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How to Build a Marketplace Platform

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How to Build a Marketplace Platform


To facilitate direct transactions between buyers and sellers, an online marketplace serves as an intermediary. Customers want a marketplace that can deliver cutting-edge security features for Fraud Detection, ensure transaction integrity for both parties, and give real-time monitoring of transactions in order to stay competitive.

So, let’s go into further depth about building a profitable marketplace website.

Let us now examine the many alternatives for the building of a marketplace business model. Of course, there is no one-size-fits-all solution to the question of how to develop a marketplace for all businesses.

Revenue of Etsy Inc. from 2012 to 2020 was 1.3bn USD. eBay’s annual net revenue from 2018 to 2020 was 10.3bn USD. The revenue of these marketplaces has become faster after COVID-19 pandemic.

So, the focus will be on speed to market, technical knowledge, development costs, scaling capabilities, and customization options. It’s likely that you’ll be able to determine which solution is best for your company.

1. Creating a new piece of software from scratch

Doing everything exactly as you had envisioned can be an option for you if you have the requisite skills or access to a team of professionals. In this case, the primary advantages come from having full access to the source code and not relying on any third-party software.

As per reports of Digital Commerce 360, 20% of buying managers spent on online marketplaces, and 22% spent more during the time of pandemic.

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However, this method requires a significant investment of time at least three months since building a marketplace website capable of seamlessly processing all transactions is no small feat. This is a significant negative since it is sometimes necessary to construct an online marketplace website as quickly as feasible.

Developing and maintaining a platform on your own, while experimenting with bespoke features (which may or may not be helpful or popular), may quickly deplete your financial resources.

2. Creating it using open-source software

Using pre-existing software saves time over starting from scratch since the pre-existing functionality of marketplace software is complete, and it is easy to add new features. Because of this, it will be much less expensive to construct than the preceding choice.

It will take at least a month before you may launch again due to time constraints. The open-source software that is simple to alter is hard to come by; certain changes may need the involvement of developers.

Updating and maintaining the software might be a hassle as well. It’s up to your team to manage things like when a software developer doesn’t provide updates on the latest regulatory requirements for making payments.

3. Choose a website builder

There are a lot of options when it comes to basic website builders, and they’re all reasonably priced. Just have a look at Magento and Shopify as e-commerce platforms or Wix and WordPress as website-building tools.

Some of them even allow for extensive customization via the use of third-party extensions. So, if you’re comfortable with plugins and tools, going with a website builder can be the most cost-effective option for a business model for the marketplace.

When everything is said and done, though, it might take weeks to get everything just right for everyone. As a result, every plugin and extension must be tuned to meet or exceed the very high standards set by users.

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There’s also a good possibility you won’t be able to locate a plugin that does what you want it to do at all. A plugin or extension that doesn’t work properly might cause havoc with your marketplace’s operations, therefore it’s best to avoid gambling your marketplace’s success on it.

4. Using a no-code marketplace builder

The easiest approach to building a platform is via the use of a SaaS or a marketplace-as-a-service technology. It’s possible that you’ll be online in as little as a day.

Your concept and the aspects that are crucial to your customers may be validated quickly by other firms using SaaS software. With this strategy, you obtain the greatest user experience for the least amount of money.

Last but not least, managing your web company and all of its facets does not need any programming knowledge on your part.

However, like with the previous method, there may be some restrictions on the number of features since software vendors prefer to deal with as many clients as feasible as possible. Because the features that are now accessible may not be sufficient for your firm to expand, this is a concern for scalability as well.

5. No-code toolset development

If you’ve mastered a wide range of no-code technologies, you may take on the building of marketplace sites. Foresee future upgrades and choose the proper components for today’s needs.

But even in this circumstance, it may take weeks to discover the right tools and learn how to use them. This technique is probably not for you if you have no idea what Webflow, Airtable, Parabola, and Jetboost imply.

It takes at least two weeks to learn how to use no-code tools, even for a seasoned no-coder. However, the platform might be unstable and need a lot of further development in the future.

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6. Developing a SaaS product on top of an API-based marketplace

Instead of spending time on the fundamentals, you may concentrate on the features using this method. When compared to starting from scratch, this might save you a significant amount of money.

Unlike any other no-code tool, you may experiment with your ideas and combine other tools with them. Finally, if a software vendor is in charge of support, upgrades, and compliance, it is more trustworthy.

However, the fact that you’ll require development expertise or a team of professionals in this situation might be seen as a disadvantage. Using APIs to build a product is more expensive and more consuming than using a no-code solution.

Takeaway

The retail business is likely to be transformed by online marketplaces in the near future. 75 percent of marketing professionals say that the most essential advantage of marketplaces for organizations is the ability to contact consumers in areas where they like to purchase.

