August 17, 2023
Despite the fact that marketers emphasize the importance of producing leads from their advertising efforts, it has been observed that getting leads is the number primary challenge for 61% of marketers.
As the most crucial component of your sales process is lead generation and the sales lead executes the tasks needed to to generate leads and convert them to sales. Since leads are prospective clients for the company.
You must learn how to effectively generate business leads if you want your company to grow rapidly and continuously turn a profit.
The marketplace owner needs to monitor content, work on attracting users, make sure the platform runs smoothly and that products meet quality requirements, but they don’ t have to do inventory management, rent warehouses, and hire couriers (unless it is a hybrid marketplace). All of this greatly reduces financial risks and improves business flexibility.
There are plenty of revenue streams that can be tapped into by a marketplace owner. Just to name a few, there can be a fixed commission on every sold item, subscription fees, various advertising services, premium features for regular buyers, access to advanced analytics, or extensive customization of product cards for sellers. By combining several of these monetization models, a marketplace owner can effectively increase the platform’s revenue and achieve their business goals.
First of all, every business idea requires validation. This step involves business analysts and a product manager who thoroughly research the current market situation and competitors, define their product’ s value proposition, and establish target audience and use case scenarios. As a result of this preliminary stage, your team should be able to clearly identify the future marketplace’ s purpose, the size of the potential market, and the audience.
For example, when we at Vide Infra took up developing Follow.Art marketplace, the client’ s concept was clear: create a platform for direct interaction between the buyer and the seller. The goal of Follow.Art was to give freedom to artists by becoming a digital intermediary that attracts potential buyers, artists, and galleries for direct business — when the platform receives a payment, the funds are transferred directly to the artist's or gallery’ s account.
Today, there are plenty of technologies to choose from for building an online marketplace. It is always a good practice to base your choice of technologies on several factors, including:
A relatively small marketplace catering to the needs of niche customers can successfully work on basic technologies like Magento, while a platform aimed for future scaling on a global level should be built with more advanced technologies and custom solutions right from the start.
Whether the customers would be able to shop your marketplace via a browser, a mobile app, or both defines what technologies should be used for its development. While a website and mobile apps can be built using different frameworks, it is also possible to use a cross-platform approach with such technologies as Flutter to create a marketplace for several platforms from a single codebase.
By using open-source software you get the ability to modify and enhance every aspect of the marketplace architecture, logic, and appearance. However, such freedom comes at the cost of a lengthier and pricier development process, so if a paid ready-made solution satisfies your business goals it can be an optimal choice.
In the world of web-hosting there are plenty of solutions, from shared and virtual private hosting suitable for small websites to dedicated hosting that comes at a significantly higher price. These days, cloud hosting, which allows your online store to be located on multiple servers linked together, can arguably be named the best choice for an eCommerce platform. Thanks to its stability and flexibility in terms of scale and price, cloud hosting is suitable for online shops with special promotions and discounts, where the number of visitors can increase sharply, and it is important to ensure there is no server overload.
Aim at creating an elegant impression that communicates the product value. Don't oversell. Placing a prominent phone number or a giant and aggressive CTA right on the first screen won't result in receiving more leads. It impedes prospects from getting the desired impression of value and uniqueness. When thinking about crafting your message, mentally put money aside and strive to tell the most compelling story about the project and how your prospects would feel living there.
Most organizations require software to function properly, which is why they often invest in custom solutions to simplify their processes and enhance their daily activities. Proficient software development companies can provide its services to develop that system for you.
It allows you to reduce costs by automating repetitive tasks, enhance your customer service, increase your employees’ productivity, and communicate and cooperate electronically with your suppliers or partners.
Essentially, an ERP is a software that automates various business operations and offers analytical information and internal checks. It achieves this by utilizing a centralized database that gathers information from different departments, such as Manufacturing, Sales & Marketing, Accounts, Supply Chain Management, and HR.
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