People gathering to buy and sell goods was the very foundation of the first cities and civilization as we know it today. However, going to the marketplace was a logistic endeavor. It meant leaving the area of production and traveling distances.
Nowadays, people don’t have to leave the production or the comfort of their homes. It is because of e-marketplace solutions that opened the doors to multinational sourcing. Language is also not a barrier since cloud-hosted e-marketplace connects via APIs to multilingual support solutions.
Like never before, procurement technology jumps over hurdles and enable the best e-sourcing available in the world. As many have noticed the benefits, in less than five years, cloud-based e-procurement will take over every process of procurement.
Custom e-marketplace solution
Following the rising need for e-marketplace software, there are a lot of “drag-and-drop” solutions on the market. Compared to the custom build solutions, they follow the same route for every industry. Furthermore, since they compete by the price, they don’t consider the uniqueness of the procurement.
On the other hand, to build a thriving e-marketplace, you need to be different. In the case of existing solutions, you are limited to the functionalities of the software. Moreover, your customers are familiar with these solutions, and they don’t perceive anything special about it. If there is not a chance to provide anything different, how can you build loyalty?
Of course, e-marketplace has to follow the simplicity standards of a user-friendly transaction interface. But, as your business is different than any other, e-marketplace should feature some of its uniqueness.
Requirements for custom e-marketplace solution
At this point, it is essential to know that e-marketplace is significantly different than e-commerce. Unlike e-commerce, where the website owns the products (includes drop shipping), e-marketplace is connecting buyers and sellers.
Therefore, you should develop your brand to connect the specific group. Seemingly, it is hard to accomplish by building upon the existing solutions.
There are multiple industries and business verticals with different requirements. Depending on it, your users will stay or flee if they don’t feel comfortable with the solution. Therefore, e-marketplace software should cover some of the small details that are keeping your users.
For this reason, the custom solution should be:
- Compliant with the industry requirements
As mentioned, the style of hospitality is similar to the travel industry. However, building upon the standard or healthcare solution, for example, sends a different message.
- Comprehensive to both buyers and sellers
Each market has its uniqueness transcribed into the language the buyers and sellers use.
- Designed for specific industry verticals
Besides style, the comprehension of the interface is of utmost importance. Small details that differ from industry to industry are what counts in the eyes of the users.
- Integrated with online payment solutions
Similar as plumbing to a house, nobody wants to think about the payments. The whole process should go seamlessly.
And above all, e-marketplace software should be a white-label as it is the most viable strategy. Having control of your software is of utmost importance for the security of your business.
As the tech titans are prone to enter the new markets, they also don’t have the problem of leaving it if unprofitable. In this case, your business may be in trouble, as it means lesser customer support and possibilities for upgrades.
Key Features of E-marketplace Solution
When building the e-marketplace between buyers and sellers, think about solving the pain. Similar to new tech products, but with a bit of specific advice to make it successful.
Of course, contact with experts in the field is crucial. It is because they can comprehend the requirements and build the best possible solution.
Whatever special features you choose, your e-marketplace could include some of the usual features:
- Buyer/Seller Subscription Fees:
The typical model is to charge monthly or yearly subscription fees. Unless it is a commission-only model, it is wise to include this option.
- Transaction Fees:
In the case of the fees, you should include the model that has a built-in and error-free model.
- e-Auctions:
If you follow the model of e-auctions, there are multiple options like Reverse, Sudden, and Silent Auctions.
- Private Events:
Another case is a private, invitation-only auction. Seemingly, buyers and sellers would feel special.
- Payment Facility:
As the payments are in the center of these platforms, they should work like a charm.
- Seamless Payment Integration:
The high end of the above mentioned is a seamless payment as it becomes a must. Seamless payment means Buyer/Sellers should not think about how they can pay/charge for goods/services.
Build Custom E-marketplace Platform
When choosing a company to build custom e-marketplace, it is wise to select one with significant experience. ProcurePort is the company building enterprise SAAS software for decades.
Besides the benefits of getting to the market faster and cheaper with a customized solution, ProcurePort experts will share their views. Therefore, contact us discuss the best way of building and deploying your e-marketplace.
