online marketplace – Oyelabs – Driving Business Value

Top Reasons to Migrate from WordPress to Shopify for Online Marketplace

Anurag Jain — Mon, 16 Oct 2023 05:28:54 +0000

It’s essential to stay one step ahead of the competition in the rapidly changing world of e-commerce. The platform they choose can make or break their business for many operators of online marketplaces. Shopify has become a formidable challenge for those wishing to migrate to or start over from WordPress, which has long been a popular platform for creating websites and online stores. In this blog, we’ll look at the benefits of switching your online marketplace from WordPress to Shopify. We’ll go into Shopify’s benefits, review WordPress’s drawbacks, and provide information on the migration procedure. The Power of Shopify 1.1 User-Friendly Interface One of the key reasons to migrate to Shopify is its user-friendly interface. Shopify was designed with both beginners and experts in mind. Its intuitive dashboard and drag-and-drop builder make it easy to set up and manage your online marketplace, even if you have limited technical expertise. You can create, edit, and update your website effortlessly, ensuring a seamless user experience for your customers. 1.2 Mobile-Optimized Themes In today’s digital landscape, a mobile-optimized website is a must. Shopify offers a variety of responsive themes that look great on all devices, from desktops to smartphones. With more people shopping on their mobile devices, having a mobile-friendly website can significantly boost your marketplace’s performance. 1.3 Robust E-commerce Features Shopify is purpose-built for e-commerce, which means it comes with a wide range of e-commerce features right out of the box. You can easily manage product listings, track inventory, process orders, and accept payments. Additionally, Shopify offers powerful marketing tools, such as email marketing and SEO optimization, to help you grow your online marketplace. 1.4 App Store Shopify’s App Store is a treasure trove of add-ons and integrations that can enhance the functionality of your online marketplace. Whether you need advanced analytics, customized checkout options, or social media integration, you’ll find the right app to suit your needs. The ability to extend your platform’s capabilities without extensive custom coding is a significant advantage of Shopify. The Limitations of WordPress for Marketplaces 2.1 Complex Setup and Maintenance WordPress is a popular choice for many websites, including blogs and small online stores. However, when it comes to running a full-fledged online marketplace, it can become a cumbersome and complex endeavor. Setting up a WordPress marketplace often requires multiple plugins, leading to potential conflicts and performance issues. Maintaining these plugins can be a time-consuming task, and updates may break your website if not handled carefully. 2.2 Scalability Issues As your online marketplace grows, scalability becomes a critical factor. WordPress can struggle to handle large inventories, high traffic, and complex e-commerce operations. You may need to invest in expensive hosting solutions or implement complex optimizations to keep your marketplace running smoothly. On the other hand, Shopify is designed to scale effortlessly as your business expands. 2.3 Security Concerns WordPress is an open-source platform, which means it’s more susceptible to security vulnerabilities and hacking attempts. While there are security plugins and best practices to mitigate these risks, they require constant attention and maintenance. Shopify, as a hosted solution, takes care of security, updates, and compliance, providing peace of mind for marketplace owners. 2.4 Limited Support When running an online marketplace on WordPress, you are largely responsible for handling technical issues, finding solutions to problems, and managing updates. If you encounter an issue, you may need to rely on various online forums or costly developers for support. In contrast, Shopify offers 24/7 customer support to assist you with any problems or questions. WordPress to Shopify Migration Process 3.1 Assess Your Needs Before migrating to Shopify, assess your marketplace’s needs. Consider factors like the size of your product catalog, the number of vendors or sellers, and your current sales volume. This information will help you determine which Shopify plan is the best fit for your business. 3.2 Data Migration Migrating your data from WordPress to Shopify is a crucial step. You’ll need to export product information, customer data, and order history from your WordPress platform. Shopify provides tools and resources to help with this process, making the transition as smooth as possible. 3.3 Rebuilding Your Website Once your data is migrated, it’s time to rebuild your online marketplace on Shopify. This involves selecting a Shopify theme that suits your brand and customizing it to your preferences. You’ll also need to recreate your product listings and configure your marketplace settings. 3.4 Test and Optimize Testing your new Shopify marketplace is essential to identify any issues or discrepancies that may have arisen during the migration and rebuilding process. Ensure that all your pages are functioning correctly and that the user experience meets your standards. Optimization is an ongoing process, so regularly review your marketplace to make improvements. 3.5 Redirects and SEO Don’t forget to set up proper redirects to ensure that your existing WordPress site’s SEO value is transferred to your new Shopify site. This will help maintain your search engine rankings and ensure a smooth transition for your customers. Cost Considerations 4.1 Subscription Costs Shopify offers a range of subscription plans, each with different pricing and features. While Shopify can be more cost-effective for smaller marketplaces, larger enterprises may find that the price is justified by the convenience and scalability of the platform. Calculate the subscription costs to see how it aligns with your budget. 4.2 Transaction Fees Shopify charges transaction fees for each sale you make unless you use Shopify Payments for your payment processing. Be aware of these fees and evaluate how they may impact your profitability, especially if you’re migrating from a payment solution with lower transaction costs. 4.3 Development Costs Migrating from WordPress to Shopify may require the expertise of developers or agencies. Factor in shopify development costs when budgeting for your migration. While it’s an investment, the benefits of a smoother transition and a well-optimized marketplace can outweigh the initial expenses. Conclusion Migrating from WordPress to Shopify can be a game-changer for your online marketplace. Shopify offers a user-friendly interface, robust e-commerce features, and […]

