The right online marketplace to sell will support and allow for the growth of the buyer and seller community by means of allowing a platform for the promotion of diverse products and services. There are several added features that make an online retail marketplace come out as one of the best, and create a unique and exciting experience to shop and sell.
We will be taking a look at some of the core features that you should look for if you are planning to sell or buy in an online marketplace.
The Payment Systems
The payment system is a core function of any online marketplace, no doubt. Without a credible and safe payment gateway, it would not be possible to transact between buyers and sellers. But simply having a payment system doesn’t cut it- there is a demand for more features.
The ability to split and delay payments is the new up and coming feature. Split payments are required if you have products in the cart that are from more than one seller. The hold or delay payment is an escrow account that reduces the risk to buyers by withholding the funds until payment has been made. Only then is the product released to the seller, and then the delivery order is placed.
A good marketplace should have a robust refund system as well, and security protocol to ensure that the transactions are secure and safe- there should be invoices, receipts, and reports made available on both ends.
Navigation: Finding Your Way Around A Market Place
Shoppers are often clueless when they are browsing the index of products. They are unsure of what they need and what will be fit for them. On the other end of the spectrum, there are customers who know exactly the product that they want and make a purchase. A good marketplace must be able to accommodate both of them. There needs to be good site architecture and navigation tools that are designed for individual user behavior.
The listing must be organised and the shopper must be able to find their way through the virtual aisles and be able to filter out based on the make, specification and price of the product. Showing customers search results, which are relevant to their search- this is the key to good customer experience.
This will either make or break the deal- if shoppers feel that the interface is too cluttered and not easy to navigate, they will leave before you can count your fingers.