5 Tips to Ensure Online Marketplace Success Infographic

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Today’s retailers understand that their customer’s want to buy from online marketplaces, but that the journey to implement one is no easy feat. It takes careful planning and consideration by multiple stakeholders to develop a strategy that will lead to ecommerce growth. Review this infographic to discover five key elements to making your organization’s online marketplace a success. 

5 tips for retailers to ensure online marketplace success, including the following: building a clear vision with stakeholders, meeting customers where they are and across delivery channels, adding value to your sellers, not underestimating your tax risks, and understanding your true investment to your available team and technology.

When implementing a marketplace, your organization should start with a clear vision from all of your stakeholders. This vision will influence every decision from branding to website development. You want to make sure that you create a comprehensive view of your customers and deliver consistent messages across the channels that they frequent. In addition to your customers’ needs, it’s important to provide value to your sellers through a positive onboarding experience, frictionless catalog management, fast product updates, control over the customer experience, and transparency with performance results. Another area to consider, that is sometimes overlooked, is your tax management tool which needs the ability to apply the correct taxes, determine who pays what, create invoices, and keep accurate records. Finally, you will want to understand your true investment by empowering your cross-functional team, utilizing technology with a suite of features and capabilities, and determining which partners to include in your tech partner ecosystem. By addressing these five areas your marketplace is poised for success.

Explore Vertex for Marketplaces

Accelerate your marketplace growth while staying in compliance with Europe VAT requirements.

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