INTRODUCTION
What is a Peer-to-Peer marketplace?
Business owners who are planning to create a two-sided marketplace must start with building a website. A peer-to-peer marketplace is one of the best business models that connect people who have a product or service and people who need that product or service. It provides a platform for individual sellers and buyers to find each other and trade goods and services.
Building an online marketplace on the web is faster and cheaper than building a mobile app, and these two factors play heavily into success in an overcrowded global market. There are a number of world-famous peer-to-peer marketplace platforms that are not limited to a single niche. Amazon, AliExpress, Uber, Airbnb and eBay easily come to mind. The way it works is that people can buy products at a more affordable rate. For building a peer to peer marketplace app, you get basically two options:
· Can build a single app for both sellers and buyers.
· Or build separate apps for buyers and sellers.
In this article, though, we would like to describe all out P2P models. We’ll also offer tips on building P2P marketplace software. Let’s start:-
How to build a Peer-to-Peer Marketplace?
If you want to build an online store, use Magento or Spree Commerce. But if you want to build the marketplace similar to Airbnb, you should consider a different platform which provides features specific to marketplaces. You can choose Software as a Service marketplace to spend the least time and effort on developing your project. Always consider building your two-sided marketplace from scratch to make it more efficient. Due to intense competition, you need to discover more ways to show that you are better than everyone else. There are so many great ideas that you need to follow. Always choose a special approach to reach your desired goals. Read in brief to build your peer to peer marketplace:-
1. Choose suitable Technology
Initially decide the perfect technologies that you want to include making your marketplace site a hit in the global market. Technology helps you to easily create marketplace websites successful. However, always choose the best one that perfectly fits your needs and also fulfills all your business goals.
2. Hire a developer
To build peer to peer marketplaces hire a developer. It may be a little expensive. The exact cost will depend on the skill level of the developer as well as the hourly charge. An experienced developer can easily create what you exactly want for your site.
3. Attract users
Build a highly accessible peer-to-peer marketplace platform so that every internet user can become an entrepreneur with several clicks of a mouse and a good connection. Lower the access barrier which helps users to work easily. Ask only for basic information and later on, when it comes to transactions, you can use the chance to check users’ identity and make sure that they are real and reliable. You can also provide first customers and sellers gifts and coupons, let them use extended functionality. This will help to grab their attention.
4. Create a Perfect Balance between users and sellers
The next thing to consider is to create a perfect balance between your two sets of users, i.e., buyers and sellers. Create your policies and features in such a way that it satisfies both the sets of your users that are leveraging your P2P marketplace. This will benefit from your marketplace, and your platform will become popular in the global market.
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5. Use Secure Transaction System
Security is always considered as the topmost concern for the marketers of every field of the global market. Security becomes more important to the users when it comes to their money. That’s why you should invest well in making the payment platform secure and safe for the users to transact.
6. User-friendliness
User-friendliness is the factor that will decide the fate of your marketplace in the global market. Try to make things simple yet effective for your users and keep your functionalities as clear as possible.
7. Choose perfect Development Approach
The next step is to select a perfect development approach for the development of your peer to peer marketplace website. There are three main development approach you can choose from:-
· Custom Development,
· Ready-Made Solution, and
· SaaS Solutions
Custom development provides freedom to add or remove any of the features from your site. This one is the most cost-effective and scalable approach.
The ready-made solutions are perfect for anyone who wants to get their website very quickly. Under this approach, the features and functionalities are not selected by you, it is selected by the developer. Whereas in SaaS, you do not worry about the development phase as the SaaS service provider will be looking after that.
8. Optimize the experience
By providing great services, build users’ trust on your brand. The primary thing you need to invest in is making better user experience. Initially look at your marketplace with users’ eyes, understand their wishes and demands, and decide how to cater to them in the best way. Admin should have a powerful toolkit for uploading, publishing, and promoting books. It is more convenient to handle such tasks on a big screen because of its mobile friendly and fully customizable feature.
9. Test your website
After creating your marketplace site check the site yourself with the help of testers, or ask the development company to test your website. They have the dedicated tools that can help to accomplish effective testing of your website.
10. Calculate profit
Your marketplace is all about your profit. Before you start, think about your profit and monetization. Enable sellers to provide maximum information about a product. If you leave a gap the parties may communicate through another channel, you may lose your profit. Try to regulate the relations between the parties and ensure trustworthiness. This keeps your customers to stay with you for long.
Benefits of peer-to-peer marketplaces for users are:
1. Increase popularity
Peer to peer marketplace increases popularity of your website. Do not to worry about marketing your website to attract a large user-base; that work will be done by your buyers and sellers automatically.
2. Easy to use
The task of developing peer-to-peer marketplace platforms is not difficult as it seems to be. If you find any difficulty, hire specialists and delegate them this issue because they definitely know how to create a marketplace app or website.
3. Geographical Freedom
When it comes to online marketing, location is not the limit. There is no geographical barrier. Delivering the product is not a problem anymore; your task is to offer a convenient platform on which there is an interaction between the seller and the buyer. The product delivery to any remote location will be taken care of by the seller.
· Enhanced Profits
Online peer to peer marketplace model allows sellers to earn profit with minimal effort. You don’t need to find the suppliers of the products, or you don’t even have to set-up a marketing process to attract more customers. Your site visitors can be buyers or sellers or both. So here you will get a good profit without any hassle.
4. Easy Maintenance
A peer-to-peer marketplace is easy to develop and maintain. You don’t have to spend dollars on maintaining or upgrading your website. The design of a peer to peer marketplace is quite easy, simple and effective.
5. Network effect
Users can distribute information about your ecommerce marketplace solution by themselves. Always remember that your main goal is to make the site recognizable and useful and your visitors will do the rest of it, that is, they’ll complete the task of popularizing your service.
6. Speed & convenience
As there is a wide range of options available in a single place users can easily scroll through hundreds of choices in an hour, from anywhere. An artist can post their goods online and wait for someone to buy them.
7. High profitability and cost efficient
There is no middle man between vendors and the end buyers, this reduces the costs on offering him a commission. It can vary from 5% to 20%, depending on the products it sells.
Conclusion:-
As we read above the peer-to-peer marketplace is gaining immense popularity, and the reason. It is efficient and fulfills every need of the consumer. Therefore, it is high time now to invest in peer-to-peer technology and create a feature-rich and scalable peer to peer marketplace website.
So choose the best option for building your own peer-to-peer marketplace from the above. Marketplaces need constant monitoring if you want to preserve your reputation in the marketplace. Do you find this article useful? Let us know in the comment section below.
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