While marketplaces offer a great deal of opportunity to some brands, building a marketplace (as opposed to selling through an established marketplace) is a more significant challenge but one that could ultimately transform your business.
Building a marketplace for your e-commerce business is not just a technical IT project but can also involve making fundamental changes to your business processes.
Like any business initiative, doing it badly or half-heartedly can be very costly. Therefore, a strategic approach to a new marketplace deployment is essential. Taking the time to understand the mechanics of your marketplace and how this will integrate into your existing business is critical to ensuring the development of your marketplace platform is successful.
Building a digital marketplace involves a fundamental change to the way a brand engages with its customers.