rubygarage.org
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RubyGarage is a top-of-the-line software development and consulting company that builds custom web and mobile products.
Among all types of ecommerce platforms, two-sided marketplaces stand out. Two-sided marketplaces connect people with common interests: for example, sellers and buyers or service providers and clients. Finally, as mobile payment technology becomes more advanced, ecommerce platforms do their best to make their platforms safe and convenient for mobile transactions. When building this kind of ecommerce platform, it’s a good idea to start with an MVP, develop the basic features, and test them with early adopters.
Vendors are more motivated to join your platform For vendors, joining a new marketplace is a more attractive option than for buyers. Buyers will hardly want to join an empty marketplace, while vendors risk nothing by joining if you offer them good conditions. Buyers tend to purchase more using their mobile devices than PCs or laptops, so you need to make sure your marketplace operates great not only as a web platform but as a mobile app. Attracting vendors to your marketplace first is a winning strategy that will help you organize the supply side and, in turn, attract buyers faster.
As users are not charged before getting value from the marketplace, they don’t risk investing their money without getting anything in return (as is the case with ads or listing fees). Calculating the price of a particular service for users is almost impossible, so the commission model is out of the question – the lead fee approach works best in this case. When to use featured listings and ads Featured listings and ads work best as an additional monetization approach, providing you’ve already earned your place in the sun. We’ve looked at the most popular marketplace monetization models, including commission, lead fees, listing fees, and value-added services.
However, as your shop and your product volumes grow, your inventory management can become a mess if you don’t have proper stock keeping unit (SKU) management in place. For instance, when a new order appears in your order management system, the system can display product SKUs Implementing a comprehensive SKU system also allows you to use an automated warehouse management reporting system that generates reports to inform you of inaccuracies in your warehouse operations, such as how often items are not found in the expected places, mislabeled, damaged, or out of stock. To efficiently manage inventory and sort products, you should develop your own system that reflects the product attributes you and your team will make use of.