Increased sales are mostly what all enterprise marketplaces long for!
But sadly not all online marketplaces are able to achieve that.
Wondering what could be the magic potion to build a thriving marketplace?
Well, to help you solve the riddle, we have brought 5 battle-tested tricks that have helped brands build their niche in the ecommerce battlefield.
Before we dig in, here is a quick sneak-peak into customer buying habits.
- 56% of consumers between 18 and 24 years old have made at least one purchase on a social platform
- 70% of consumers say it’s important for brands to offer a personalized experience
- 61% of consumers are willing to pay more to have their products delivered on the same day
- 80% of consumers are more likely to make a purchase from a brand that provides personalized experiences
Source: Hubspot, Intelligence Node
With such major transitions and newly formed consumer expectations, you need to equip your enterprise marketplace to be able to drive maximum sales.
And how to do that?
Well, just being online does not cater to your buyer’s expectations. All enterprise brands looking at long-term growth need a nuanced strategy.
Table of Contents
5 tips to build a thriving enterprise marketplace
The new-age customers look for enhanced engagement with the brand. And to provide them so without spending millions of dollars on your marketing efforts, you need the best marketplace software. With the right technology at hand, you can seamlessly plan strategic growth and cater to changing buyer expectations.
Wonder how to achieve higher sales value and build a thriving marketplace for your enterprise brand? Here are the top 5 time-tested tips to help you boost your brand’s growth.
Optimize mobile shopping
If you have not yet optimized your enterprise brand for mobile shopping, now is just the time to take this crucial step. As customers are gravitating towards mobile shopping, you need to optimize your brand and have a viable m-commerce presence.
With StoreHippo being the best marketplace software, it is built on a mobile-first approach and offers a variety of mobile-ready solutions. StoreHippo builds PWA stores that look, feel, and work like mobile apps even on entry-level devices with poor internet connectivity. The StoreHippo ecommerce platform also offers an in-built mobile app builder that helps enterprise brands build mobile apps without any coding at zero additional costs.
Go hyperlocal
Oh your customers will love those quick deliveries. With the hyperlocal market anticipated to reach $4.635 billion by 2028, quick hyperlocal deliveries make shopping more exciting for your customers.
StoreHippo comes with a comprehensive location-based ecommerce solution that enables you to offer customized services along with quick deliveries with the help of geo-location tracking. You can seamlessly onboard multiple local vendors to ensure quick hyperlocal deliveries. With each seller being responsible for their own delivery, you can handle the complex delivery process quite easily. You can also manage your own fleet of delivery boys with the in-built delivery management software from StoreHippo and ensure quick deliveries on your online marketplace.
Personalize buyer journeys
In the hyper-personalization age like today, customers expect brands to interact with them one-on-one. Almost 90% of the online businesses are already investing in personalizing their content, pricing, offers etc. And to successfully build a thriving enterprise marketplace, you need to offer an extensive personalized buyer journey to your customers.
StoreHippo ecommerce solution is built on MACH architecture that offers extensive flexibility and creative control to help you create custom designs for your website and landing pages, enable personalized checkouts, send personalized notifications etc. The enterprise-grade features and tools like automated marketing customization, unified notifications (SMS, Push, Email etc), login-based pricing etc help you create and offer a personalized buyer journey to your customers.
Leverage social media
Did you know that the customers today check social media for any product reassurance before making a final purchase? Yes and many tend to make a direct purchase on social media as well. You would be surprised to know that the social commerce market size is expected to hit $1.3 trillion in 2023.
As you integrate your enterprise marketplace with social media, you can have an edge over your competitors and provide a sense of reaffirmation to your customers. Wondering how is all that possible? Your answer is StoreHippo.
StoreHippo comes with advanced social plugins that help you integrate with your social media channels. You can leverage social media for increased conversion rates by adding reviews and ratings of your products by the customers, and testimonials in the form of general feedback with photos and videos of your products that help the customers make informed purchase decisions.
