Features to Multiply your Marketplace Revenues

Building your marketplace might be a breeze for the app developers, but generating stable revenue from your store can get super challenging. You need a well-planned and robust marketplace strategy to keep generating revenues. 

Things get slightly difficult when you are building a multi-vendor marketplace where buyers and sellers come together to do business. These platforms are built on robust codes that are modified consistently to keep your business running efficiently. The question is how you ensure that your business thrives in today’s competitive world.

 Let’s take a look at a few crucial features that can multiply your marketplace revenues quickly.

Offer Daily Deals

Daily deals refer to the special offers, usually rewards that remain active for a specific timeframe (which is set by the store owner). It is a great promotional tool for businesses that want to expand their operations and build a solid clientele base. Customers look for deals. They want discounted offers. There is a very good chance they will like to stick with your store if they find exclusive deals and offers that help them get their desired products at the best rates.

Read also: 5 Recent trends of marketplace development to improve your e-commerce business

Gift Cards and Gift Wraps

Gift card is another thing that’s gaining immense traction in the eCommerce industry lately. This feature allows your audience to surprise their loved ones with a gift card, which can be redeemed for any product worth the value of the card. In today’s age and time, most customers consider buying gifts for their loved ones online. 

Nobody likes to go through the hassle of shopping for gifts from local gift stores, packing them, and delivering them to the recipient’s address. That’s simply too much work. They rather find it easy to pay a few extra bucks to get the gifts wrapped and sent to the recipient. That shows us the importance of having a gift-wrap feature. It enables your customers to shop for a gift online, have it wrapped and sent to the given address.

Quick and Hassle-free Checkout

Checkout plays an integral part in your customers’ shopping experience with your store. It’s important to implement a one-step checkout process, as it will provide your customers with the convenience to make purchases from your store. Your customers don’t want to fill multiple pages when checking out and neither do they want the checkout stage to be complex. Keep it short and simple. Take only the information that you need for processing the order and completing the payment. That’s it! 

Display Relevant Products

One thing that people love about Amazon is the feature that allows them to look at the relevant products. It simplifies their shopping experience, making it easier for them to select from a range of products that are similar to what they are looking for. 

Not only does it offer them a great variety to choose from, but this option is pretty convenient since it saves your customers the time of searching for these products on different pages. The feature that allows you to display relevant products to your customers is important, as businesses report a large number of sales from the products listed in this category.

Conclusion

Are you planning to build an eCommerce marketplace? Whether you are starting with a small store that features limited functions or building an extensive eCommerce marketplace that accepts customers and vendors, these functions are important to ensure your business’ growth. You can add them later when your business builds a large audience or add them at the beginning (whatever works for you).

These were a few functions you need to incorporate into your online store to ensure that it generates good revenues.