Creating an online marketplace reminiscent of eBay takes work. It’s great to have such ambitious ideas, but without a proper strategy and a strong development team, this goal would be rather farfetched.
eBay is an e-commerce giant that connects millions of buyers and sellers worldwide. Retail businesses looking to make a difference online desire a marketplace that resembles eBay’s intuitiveness and responsiveness.
Started as an auction website in the 90s, eBay attracts over 1.2 billion visitors monthly and has reaped an immense revenue of $10.4 billion in the latest financial year. So, how do you create an online retail platform that has the potential to become the next big thing? Where do you start, and how much money do you pour in?
Cubix has been in the business of developing e-commerce marketplaces for over 12+ years. From niche marketplaces to general-purpose solutions, we have delivered some of the most innovative and successful platforms. If you are thinking of diving into this business but don’t want to get into the guesswork, bookmark this article.
We’ll cover everything from market research and platform architecture to seller onboarding and growth hacking, leaving no stone unturned to help you create an online marketplace that can rival the likes of eBay, Amazon, and Etsy.
Why Should You Get a Marketplace Like an eBay?
Businesses and entrepreneurs looking to stand out in the highly competitive e-commerce space want an expansive online marketplace that displays product listings uniquely and simplifies customer journeys. They have started moving beyond brick-and-mortar storefronts, and rightly so.
This year, around 21.5% of retail purchases are expected to be made online, and this trend is only going to increase in the years to come. If you’re considering launching your own marketplace aiming to follow the footsteps of platforms like eBay, now is the perfect time to take the plunge. Here’s why:
- Access to a large buyer base: Having such a massive online retail platform will connect you with users globally and enable sellers to target a huge number of potential customers.
- No inventory needed: You don’t need to own any inventory to start an e-commerce business. Instead, you can connect buyers with third-party sellers like most of the marketplaces do.
- Flexible selling options: An online platform like eBay supports multiple listing types, including auctions, fixed-price sales, and instant purchase options, catering to different seller preferences and product types.
- Low barrier to entry: With advanced technologies at their disposal, launching an online store has become faster and easier than ever before for business owners.
- Comfort & Safety: Providing a secure and convenient online shopping experience encourages buyers to purchase more and bolsters their trust in your business.
- Advance Analytics and Tools: Technology is a huge catalyst of success for modern day ecom players. AI-powered analytics tools allow sellers to manage their listings, track sales, and optimize performance.
