Over the last few years, online marketplaces have facilitated the expansion of e-commerce businesses. While the COVID-19 pandemic brought about major setbacks, it also gave a new impetus to the online marketplace industry. With the world being under lockdown, and having to cease physical contact, we humans have had to turn to online marketplaces. This change reinforced the importance of the digital marketplace industry in our lives.
Different researches have shown that businesses selling through online platforms have recently had bigger and more profitable margins. That alone explains the hike in the number of emerging online marketplaces. Every day, several of them pop up on the internet, ready to serve their customers the best. So, if you have an online marketplace for your business, you will have to do a lot of research to keep it up and running.
Once you’ve established the digital marketplace, the next step is to maintain its growth. This is where things get tricky. You have to think big and aim for the highest profits. When you are competing with giants like Amazon, eBay, and Shopify, there are a few things that you must keep in mind.
Here are some tips to outshine your biggest market competitors and claim the top spot.
Be consistent
Whether it be a digital marketplace or any other form of business, consistency and perseverance are the key success factors. Only the most determined can stand the test of extreme competition and the roller coaster of ups and downs. In the good times, it is best to stay humble. However, during the bad times, you must hold on to your goals as stoutly as possible.
No marketplace starts off big; it is the consistency and determination that help it attain resounding success. Amazon originated in a garage, and eBay’s first-ever sale was a broken laser printer. After decades of hard work and perseverance, these companies have now been established as billion-dollar marketplaces. So you see, success doesn’t lie in starting big or doing big things; it lies in doing things consistently.
When you are starting to grow your marketplace, make sure to take one step at a time. This is how you will be able to maintain consistency and avoid overdoing certain things that can lead to an early downfall. The key to a thriving marketplace lies in being patient and never giving up.
Be unique
When you are trying to get your online marketplace off the ground, you need to offer something that nobody else does to grab the customers’ attention. It is human psychology to be attracted to new concepts and ideas. You can make use of this approach to add a unique and valuable element to your marketplace that could amplify its growth.
You can start off by researching and identifying the pain points of other competitor marketplaces. This way, you can find out where they are lacking and then grow your marketplace accordingly. You will be attracting some of their client base as well. Thus, offering some quality products and services that your competitors are not offering can be helpful in successfully getting your online marketplace off the ground.
Be smart and generous while advertising
How can you expect your marketplace to grow if no one knows about it? Spreading the word through various channels is essential to allow your marketplace to grow and gain a solid customer base. A good digital go-to-market strategy can help in this case.
For this purpose, you need to go step by step. First, you and your team should brainstorm ideas to develop an effective marketing and advertising strategy. These strategies must be implemented consistently and should be open to change when they stop benefitting the business model for your marketplace. Moreover, you need to be generous with your advertisements as they are a long-term investment.
While advertising, you also need to play smart. Effective methods can be used to identify your target audience and then cater to their needs. You can also advertise how a particular initiative taken by you can help solve and overcome existing problems in the marketplace industry.
Final words
Getting your digital marketplace up and going is hard. With all the well-established competitors out there, it might feel like an impossible task to get your online marketplace off the ground. But nothing is impossible. Knowing the right tips and tricks can help you grow and hack your way to success.
Go the extra mile. Be consistent and determined. Offer unique products and services, and spread the word about your digital marketplace as far as possible. These are some tested tips that guarantee success and help your online marketplace stand out from the rest.
