Recent research shows that the US Ecommerce Sales was forecasted to grow to $58.5 billion, but now it is up by 60.4% from the initial forecast of 38.6% growth. These numbers itself are proof that an online marketplace is a booming industry which is a gold mine of opportunities and undeniable success.
Amazon, one of the leading e-retailer worldwide, is who every aspiring entrepreneur looks up to. Started off just as a small online book store, now it has grown to become the torch bearer of the ecommerce World.
So, how to create an online store like Amazon? The stepping stone to any business lies in the technical aspect. Choosing the right technical stack is a pivotal step.
The ultimate eCommerce technology stack
Essential features of ecommerce software:
- Features of an Admin:
- Vendor and User management
- Payment management
- Order, withdrawal and return management
- Managing multiple storefronts
- Diversifying administrative responsibilities
- Shipping line management
- Features of a Vendor/Seller:
- Manage separate vendor mini store
- Manage separate vendor panels
- Manage vendor ratings and reviews
- Building attractive vendor storefront
- Features of a User:
- Easy interactive interface
- Attractive catalogue design
- Placing orders from different vendors in the same cart
- Ability to edit personal information
- Save stores and products as favorites
- Request refund or exchange products
Depending on your capabilities, financial status and technical knowledge you can build your own Multi-Vendor Marketplace Platform in the below three possible ways,
- Setting up a seller/vendor account is an already existing marketplace platform like Amazon.
- Creating an account on a Social Media Store like Facebook
- Building your own online store
Though the first two options are viable, they are not completely reliable nor will you get complete ownership of your online marketplace business.
Below are the ways in which you can start building your own online store.
- Building your own Online Marketplace from scratch:
One of the most indigenous ways to create an online store is by coding and building it on your own, according to your procurement. The required domain, server and other technical aspects will be owned solely by you.
However, the only disadvantage is that, if you are not aware of the technical aspects you will have to hire a team. This might be a bit heavy on your pockets.
- Using a SaaS model:
The second most desirable way of building your own online store, it is a method in which you will be incurring Software as a service. A vendor will have readymade multi-vendor marketplace software which he will rent it out to you depending on certain terms and conditions regarding the payables and maintenance of your software.
Though this might seem a very efficient way to build and start your own online marketplace as the updating, storing, maintaining and all the other major technical aspects will be taken care of for you. There are a few major drawbacks as well. You will not be the sole owner of the code, server and domain. Your name stamped on the marketplace platform and you will only be an acting admin.
- Using Turnkey Solutions:
The most trending and chosen way of launching your own online marketplace is through the Turnkey Solutions. In this, you have the combined benefits of the first two types. You will get developed multi-vendor marketplace software which is ready to use. You will also be getting the complete source code. This is the best solution for starting your own online store in a very short period of time.
Once delivered to you, you will be able to make any kind of customizations by giving it to the vendor from whom you bought it, or you can even give it to your tech team as you own the source code. Even the domain and server will be under your ownership. For all the above, the payment is also usually a one-time payment system.
Once you have developed your own online marketplace there comes other challenges like choosing a right business model, marketing, risk management and much more.
However, the main and the most prominent step is to understand the various ways to build your business in a manner which is time and cost effective.
All these said there is no particular way which is set in stone that has to be followed to build an online store. All of them have their own suitable conditions and efficiency. You just need to be fully informed and careful before zeroing in on any particular method. The basic things you need to keep in mind before you finalize are,
- Your budget
- The desired technical requirements
- The time limit, i.e. the deadline to launch your online store
Let’s start prepping and aim on becoming the next Ecommerce Giant.