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Top 3 Online Marketplace Apps and Its Types

Sushmeet — Wed, 13 Jul 2022 05:15:17 +0000

An online marketplace is a platform that makes the process of shopping from different sources smooth. An app that does not own any products and forms a partnership with inventory owners to process buying, selling, payment, and delivery-related activities is called an online marketplace app. The online marketplace can be utilized by anyone owning an inventory as well. Why Are Digital Marketplace Apps Trending? The last decade has witnessed the rise of online shopping. The pandemic of Covid-19 also significantly impacted the online purchasing habits of people. Online marketplace apps are the better way to promote the products. It takes less marketing costs, retailers receive new channels to grow their reach, customers can compare the prices of items, sellers can have an analytic report of their sales, and the cost of web security is also a responsibility of the apps hence the online marketplace apps are being preferred by the customers as well as sellers. According to Digital Commerce 360, only in 2021 top 100 online marketplace apps have earned a revenue of $3.23 trillion from the US alone. 49 out of these 100 apps have faced a growth of 17% in 2021. The online marketplace apps can be divided into three groups based on their business models. 3 Types Of Online Marketplace Apps 1. B2C online marketplace apps The apps that are based on the business-to-customer business model are referred to as B2C online marketplace apps. Among the three business models, this one is the most common. In this business model, the app businesses are able to sell their product or services directly to the buyer or customer. Key points of B2C Cost-efficient Huge reach No involvement of third parties Less staffing Example Of A B2C Marketplace Amazon is one of the biggest B2C online marketplace apps in the world. Jeff Bezos founded Amazon back in 1994. Key points Amazon has more than 310 million users In the Q1 of 2022 Amazon generated $116.44 billion in revenue Amazon has a huge inventory of 12 million products According to Marketplace Pulse, Amazon is the most downloaded shopping app in the US Related Read: Top Multivendor Marketplace Apps 2. B2B Online Marketplace Apps Apps based on the B2B business model are called B2B online marketplace apps. B2B is a business model in which one business operator sells his items or services to another operator. Key points of B2B: Security of business due to contract Items can be bought in huge quantity Secured payment options Tax prices can be included Example Of A B2B Marketplace Alibaba.com fits as an accurate example of a B2B online marketplace app. Alibaba.com is one of the top online marketplaces in the world. Jack Ma is the founder of Alibaba.com. The platform was launched back in 1999. Key points Alibaba.com has more than 1.31 billion users The app has generated a revenue of $134.6 billion in 2022 till now With 2.8 million suppliers and more than 5900 categories of products, Alibaba.com provides its customers with a huge range of options Retailers can manage the prices of their items Related Read: How Do B2B Marketplaces Work With Examples 3. C2C Online Marketplace Apps C2C business model-based marketplace apps are named C2C online marketplace apps. In this business model apps are designed to transact goods or services in between customers. Key points of C2C: Charges an amount from sellers to list their item product in the portal Sellers can earn huge amounts Availability of rare items Easy for both buyer and seller to communicate with each other Example Of A C2C Marketplace Craigslist is a good example of C2C online marketplace app. In this app, one can find jobs, houses for sale, cars for sale, and many other goods such as electronics. In 1995 Craig Newmark founded Craigslist. Key points Craigslist has a user count of 60 million only from US The app generated 660 million as revenue in 2021 The app receives over 80 million ad posts every month A person can list an item of one category at a location once every 2 days 3 Other Types Of Marketplace Apps Type Definition Example Vertical This online marketplace app buys and sells only one categorical product Taskrabbit Horizontal This online marketplace app focuses on lots of product categories Etsy Global This online marketplace app’s service is not limited to any particular area Amazon Revenue Generation Models For E-Marketplace Applications Commission model This is the common revenue-generating model in B2B and B2C business models based on online marketplace apps. In this model, the app will charge the user for every single transaction as a service charge. Both the seller and buyer can not be charged for a transaction. The app is required to charge either the seller or the buyer. Advertising model The advertising strategy is often used by marketplaces to attract a huge number of customers. Online marketplace apps often use this strategy and offer third parties to promote their goods or service through an ad on their platform in exchange for a fee. Listing fee model This is a common way of generating profits for online marketplace apps. In this model, the app charges a predetermined fee for every product listing from the seller. This is commonly found in the C2C business model-based apps. Membership model An online marketplace app comes with a large number of features. In recent times the apps are using freemium and premium tactics to generate more money. In freemium, the app users will only get specific features and in premium, users will have access to every feature such as quick delivery, early access to sales, and much much more. Related Read: Guide To Launch A Marketplace For Services Essential Features For An Online Marketplace Frequent update of products: Online marketplace apps need to update the descriptions, images, and videos frequently to provide the customer’s updated data on the goods and services. Manual Search: A manual search option has to be available in every online marketplace app. As it will help the customer search for […]

