand name to your business which can create an idea about your store. There are legal protections and tax benefits for incorporating, so don’t skip it.
Attracting a customer is not an easy task because every store provides a discount on purchase. If you are a brand then people directly visit your site and order the product but if not then how will you promote. Then you should have proper SEO, so any product is search on google then your listing should be on google surf.