A new alternative idea for online business is the so-called marketplace. A store created on a marketplace is an innovative approach to e-commerce. A marketplace is a place, or rather a store, where many sellers present their offer. The trading platform operates in a simple and intuitive manner, ensuring the convenience of making purchases for each of the buyers. By collecting a large number of products, it allows you to create a wide price offer, as well as varied product availability and delivery times. Shopping in the store on the marketplace is very easy and fast, which is very convenient for customers.
Benefits of using a marketplace for the owner
With low operating costs and a low barrier to entry for sellers, marketplace solutions have become a global trend in e-commerce. Of course, the marketplace business model has its advantages and disadvantages to keep in mind, especially if you want to build a store based on this solution. As the owner of a trading platform-type store, you are the intermediary between the seller and the buyer. Benefits of using the marketplace for the owner:
- scaling your own business, expanding the store’s product offer
- an additional source of income through commissions
- the ability to add new suppliers to the platform
- flexibility in setting rates and commissions for suppliers
Due to the rapid development of the e-commerce market, trading platform vendors offer many solutions based on systems such as WordPress + WooCommerce, PrestaShop or Magento, Laravel, or NodeJS. It is often recommended to use the WordPress + WooCommerce platform because of the low setup costs, the ability to use multiple payment gateways, and the flexibility in setting up your online store.
Marketplace on WordPress
Own WordPress online store with access from multiple vendors. You can achieve this by integrating WordPress + WooCommerce with a marketplace platform. Keep selling your own products, share them with other sellers, and earn extra commission. By combining WordPress + WooCommerce, you can turn your online store into an e-commerce marketplace with multiple vendors, products, and payment settings. Allow multiple sellers to sell through your store on the marketplace. In return, take a commission on sales to cover the costs of running your store and your efforts to build a community around the platform. What do you need to run a marketplace with WordPress + WooCommerce? Our step-by-step tutorial on the topic of a WordPress store or create a custom marketplace with us.
What does it take to get started on building a sophisticated trading platform?
- Domain name – the internet address of your store
- Hosting Account – The location where the store files are stored.
- SSL certificate – required to encrypt online payments.
- Installing WordPress – CMS platform for editing the store
- WooCommerce Configuration – e-commerce plugin supporting store
- Implementation of the development of a trading platform with iTizzi Software Development Company
The marketplace platform is a proven way to make money online. That being said, you can use a market-based solution to make extra money or build a big profitable e-commerce business. With the iTizzi company operating in Kyiv, Odesa, and many other cities of Ukraine and Eastern Europe, it is not difficult to create a trading platform. For more information on our services in the field of the marketplace, which is an ideal platform for trading purposes, please contact our representative.
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