Online marketplace platforms may be built to stand even the most severe economic downturns with the correct marketplace development firm. Even if that’s a valid statement, markets serve a second purpose that’s just as important. In the event of a widespread coronavirus pandemic in 2020, a marketplace may be the only method to reach your target audience.



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MARKETING

PGA TOUR transforms fan experience, analytics and customer feedback

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PGA TOUR transforms fan experience, analytics and customer feedback

This week, the PGA TOUR announced a partnership with experience management (XM) technology company Qualtrics to begin a multiyear transformation of fan experience across all touchpoints for tour events.

The PGA TOUR will use Qualtrics’ XM, which includes Qualtric Social Connect and Qualtrics Customer and Employee XM products, to draw insights from how fans engage with digital platforms at tournaments and determine ways to improve the experience. This, in turn, will help meet the goal of cultivating new fans, as well, according to Travis Trembath, vice president fan engagement for PGA TOUR.

Improving the fan’s journey. “There are several stages in a tournament attendee’s journey, each which can make or break someone’s overall experience — from parking, to food and beverage, to restrooms and venue sight lines,” said Trembath. “Our goal is to improve all aspects to provide fans a best-in-class experience from start to finish.”

The journey also includes different levels of engagement through digital experience (DX) touchpoints. For instance, some fans use the PGA TOUR app while on-the-go to check scores and tournament news. Other fans want a more engaged DX that complements a tour telecast on a second screen. And there are also fans who seek out stats and other content relating to fantasy sports and betting.

“The partnership with Qualtrics will enable us to gain a deeper understanding of fan preferences across all of these channels and allow us to begin to optimize the experience on our existing platforms for different types of fans that consume the tour in different ways,” Trembath said.

Read next: What is a digital experience platform or DXP?

Feedback front and center. What will fuel the transformation? Feedback from fans. The tour already sends surveys to ticket buyers and a fan panel following an event. They also use social media listening tools. PGA TOUR will use the XM products to build out holistic fan profiles to make the feedback, and eventual improvements, more comprehensive.

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“One potential outcome of getting closer to our fans is that we may very well uncover new ways to engage fans that we had not previously contemplated or implemented,” said Trembath.

For current touchpoints, insights from customer preferences will inform the kind of content this is produced and distributed on digital channels.

“We understand our fans are looking for more immersive on and offline experiences; they want more behind-the-scenes access and content from our world-class athletes,” Trembath explained. “Qualtrics XM products will allow us to dig deeper and use a more systematic approach to learning about our fans’ preferences and experiences, and enable us to connect the dots to build more holistic profiles of our fans’ behaviors across multiple touchpoints.”

Read next: How to tackle the challenges of running successful hybrid events

Implementing Qualtrics XM. “The initial rollout will be focused on identifying macro insights that can be used to improve the overall experience for fans around the world,” said Trembath.

As a phase two, PGA TOUR will integrate fan preferences into their first-party fan database, resulting in more personalized experiences.

“The Qualtrics platform will be complementary to our Adobe digital marketing products and AWS data and analytics tools, enhancing our overall capabilities when it comes to learning and engaging our fans,” Trembath said.

Timeline for rollout. Some Qualtrics XM elements will be deployed this fall, including collecting feedback from websites, apps and social media.

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Real-time feedback through the Qualtrics XM platform will be incorporated into some tournaments in Q1 2023. The tour will use insights to make improvements to experience on-the-fly. Additionally, post-event feedback will be used to improve experience at specific annual tournaments the following year.

“As we uncover opportunities to improve the fan experience, we will act on them immediately,” said Trembath.


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Why we care. Golf tournaments have many of the same touchpoints as stadium sports, even if the golf course is a more open, outdoor venue. You have parking, ticketing, concessions and, of course, the game itself. With a lot of downtime between swings there’s also more opportunity for fans to consume content on a mobile device. So there is definitely a need to make sure that the experience is first rate. And who is a better authority on how to improve the experience than the fans themselves?

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Golf fans who also play the game have seen more technology at many high-end courses, so it’s reasonable to assume that they expect the experience at tournaments to continue to improve.


About The Author

Chris Wood draws on over 15 years of reporting experience as a B2B editor and journalist. At DMN, he served as associate editor, offering original analysis on the evolving marketing tech landscape. He has interviewed leaders in tech and policy, from Canva CEO Melanie Perkins, to former Cisco CEO John Chambers, and Vivek Kundra, appointed by Barack Obama as the country’s first federal CIO. He is especially interested in how new technologies, including voice and blockchain, are disrupting the marketing world as we know it. In 2019, he moderated a panel on “innovation theater” at Fintech Inn, in Vilnius. In addition to his marketing-focused reporting in industry trades like Robotics Trends, Modern Brewery Age and AdNation News, Wood has also written for KIRKUS, and contributes fiction, criticism and poetry to several leading book blogs. He studied English at Fairfield University, and was born in Springfield, Massachusetts. He lives in New York.

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