1.Strategy first, technology second
Technology is only a facilitator. The fundamental elements, such as knowing what your strategy is and what business problem you are attempting to solve, should be prioritized. Nobody should begin with the thought, ‘We need a marketplace.’ Rather, identify the problem, such as “we need to get closer to our customer and understand more about the customer,” and then work backward to identify the technology that will help you succeed. And the answer could be as simple as enabling marketplace capabilities in your eCommerce platform.
2.It’s your brand, and it’s your market: Your top priority should be seller governance.
When you decide that a marketplace can help you solve your business problem, think about how you will handle the operational side, such as onboarding sellers. Remember that allowing partners to sell through your marketplace reflects back on you and your brand in terms of fulfilment speed, return policy, and so on. Diligent seller qualification, onboarding, and monitoring are critical components, as is a granular governance policy that allows for varying levels of control.
Personalization is essential in business-to-business transactions.
You want to sell at the moment of interest, so when you implement a marketplace, two key factors should be at the top of your list: onsite search and personalization. It all starts with understanding your data and meeting your buyers’ needs by making relevant products and services easily accessible. Products are frequently difficult to differentiate. It’s all about accessibility, understanding your customers’ needs, and providing a seamless experience on your new ‘one-stop-shop’ platform. Congratulations to them and your sales success.