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Top 10 Multi-Vendor Marketplaces Examples in 2025

Anurag Jain — Mon, 07 Mar 2022 05:27:14 +0000

With online ordering or shopping culture rapidly growing in recent decades, the trend towards providing shoppers with a fast shopping experience is gradually going forward. Today, consumers won’t waste time looking for a single item on ten websites. People these days want consolidated data, which allows them to make decisions rapidly whilst saving both time and effort. n this blog we will explore the top 10 multi-vendor marketplaces in 2023. Multi-vendor eCommerce marketplace is the solution to this changing climate. These are the key to eCommerce marketers searching for ways to strengthen and drive their stores to the next level. But what is a Multi-vendor marketplace you must ask? Meaning Of A Multi-Vendor Marketplace As the name implies, a multi-vendor market or store is a platform for third-party vendors to sell in one location, together. Simply put, it is a large store with different small shops operated by individual suppliers. And it could be related to anything – eCommerce, food, grocery. You name it, you could sell it. Top 10 Multi-Vendor Marketplaces In 2022 (Examples) In this article, we are going to discuss the top 10 Multi-vendor marketplaces, across different industry verticals such as eCommerce, Food Delivery & Grocery Delivery! E-Commerce Multi Vendor Marketplaces Amazon Amazon was founded in 1994 and started out as an online bookstore that later diversified into items such as media, electronics, clothing, meals, food, toys, and gems. Amazon is now an undeniable global leader in e-commerce with the highest revenue and revenues in the world, growing into a wide variety of countries, including the UK. Now with the takeover of Whole Foods Market and in publishing, electronics, cloud, video-streaming, and many other firms, it is also developing into a brick-and-mortar retail. Website: amazon.com Looking to launch an e-commerce platform? Oyelabs got you covered. Check out our readymade apps like Amazon. eBay eBay was founded in 1998 and is another leader in e-commerce, a big start in the global e-commerce race. eBay has remained true to its original intent and for over 20 years has been the world’s oldest and largest online marketplace, the first of its kind in the world, providing customers with an online forum for almost every thought. Today’s eBay is dominated by auctions, direct brands, or checked sellers with free shipping to many products, including appliances, vehicles, clothing, pick-up material, and more. Website: ebay.com Oyelabs offers ready-to-launch app like ebay to help you start your dream multi-vendor marketplace. Etsy Etsy was born in the United States and has a niche focus on the selling of handmade or antique items and exclusive factory posts. The eCommerce website of Etsy provides individuals and businesses with the possibility to sell a wide variety of goods, from art to clothes and accessories, food, bathrooms, beauty products, toys, and many other unique pieces. Related read: Create An Online Marketplace Like Etsy Etsy was founded in 2006 and, despite its niche specialism, it is the 19th largest marketplace in the world. Fashion is the largest of the categories users are searching for on the website. Website: esty.com Interested in mimicking the success of Etsy? Try our Etsy clone script to start your e-commerce business. Food Delivery Multi Vendor Marketplaces Zomato Zomato was founded in 2008 under the name ‘Foodiebay’ as an online restaurant search site. The business extended its services by including command and delivery in the world’s top cities. In almost 25 countries around the world, including India, Australia, and the U.S., Zomato is now open. The Zomato business model aims to provides its users with a list of the best restaurants. The restaurant not only has the best options, but it also acts as a social network for foodies like Twitter or Facebook. Website: Zomato.com UberEats In more than 1000 major cities worldwide UberEats is active in different countries. The app offers consumers the opportunity to select their favorite food from nearby restaurants and provides customers with food as easily as possible. They share some common features such as cashless transactions and estimated delivery time. UberEats and Uber are separate applications. If you trust Uber to drive you safely around town, you may be trusting them to provide you with good food. Ando, a delivery menu that operates from a variety of Manhattan industrial kitchens, was recently acquired by UberEats. Related Read: Guide To Create An App Like Ubereats Website: ubereats.com FoodPanda FoodPanda is a very common, 41 countries operational online food ordering app. The business is based in Berlin, Germany, and began operations in 2012. In order to provide on-time delivery, the organization has banded together with approximately 40,000 local restaurants. The explanation for FoodPanda’s success is the vast database of restaurants from different towns and the availability of deals and discounts. Credit, debit, and cash payment methods are approved by the application. Website: foodpanda.com Swiggy Swiggy is Bengaluru, India’s most popular mobile app. Swiggy has been ranked the No. 1 online food delivery service and is now available in almost all cities around the country with nearly 1,500,000 downloads in the PlayStore. Swiggy conceived an idea to bring big-time urban foodies from restaurants. The food app lets consumers order their favorite food from their favorite restaurants by finding the location of the user so that the food supplier can supply them as soon as possible. Website: swiggy.com Related Read: Types Of Food Delivery Apps And The Secret To Their Success Grocery Delivery Multi-Vendor Marketplaces Instacart As for North America, Instacart is one of the market leaders in the online food industry. It accounts for 85% of the United States and almost 65% of Canada. Instacart has ties to food giants such as WholeFoods, Costco, Safeway, and more than 300,000 products via them. Instacart has collaborated and raised six investment rounds with more than 25000 shops. At the end of 2019, the company had been projected to be $8 billion. Here’s our comprehensive guide to creating an app like Instacart for more insights into the app’s success. Website: instacart.com Postmates In comparison to most food supplies, Postmates […]

