Over the past few years, the COAX team has built dozens of online marketplaces for clients and counseled over a hundred aspiring entrepreneurs. Online marketplaces are all the rage today, driving multiple entrepreneurs to give a try to this business. There’s little surprise in that, since more and more people prefer shopping online, plus, by launching a marketplace you get access to the global audience, which inevitably translates into higher sales and achieving your business goals faster. So, how to start an online marketplace? Stay with us — we’ve prepared five basic steps to launching a marketplace.
How to launch a marketplace
You may be surprised, but for many entrepreneurs asking “How to launch eCommerce marketplace?”, the difficulties of launching a marketplace are often not related to technical difficulties at all. A beginner entrepreneur can’t always answer precisely how they are going to make money. Also, why should customers choose them? And what makes their offer so unique from their ten other competitors?
Given that, before getting interested in building a marketplace and browsing the Internet in search of your potential providers, it is crucial to validate your business model. We strongly encourage you to check Why Custom eCommerce Websites Fail before reading any further. It may save you some time, money, and confusion.
So, you have a business plan in place, know your target audience and budget. It’s time to start building your platform. Here are five steps that answer the question of how to launch a marketplace.