Multiple payment options
Faster checkouts with a frictionless payment process works as icing on the cake. Customers today do not like to wait for hours to make a single payment on your enterprise marketplace. They would prefer to pay in a method that best suits their convenience and ultimately drop the purchase if they find the payment process lengthy and complex.
StoreHippo comes with a full range of digital payment solutions. It offers 60+ pre-integrated domestic and international payment gateways for your customers to choose from and make payment seamlessly. You can also implement payment gateways based on the location of your customers with StoreHippo. You can also enable international payments with supporting transactions in multiple currencies as and when you expand to global markets.
Conclusion
A thriving enterprise marketplace is a dream for all businesses. And to keep the sales flourishing, you have 5 top time-tested tips to try on. Combining the above mentioned strategies with the best marketplace software in the market (like StoreHippo) can help you to seamlessly adapt and implement winning formulas for business growth.
StoreHippo comes with 300+ enterprise-grade features and marketing tools to help you not only retain loyal customers but also acquire new customers and drive sales on your enterprise marketplace. StoreHippo is powered by cutting-edge technology and flexibility to build hybrid future-ready solutions for enterprise businesses. Explore new waters and set your online marketplace on an upward growth trajectory with StoreHippo. Start your 14-day free trial now.
FAQs
1. What will be the time needed to create an enterprise marketplace?
Enterprise brands usually need a few weeks to create an enterprise marketplace. When you build the marketplace from scratch, you will need extra time and resources as compared to building a marketplace using turnkey ecommerce solutions. StoreHippo the best marketplace software helps you create an online store in a fraction of time as compared to building your marketplace from scratch. Enterprise brands with custom or unique requirements might need a few weeks to tweak the platform as per their unique needs. However, enterprises can still go to the market in record time with StoreHippo.
StoreHippo also supports a variety of business models like B2C, D2C, B2B, B2B2C, or any other hybrid business models. Enterprises can easily start with one business model and eventually pivot to another or create their unique hybrid business model.
2. Can turnkey enterprise marketplace software create customized solutions for my brand requirements?
Yes, turnkey enterprise marketplace software like StoreHippo helps you create customized solutions for the unique requirements of your brand. Built on the decoupled headless platform, StoreHippo comes with diverse tools and features for the unique brand requirements. You can build multiple sub-stores based on different demographics like location, audience segment, etc. You can also customize the shipping solutions, digital payments, offer multilingual content, or personalize the pricing on different sub-stores, etc with StoreHippo, the best marketplace software.
3. How can I leverage m-commerce to get more orders on my enterprise marketplace website?
The evolving m-commerce shopping trends and buyer preferences have reshaped the way of doing business. To boost sales and engagement on your enterprise marketplace website, leverage mobile commerce by building fully optimized mobile commerce solutions. StoreHippo helps build conversion-oriented Android and iOS mobile apps with responsive designs, fast loading times, and easy navigation offering a seamless mobile shopping experience to your customers. StoreHippo also offers multiple mobile solutions for different users like delivery boys, admins, vendors, etc to help them handle their business on the go and facilitate 24x7 shopping for your customers.
4. What will be the effort needed to build a multilingual enterprise marketplace for global expansion? Will I need to replicate the marketplace website for each language?
When you build an online store with StoreHippo, you do not need to put in extra effort for global expansion. StoreHippo the best marketplace software comes with built-in global solutions helping you cater to global customers seamlessly. With StoreHippo’s built-in multilingual feature, you can build an online marketplace in multiple languages and enable your customers to shop in their native language. StoreHippo supports 100+ languages including Right to Left languages like Hebrew and Arabic so you can tap into different language groups of your customers. You do not need to replicate the marketplace website for each language, your customers can choose their preferred language from the dropdown menu and shop seamlessly in their language. The automatic translation tool from StoreHippo helps you translate the entire website content in just a few steps.