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How to Easily Build A Marketplace App Like Letgo

Sachin Sharma — Thu, 27 Jan 2022 10:44:25 +0000

Contrary to common belief, the secondhand marketplace is living up to its potential, and it will be safe to say that this is the right time for entrepreneurs to invest in it to make a good fortune. There is no possible way to extract consumerism from the current model of our society. We are consuming resources at an unsustainable rate which eventually creates a disbalance not just in nature but in the market as well. However, the secondhand marketplace is a promising way to deal with these concerns. This article will present you with a detailed line so that you can go ahead and create a marketplace app like LetGo. Keep reading to dive right into the details. Here is a walk-through of the article: Steps to Build a Marketplace App Like Letgo Letgo App Revenue Model Letgo App Features List The Growth Timeline of LetGo Marketplace app Whenever mentioning the pioneers of the second marketplace, there is no possible way for you to miss out on Letgo. One of the most successful classified applications available on the secondhand market. LetGo has been dominating the second marketplace for a considerable period of time now. Even though it is just a startup, it gives tough competition to its established peers such as Craigslist, eBay, and more. Until now, LetGo has been successful in mediating transactions of around $23 billion. The app accounts for more than 45 million downloads with a $5 million minimum weekly transaction. The startup was founded back in 2015 with the aim to present its customers with an exceptionally well-experienced, highly optimized, intuitive user interface. So far, LetGo has successfully raised $975 million. As per the statistics from DMR, every single day, 500,000 used items are listed on LetGo, and 100,000 of those are sold. If you are wondering, what was the deciding factor that amplified the user base to such a whopping number, then all you need to do is understand how important role functionality and the ease of customer role plays in popularizing a peer-to-peer e-commerce marketplace application like LetGo. In a definite period of its existence, surely LetGo has transformed into an amazing platform where people can easily sell and buy products that are highly diverse in nature. Guide to Creating A Marketplace App (9 Easy Steps) Before you head on to build an extensive application with multiple features like that of LetGo, it becomes even more essential than ever that you start with a thorough game plan so that you can implement the best approach in order to build such an application. The best way to go about it is to have a solid business model. This will ensure that you have everything planned in the very beginning, and at any point in time, you do not feel stuck with the work process. 1. The WorkFlow and The Business Model For an application to be built from scratch, the one thing that you certainly need other than dedicated efforts and discipline is a well-defined and streamlined process. A process can help you channel your resources in a much more optimized manner. Here is an outlook for you to observe so that you can come up with your own model when trying to build an app like LetGo. Read on in order to learn more about the minute details. 2. Ideation It does not really matter what the nature and peculiarities of the application are. There must be an ideation phase so that you can get a better grasp of the concept as to what you wish to create. The idea behind the creation of LetGo was to offer the users a friendly application where they can sell as well as buy second-hand things. Thus, acting as a bridge between the sellers and the buyers. If you are unable to incorporate this primary essence in your application, then it might be quite difficult for you to turn the tables around in your favor in the long run. The simplicity and convenience are something that you must target in order to reach out to a larger number of users. 3. The Ideal Architecture When working with humongous volumes of data, it becomes more essential than ever for an application to have the right architecture to support its functions. While you expect the number of users to grow by the day, you must be able to get the hang of managing the traffic with the help of a well-formed structure. 4. Database servers Once you actually deep dive into the realms of data, only then will you understand the need of the hour is to have highly optimized data servers that ensure efficient functionality of the back end of your application. While there are numerous options available online for you to choose from, make sure to keep the needs of your application and users in mind while choosing one. 5. BackEnd If you wish to incorporate the features that are going to set up apart from the already existing applications where the users can sell and buy second-hand things, then you must dedicate an ample amount of time, research, and effort in order to come up with a back end set up which will help you with attaining your goals. The core functionality in an application lies with that of the backend. The more streamlined, efficient, and optimized your backend is, the less time you need to spend in the future for the purpose of maintenance. 6. Front-End It is a proven fact that the outlook of your application plays a great role in determining the popularity of the users. While most people end up committing the common mistake of focusing on how it looks different from other applications, you need to make sure that the user interface you choose will eventually create a sense of trust among the application users so that they feel comfortable enough to use the payment gateways. However, this is something that you need to figure out on your own. When you […]

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A Step-by-Step Guide To Create An Online Marketplace Like Etsy

Anurag Jain — Sun, 09 Jan 2022 16:14:23 +0000

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How To Launch An Online Marketplace App Like Gazelle

Anurag Jain — Wed, 05 Jan 2022 05:30:04 +0000

Online marketplaces have become highly popular in the current times. A primary reason for that is considered to be the outbreak of the pandemic that has restricted the masses from getting out of their homes every day, even for mundane tasks. This has made a lot of marketplace platforms highly successful and profitable. Reports from Forrester state that by the year 2023, 17% of all worldwide transactions are forecasted to go through e-commerce apps and marketplaces which shows just how fast the use of online marketplace platforms is increasing. These online marketplace like Gazelle are great for people to get together for the purpose of exchanging electronic goods and other products too. It is through these online marketplaces that interaction between the buyers and sellers has been made easier than ever without including any third party in between. Considering all of the factors, it has become even more difficult to launch a successful online marketplace app like Gazelle, where the users can either buy or sell electronic goods. This is all because of the reasonable prices and ease of functionality offered by the online marketplace. This article focuses on presenting the readers with a guide to launching a successful online marketplace app like Gazelle to buy or sell electronic goods. Here is a quick overview of the article for you: Steps to Build a Online Marketplace App Like Gazelle Noteworthy Change to Make In an App Like Gazelle Features Of Gazelle To Include In Your App Gazelle Business Model Steps To Launch An Application Like Gazelle Here is a stepwise explanation as to how you can successfully launch an online marketplace app like Gazelle in order to help the sellers and buyers exchange electronic goods. Read the pointers carefully for more precise details. Research The very first step of creating any application irrespective of what nature and purpose it might have is for you to research immensely about the industry, the current range of the marketplace, the features offered by currently available applications, and how you can take things up a notch by improving what you already have created. Documentation After you have completed the first phase of it through intense research, you need to start documenting every single aspect of the application, whether it is the ideas or the features incorporated or the difficulties that you think you might come across. Having it all sorted down will make things a lot easier for you. Coding for Backend By this point in time, you must be completely clear of what you need to create, and sensibly, the next step is just getting started with the physical implementation. Start writing the code for the back end where you can add the provision for functionality and effective features. You might see yourself in the initial stages of development in the application, but the backend is something that is going to be with you till the end and Hence, it is essential to use state-of-the-art technical support for the best possible results. Designing After you have worked extensively on the backend, the next step is to start working on the user interface as well as the design of the application for making it friendly and easy to use, which will attract more users. Prototype After the front-end and backend have been created, the next obvious step is to test the prototype in order to make sure nothing goes out when you are ready to work on the rest of the aspects of the application. Testing After the Prototype has been tested, you can start working on the real deal; since you’re familiar with most of the operations and steps of the application, this is the phase where you can step up and save considerable time and head on to testing the application as soon as it is done. Fixing Bugs and Maintenance It is quite normal for you to come across certain bugs in the code which might create nuisance in the further stages. Nip them in the bud so that your application is ready to be deployed real soon. Other than this, you need to come up with occasional patches of code to help your application progress and improve on the go while it is live. These patches are usually added after taking into consideration the experience of the users from their feedback. You can also check out our guide on launching a second-hand marketplace app like Letgo for insights into the development process of this successful marketplace app. How To Make A NoteWorthy Change With An App Like Gazelle In the current times that we are living in, smartphones have turned out to be an integral part of our everyday life. There is not even remotely regular activity that has not been affected by the technology. As the times are changing, you also need to keep up with their technology; hence, it has been observed that your smartphone is one of the few commodities that you change more frequently than anything else. When you are planning to buy a new smartphone, getting rid of the one that you already own can be quite difficult. It is a well-established fact that you spend a huge amount of your wealth when it comes to upgrading your mobile phones. It only makes sense that you are getting a good value for the one that you plan to replace. At this point in time, applications like Gazelle turn out to be a great help as it is a hub for buyers and sellers where you can not only find electronics that are in good shape but can also sell yours at a very reasonable price. Applications like Gazelle are an integral part of the currently evolving internet community in the present scenario. These apps have not only been popular among the common population but also for the entrepreneurs who can find fruitful opportunities to make great profits from on-demand applications which are currently ruling the world. It is the amalgamation of the daily […]

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How to Create An NFT Marketplace – A Step-by-Step Guide