5. Can I build country-wise stores for my online marketplace?
Yes, you can build country-wise stores for your online marketplace and cater to varied customers from all over the world. StoreHippo marketplace software helps you expand your business reach by creating location-specific stores in just a few easy steps. With StoreHippo, you can build sub-stores right from your admin dashboard and create different URLs for each sub-stores. For example, you can have india.xyzstore.com for India, uk.xyzstore.com for UK and so on. StoreHippo also helps you create multiple mobile apps for different countries and design a different look and feel for each of your country-wise stores.
6. What are the 5 must-have features to look for in the best marketplace software?
When you plan to take your enterprise business online, you need to have careful consideration of various features if they align with your goals and business needs. As you build an online store, look for the following 5 features in the best marketplace software:
- Advanced technology: StoreHippo is a fully hosted and managed enterprise ecommerce solution that is powered by a next-gen MEAN stack and helps build cutting-edge ecommerce enterprise solutions. Built on a powerful MACH architecture, StoreHippo enables you to experiment, innovate, and scale without having to compromise on the performance of the enterprise marketplace.
- Easy customization and scalability: StoreHippo is built on the most advanced MEAN stack technology that offers an inherently scalable ecommerce solution for your enterprise business. StoreHippo’s inherently scalable cloud infrastructure supports business growth. The decoupled headless architecture helps brands seamlessly tweak their platform inside out for quick customizations.
- Complete vendor management solutions: StoreHippo the best marketplace software comes with a comprehensive vendor management solution where the admin can seamlessly manage the vendors, overview their business, approve or reject their products, etc right from the admin dashboard. With the adaptive payment feature, you can divide a single payment made by a customer into multiple sellers as well as admin.
- Seamless integrations: StoreHippo helps brands integrate their enterprise marketplace website with the software of their choice and build innovative ecommerce solutions for their brands. The headless APIs of StoreHippo helps brands manage their business with hassle-free and quick integration of software like CRM, ERP, accounting, and so on.
- Omnichannel solutions: StoreHippo offers easy-to-use omnichannel solutions for the multi-channel selling needs of your online marketplace. You can experiment with product-market mixes for faster growth and increased customer engagement. StoreHippo helps you create multiple touchpoints using the same backend logic and APIs
7. Do turnkey marketplace software providers also offer marketing tools and support for SEO elements?
Turnkey marketplace software like StoreHippo comes with a host of marketing tools and features to help you promote your brand to the target audience. StoreHippo comes with a built-in discount engine to help you offer multi-level discounts on your enterprise marketplace. With features like email, push, and SMS notifications, you can inform customers about the running offers in real-time. The in-built SEO tools from StoreHippo help you rank higher on SERPs.
8. Does StoreHippo marketplace software for enterprises offer built-in reports and analytics or will I need to integrate third party reporting software?
While you can always choose to integrate with third-party reporting software of your choice, StoreHippo also offers built-in reporting engine. Brands can use the reporting and analytics feature from StoreHippo to make data-driven business growth strategies StoreHippo also offers seamless integrations with platforms like Google Analytics, Facebook Ads, etc. for you to have access to rich customer data.
9. What is the best way to evaluate and make sure I am choosing the best marketplace software?
As you evaluate different platforms to build your online marketplace, make sure to check their case studies and see if they have built marketplaces of different types and for a variety of industries. StoreHippo marketplace software has been powering enterprise businesses for years and comes with solutions to build marketplace websites across all industries.
10. Do I need paid apps and extensions to manage orders, deliveries, etc while using a turnkey enterprise marketplace builder?
When you use the best marketplace software like StoreHippo to build an online store, you do not need paid apps and extensions to manage orders, deliveries, etc. StoreHippo comes with plug-and-play solutions, so you do not need additional apps, paid plugins, or extensions like the other turnkey platforms which hugely inflate your overall costs. The advanced product and order management solutions from StoreHippo help you manage your orders and inventory seamlessly. StoreHippo also comes with a built-in delivery boy system that helps brands manage their fleet of delivery boys seamlessly. You can also choose from the 30+ pre-integrated logistics solutions to streamline your delivery solutions.
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