Anurag Jain — Sat, 20 Nov 2021 12:46:33 +0000

According to NonFungible.com, the total capital of large NFT projects increased by more than 2,100% in the first quarter of 2021, while the overall market growth last year was only 300%. Many NFT tokens go on sale right away, with the most popular ones selling for around $70 million. And that is not all — several celebrities are supporting the NFT market by turning their music, images, memes, videos, logos, codes, etc., to the NFT. This benefits the websites that serve as an NFT trading platform the most, making buying and selling of NFTs easy and accessible for everyone. This article will outline What is NFT Where it can be applied How to develop your NFT Marketplace How much does it cost to build the NFT Marketplace app Let’s start with the basics. What Are NFTs? Non-fungible tokens or NFTs are digital tokens designed to function as digital certificates of ownership of physical or virtual assets such as photos, videos, tweets, codes, etc. Each NFT is a unique, immutable, and indivisible digital asset. This means that NFTs cannot be sold or used as a payment method because they are different from Bitcoin and Ethereum. For example, the Cryptopunk 4250 NFT is proof of ownership of a unique character in the digital world, a pixelated image of a punk woman wearing welding goggles with tousled hair and purple lipstick, as described. This lot is being sold at Larva Labs for $116,913. Another example of NFT is an image of a pretty girl smiling in front of a burning house. This photo is called a “disaster girl” meme, and 21-year-old American Zoe Roth (the girl in the picture) sold the meme for $500,000. As you can see, NFTs can make huge amounts of money. Some tokens are more attractive, and people tend to use them more, while others sell very cheaply. Thus, it’s simple, if the token is famous, it will be sold expensively. Here are some examples of NFT lots: People’s digital collage ‘Every Day: The First 5000 Days’ auctioned off at Christie’s for $69 million. The first tweet sold for $2.9 million. Nyan Cat Animated Film sold for $590,200. CryptoKitties Cat Sold For $172,000 Properties Of NFT Tokens Indivisibility: Non-fungible tokens cannot be split into smaller pieces. Authenticity: Their authenticity can easily verify information about tokens and their owners. Non-interoperability: Each token is unique and cannot be exchanged for these items. Traceability: NFTs can be traded on various cryptocurrency exchanges. Thus, owners can benefit from these advanced trading systems. The grouping, trading, and market selling capabilities open up endless possibilities for NFT holders. Interactivity: Thanks to the ERC 721 token and the best ERC 1155 token, it is possible to interact with multiple ecosystems. Both standards allow for the creation of NFTs for digital collectables. Liquidity: The fact that non-fungible tokens can be traded instantly increases liquidity. The target audience of various NFT trading platforms ranges from beginners to hardcore traders. This means more buyers can use digital assets. Programmability: Non-reversible tokens are fully programmable, just like any other digital asset. Today’s NFTs often involve complex mechanics that can include fabrication, forging, and random generation. The design space has endless possibilities. Scarcity: Smart contracts allow developers to severely restrict NFT proposals. Coders can apply certain properties that cannot be changed once the NFTs are launched. What Is An NFT Marketplace? NFT Marketplace is an online marketplace that sells various high-priced cryptocurrency items through auctions. In this Marketplace, producers sell non-fungible virtual products, and buyers or investors use cryptocurrencies such as Bitcoin or Ethereum to purchase them. The NFT Marketplace charges a fee for each transaction that purchases NFTs on the platform. After purchasing NFT, the buyers or investors receive tokens. Here, a token is a unique identifier consisting of proof of ownership and information about its author, origin, and authenticity. On the NFT Marketplace, buyers can bid on hosted auctions to purchase different types of artwork, in-game assets, fashion accessories, memes, and many other items on the Internet. How Does An NFT Marketplace Work? Before we dive into how an NFT marketplace is created, it is important to understand how the NFT marketplace functions from a client’s point of view. In general, all NFT platforms use a similar workflow. First, users need to register on the platform and install a digital wallet to store their NFTs. It’s only after that that users can then create assets by uploading items to showcase their work. Users can also choose which payment tokens to accept for their work and set fees if the platform offers them. The next step in the workflow is to list the items for sale. Users can choose to bid on a fixed price or auction. When selling an item, a transaction is created to initiate a private transaction smart contract on the user’s wallet. The platform may need to reconcile the collection, and the NFT will appear on the list once approved. Key Niches Of NFT Marketplace Several NFTs are used to make money with various digital art. From digital copies of real photos to memes. For example, you can buy, sell, and send images, videos, GIFs, and music on the OpenSea platform. The platform runs on Ethereum and builds NFTs using the ERC721 and ERC1155 protocols. However, the arts aren’t the only niche where NFTs can be applied. As a matter of fact, they can be used to trade collectibles (NBA Top Shot), game characters (CryptoKitties), virtual properties (Mintable), virtual worlds (Metaverses), investment offers, and any other sectors whose ownership can be converted into tokens. Most importantly, you should create a marketplace that fits your own needs. For example, you want to develop an NFT art marketplace, so you usually need to develop an online store. The backend must process, store, sell, and exchange NFTs, and it’s relatively simple. If you want to have an NFT platform for real estate transactions, you have to develop something like Zillow or Trulia. These platforms work with MLS databases […]

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B2B Marketplaces – How It Works & Famous Examples

Sachin Sharma — Sun, 08 Aug 2021 05:37:24 +0000

The internet in a modern scene, from the offline market to digital shopping, replicates everything. There are, of course, numerous business models to provide better services and maximum profit with the increase in requirements. E-commerce can offer anything today, ranging from products, services, rentals, and food supply, to on-demand beauticians. One such dimension is selling B2B. The supply chain and the e-commerce market are maintained offline. B2B companies are more complicated and wider with larger purchases, trade rules, and various marketing standards. It’s worth more than 14.9 trillion dollars, according to Statista. Not only is the trade difficult but the revenue models are also multidimensional for B2B companies in the B2B arena. Here is An Overview Of The Article: B2B Marketplaces Types: On Business Types Basis On Business Model Basis Famous B2B Marketplaces The Meaning Of B2B Online Marketplaces B2B online marketplaces create self-service and digitally sourced environments in which several providers can provide business customers with products or services. Like with online B2C sites, B2B markets claim to facilitate the identification of the right supplier by simplifying and transparent transactions. Purchasers obtain choice, value, and higher efficiency, while sellers gain access to a wider pool of buyers under pressure to grow their income – without the burden of marketing or the need for specific sales, fulfillment, transactional or logistical functions (depending on the specific market). Market procurement can also facilitate reporting and data analysis when implemented correctly. Given that the category borders are not always sharp, four kinds of markets are currently visible. Every person is determined by the nature of his goods and services and who is responsible for them in the contract and in the guarantee. Types of B2B MarketPlaces The B2B Marketplaces can be divided into different sections, on the basis of 2 major points of distinction: On The Basis Of The Business Types On The Basis Of The Business Models Distincion On The Basis Of Business Types Vertical B2B Marketplaces Here, only one segment of the market can buy and sell products. Such B2B markets only permit trade among specific segments of a given industry. Auto, pharmaceutical, chemicals, electronics, buildings, etc. For example, say you’re a construction company so that such markets can link you to all companies that are able to deliver products and services related to construction. A very good example is the electronics marketplace Gazelle which facilitates buying and selling of electronic products, Horizontal B2B Marketplaces Horizontal B2B marketplaces sell products and services from various industries and segments as opposed to Vertical marketplaces. They connect companies across various segments. For example, say that your company is in the building industry. In addition to building supplies and services, these markets may also allow you to connect with companies that can supply your new office fittings with bulk furniture. A very good example is the second-hand products marketplace Letgo which allows users to buy and sell any type of second-hand product. On The Basis Of The Business Models Product-Focused Markets Markets focused on products often focus on products such as office supplies, furniture and furnishings, and packaging. The best-known names are probably Amazon Business, Etsy, and Alibaba, although ThomasNet and GlobalSourcesDirect are also part of that category. A variant offers structured services such as maintenance, repair, and operation (MRO) providers with menu-type offers. Time & Material Focused Marketplaces Material and time markets typically offer freight services, travel services, IT and technology, temporary employment, and management of facilities. SAP Fieldglass and Concur, the expense and travel management site, are two well-known examples. This type is probably also covered by specialist players such as Excess Materials Exchange. Scope-of-Work Marketplaces The market for Scope of Work offers marketing, telecommunications, utility, rental and property, insurance, and professional services (such as legal and consulting). For example, global services focused on digital service sourcing and field engineering (FE), which provides information to telecom technicians and engineers. Famous Examples Of B2B MarketPlaces Alibaba Alibaba is the biggest B2B online marketplace in the world and also the best B2B site for global wholesale. It has support for many languages, including German, Italian, Polish, Japanese, etc. Originally from China. It was launched in 1999 and is currently very much behind popular websites such as Amazon and eBay. In 2012, the two portals of Alibaba Group managed to generate sales of $170,000 million in excess of the Amazon-eBay combination. It also currently hosts over 35 million users. AliExpress, Alipay, and Alibaba international are some of its other brands. Only that some companies are simply traders and not the manufacturer is the problem on this top website. DesignRush We can’t start B2B Marketplaces without mentioning DesignRush — the leading online platform that connects brands and agencies in the US and worldwide. They have a network of over 10,000 professional agencies for top services such as web design, SEO, digital marketing, branding, software development, etc. Their Marketplace is a space for brands to share their projects and agencies to send proposals. These are evaluated and monitored by DesignRush to ensure legitimate leads & qualified agencies. DesignRush also offers other opportunities to add credibility and value to agencies through dedicated articles, Best Design Awards, QuickSights press releases, and more. The platform also ranks in Google’s top search results for the services mentioned above, generating 50,000+ leads from organic traffic monthly. And who would want to miss their new feature called Visitor Insights? It tells agencies which brands are interested in their profile and/or looking for their services! For companies providing or looking for expert services, a more actionable ROI, and a reputable profile, DesignRush is your B2B Marketplace. IndiaMART A B2B Sales and B2C and C2C e-commerce company via its portfolio. IndiaMart is the world’s second-largest website after Alibaba and is the most important online marketplace in India. Economic Times marked IndiaMart. No one would have thought of seeing a marketplace coming from Uttar Pradesh as the great beast it has become today. In 2014, its revenue amounted to over 200 crores. In conjunction with InterMESH, Dinesh Agarwal founded […]

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How To Launch Marketplace For Services the Right Way

Anurag Jain — Mon, 28 Jun 2021 07:54:51 +0000

If you have ever come across an online marketplace, you know how intriguing it can be once you find them. Online marketplaces combine all the positive points of an online business but without the heavy load of buying any inventory or worrying about supply. According to reports from Forrester, at least 1/3rd of US business is routed through e-commerce, and of that at least 63% is performed through marketplace apps. If you are planning to launch marketplace for services, this blog is for you. An online service marketplace is a discovery platform that allows suppliers and customers to meet in one place. Instead of managing inventory for services; these platforms just provide a place where customers can meet service providers and avail services from them. A great example of a service marketplace is Handy, which is a place where customers can find handymen when they need help with household services. Service marketplaces are similar to other marketplaces but instead of buying goods customers come here to avail services. Service marketplaces have become popular over the years because they allow customers to find different service providers in one place allowing them to select the one most suitable for them. Gone are the days of yellow pages, where people would have to look up others to get their contacts and then individually contact them. Now you get all the information you need in front of you, making it easy to make an informed choice. Unlike other businesses, marketplaces don’t need too many resources. Top Marketplace Platforms like Etsy and Fiverr have become popular and generate regular revenue without requiring too many resources. The main component required for these businesses is a unique idea that can be scalable. Here are a few things that service marketplaces need: Multi-vendors- This allows a balance between demand and supply Buyers- they showcase demand for the services and bring in revenue The right business model with a transparent payment process These service marketplaces are becoming the first choice whenever a person wants any kind of help. Some of the SMs that have become popular over the years include Freelancer, Fiverr, and ODesk where you can find professional freelancers for services like design, editing, etc. Others include Taskrabbit, Alfred for at home handyman, Up Counsel for attorneys, Uber for taxi service, Better Help for therapy, and many more. Most of these platforms allow service providers to charge according to their skill levels. This provides customers with different service providers at different prices and they get to decide whether they would want someone who is best in their field and pay more or someone who charges less. Benefits of starting a service marketplace over other models include: Growth in service marketplaces is rather easier, all you need is a unique idea and good service provides a willingness to join your platform SMs focus a lot on creating a network among parties and this creates a sense of commitment Because service marketplaces depend on third party customers and sellers, these form their own ecosystem which functions by itself without much external help Challenges With Service Marketplaces Like all businesses, service marketplaces have their own set of challenges, these include: Maintaining constant revenue- Service marketplaces are tricky as they deal with services that are intangible. In addition to this, marketplaces need to have a correct revenue model in mind. Different industries work best with different revenue models and if you don’t choose the one suitable for you, you might end up losing money. Parties making transactions outside the platform- Because SMs provide customers with a network of service providers, sometimes customers get contacts of the service providers. Here, instead of letting the platform facilitate the transaction for them, they do it externally thus trying to get away with the platform fees. This happens because the party that needs to pay the fees is motivated to abandon the platform and not pay this fee at all Obtaining Feedback- The service marketplace is never directly interacting with the parties, hence it becomes difficult to get feedback on the platform functioning. Points To Keep In Mind To Launch Marketplace For Services There’s a lot of research that is required before you start your service marketplace. SMs are volatile, and hence a single wrong decision can change the entire course of your business. Some of the things to keep in mind when opening a service marketplace includes: 1. Target Market Research– According to various research articles, the biggest reason for a start-up’s failure is its inadequacy to understand the market need. If there is no need for your service in the market, your product won’t be able to garner any interest. In order to have sufficient market research, you need to access the already existing market industry and look at the businesses that are currently providing services there. This will help you in understanding whether your service makes sense for the market, if not you might have to tweak your model. It would also be beneficial to check whether there were any businesses that had similar offerings to you and were unable to grow in the industry. Next, make sure you are entering a clearly defined niche. 2. Identifying Users– A service marketplace heavily depends on maintaining a balance between supply and demand. If you don’t have enough customers, your suppliers will also start opting out. Your SM is majorly being built to service customers, hence it is necessary to know who these people are. You might need to look at their pain points and their daily life journey’s to see what problems they face and find ways to solve them. If you are able to find the biggest pain point of your audience, there is no stopping your business from lasting growth. 3. Making User Engagement Top Priority– Many service marketplace owners feel like user engagement brings little to no impact. This is where many businesses go wrong. Keeping in mind there is no dearth of options available in every industry, customers generally […]

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